Term Life Insurance
When you Retire
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.The amount of your life insurance reduces after retirement at a rate equal to 25% on January 1 of the first full year following the date the employee is separated from service and each year thereafter, until it reaches 25% of its original value.
BeneficiariesKeeping your beneficiary information up-to-date will ensure that benefits are paid promptly andaccording to your wishes. Any time you have a change of family status such as birth, death, change in marital status or other event, complete a new designation. You may change your beneficiary at any time by requesting a Beneficiary Designation Form (VRS -2) from your employer.
Optional life insurance policy that can be purchased by employees within 30 days of becoming covered by VRS.
Policy & Brochure
Group Life Brochure
Group Term Life Certificate of Insurance
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