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Group Life Insurance for Retirees

When you retire, you are eligible to retain a portion of your life insurance coverage. The amount depends on the retirement system you are covered under, and your age. You may also convert any portion of your FCPS group basic and optional life insurance to an individual plan within 31 days of the date of your group insurance termination without evidence of insurability. Contact the Office of Benefit Services at 571-423-3200 to request a conversion form. Upon retirement, VRS and FCERS members continue to have access to accelerated death benefits. Accidental death and dismemberment benefits end upon retirement.

VRS & ERFC Members

If you are a member of VRS, your basic group life insurance benefit continues at no cost to you, provided you meet the age and service requirements for service retirement. Minnesota Life, the VRS group life insurance provider, bases the amount of your basic group life insurance on your annual salary at the time of your retirement.

If you have 20 or more years of service at your retirement, your life insurance will be an amount equal to twice the highest annual salary you earned during your career. Your basic life insurance begins to reduce January 1 of the first full year after retirement at a rate of 25 percent per year, until it is valued at 25 percent of your coverage amount at retirement.

You may continue a portion of your optional group life insurance coverage for yourself, your spouse, and your dependents into retirement if you were covered continuously under the plan during the 60 months immediately preceding your retirement. You must elect optional coverage within 31 days of retiring from a VRS-covered position, and you will make payments directly to Minnesota Life. Optional insurance amounts reduce 25 percent each year upon attainment of ages 65, 70 and 75. Optional life coverage ends at age 80.

• VRS Group Term Life Insurance Policy (plan details)
• VRS Optional Group Life Insurance Plan brochure (plan overview)

 

FCERS Members

If you are a member of FCERS, your basic life insurance benefit continues at no cost to you after retirement. Upon retirement, or when you turn age 65 (whichever is earlier), your life insurance coverage will reduce to 65 percent of your original coverage. Coverage will reduce to 50 percent of your original coverage when you reach age 70.

FCERS members may continue optional coverage at retirement, which follows the same reduction schedule as the basic coverage. Premium amounts adjust accordingly. Premiums are deducted from your retirement annuity whenever possible.

• Group Term Life Insurance Policy (plan details)
• Group Life Plan brochure (plan overview)