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Basic Group Life Insurance
Employees holding full-time positions are automatically enrolled in Basic Group Life Insurance as a part of their VRS benefit. The VRS group life administrator is Securian Financial. Eligible employees may purchase additional life insurance coverage (Optional Life) on themselves, their spouse and their children in increments of 1, 2, 3 or 4 times their annual base pay. Employees must purchase Optional Life insurance on themselves in order to cover spouse and children.
The City pays 100% of the cost of employee Basic Group Life coverage. Additional information may be found here.
Beneficiaries of eligible employees are entitled to receive two times the employee's annual base pay in the case of natural death and four times in the case of accidental death.
Is It Necessary to Complete a Beneficiary Form?
No, but if you do, you must remember to update your beneficiary if you have a family situation change such as a divorce or birth/death of a family member. Beneficiary information is maintain by VRS.
In the event of an employee's death, if there is no beneficiary designation on file, VRS benefits are paid in the following order of precedence:
• Children and descendants of deceased children
• Appointed Executor or Administrator of the Estate
• Other next of kin
Employees may change their beneficiary at any time by submitting a beneficiary form to Human Resources or by sending directly to VRS.
Optional Group Life Insurance
The VRS Optional Group Life insurance program provides additional life insurance protection at attractive group rates. Premiums for the employee and the spouse are based on the age of the insured person. Eligible employees can purchase additional coverage up to four times annual base pay, not to exceed $800,000. Spouses can be covered up to 50% of employee's coverage. Optional Life coverage for children can be $10,000, $20,000 or $30,000 depending on option chosen.
Life Insurance Coverage at Retirement
Group Life coverage continues for eligible retiring employees, reducing to 25% of the value at retirement in five years.
Call Securian Financial toll free at 800-441-2258.