Life Insurance Benefits for Retirees

Basic and Optional Life Insurance through the VRS and FCERS

Life Insurance for 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 normal retirement or have been approved for disability retirement.

Securian Financial, 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, your life insurance at retirement will be 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 optional plan during the 60 months immediately preceding your retirement. You must elect optional coverage within 31 days of terminating service in a VRS-covered position, and you will make payment directly to Securian Financial. Optional and dependent life insurance amounts reduce 25% each year upon attainment of ages 65, 70, and 75. Optional and dependent life coverage ends at age 80.

VRS members continue to have access to accelerated death benefits for life insurance. Accidental death and dismemberment benefits end upon retirement.

 

Life Insurance for 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 again to 50 percent of your original coverage when you reach age 70. Reductions will occur on the first of the month following or coinciding with retirement, or when you reach specified ages.

FCERS members may continue optional coverage at retirement provided you were covered during the 60 months immediately preceding your retirement. Optional life follows the same reduction schedule as the basic coverage. Premium amounts adjust accordingly.

FCERS members continue to have access to accelerated death benefits for life insurance. Accidental death and dismemberment benefits end upon retirement.

 

Changing Beneficiaries

If you would like to change or update your beneficiaries for life insurance and/or your retirement system, please visit the Updating or Changing Your Beneficiaries website.

HR Connection

Question for Human Resources? Submit it through the HR Connection portal or call 571-423-3000 or 1-800-831-4331.