Full-time VRS employees are offered two (2) types of life insurance coverage:
Basic (employee and employer paid)
Optional (paid by the employee).
Basic Group Life Insurance
All full-time eligible employees participate in a group term life insurance and accidental death and dismemberment insurance program through the Virginia Retirement System (VRS). Life insurance coverage is two times, or in the case of accidental death, four times the next highest thousand dollars above annual salary. Example: If annual salary is $33,455, coverage is for $68,000 life insurance in the case of regular death or $136,000 for accidental death. Federal law requires that the employer report the value of this coverage (exceeding $50,000) as income received by the employee for tax purposes.
Optional Life Insurance
Employees covered for basic group life insurance may purchase optional group life insurance coverage in an amount equal to one, two, three, or four times their salary. Optional group life insurance also is available to the member’s spouse and dependent children. This life insurance is offered through the Virginia Retirement System and is underwritten by Minnesota Life Insurance Company.