Basic Group Life
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. For more information refer to VRS Handbook - Plan 1, VRS Handbook - Plan 2, or VRS Handbook - Hybrid Plan.
Eligible employees can purchase additional coverage up to four times annual base pay, not to exceed $600,000. Spouse 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. For more information, refer to the Optional Life Booklet.
Full-time employees who participant in the VRS retirement plan, he or she is automatically enroll in the VRS Basic Life Insurance plan. The VRS group life administrator is Minnesota Life. 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.
How Do I Make Changes?
Employees may submit an application to enroll or request a change to increase, decrease, or terminate Optional Life coverage at any time. To enroll or increase coverage, employees must also complete an evidence of insurability form.
Lynchburg City Schools pays 100% of the cost of employee Basic Group Life coverage. Employees may purchase Optional Life insurance coverage for eligible family members at their own expense.
Is It Necessary to Complete a Beneficiary Form?
No. If you do complete a beneficiary form you must remember to update your beneficiary information if you have a change, such as marriage, divorce, birth/adoption/fostering, 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 & 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 the Benefits Department or by sending directly to VRS.
What Happens to My Life Insurance Coverage If I Leave?
Employees who meet the plan's eligibility requirements may continue optional life coverage upon separation. Application must be submitted to Minnesota Life within 31 days of separation.
Life Insurance Coverage at Retirement
Group Life coverage continues for eligible retiring employees, reducing to 25% of the value at retirement in five years. Retiring employees who meet VRS eligibility requirements must complete a continuation form to continue their optional life coverage in retirement.
Please call Minnesota Life at (800) 441-2258.