Announcements

Tell VRS How You Manage Service Retirements

How do you manage service retirements at your organization? The VRS Customer Experience team would like to hear from you. This summer, we’re inviting employers to share what resources they use, and the questions employees ask most often. To participate in a brief, informal call, email Amethyst Sloane, VRS Customer Experience Manager.

 

Optional Life Insurance Rates Decrease July 1 for Certain Age Groups

The VRS Optional Group Life Insurance Program will see an overall rate reduction of 3% effective July 1.

Based on plan experience and actuarial projections, premium rates paid by members will be reduced for six age brackets:

• Ages 50-54: Decreases from $0.20 to $0.19 per month per $1,000 of coverage.
• Ages 55-59: Decreases from $0.31 to $0.30 per month per $1,000 of coverage.
• Ages 60-64: Decreases from $0.54 to $0.52 per month per $1,000 of coverage.
• Ages 65-69: Decreases from $1.02 to $0.99 per month per $1,000 of coverage.
• Ages 70-74: Decreases from $2.06 to $2.00 per month per $1,000 of coverage.
• Age 75+: Decreases from $2.06 to $2.00 per month per $1,000 of coverage.

Optional group life insurance provides a cost-effective way for members to ensure financial security for loved ones.

For members who have had optional group life for at least 60 months and are eligible to retire, they may continue a portion of their optional coverage upon separation while paying the same group rate.

Employer Action: Adjust Payroll System and Inform Members

• Update payroll withholding effective July 1 for optional group life policy holders in the noted age brackets.
• Inform employees about changes to premium deductions.

Questions?

Contact NaTosha Palmer at Securian Financial:

• Call: 800-441-2258
• Email: natosha.palmer@securian.com

 

Use Process Guides When Reporting VLDP Long-Term Disability Claims

When an employee moves to long-term disability, timely and accurate reporting helps ensure their VRS benefits continue without interruption. The steps you take depend on the disability program your employer offers – the Virginia Local Disability Program or an employer-paid comparable disability program.

If You Participate in the Virginia Local Disability Program (VLDP)
VLDP’s third-party administrator submits LTD claim information and status changes directly to VRS. For guidance on the actions you need to take in myVRS Navigator, refer to the Reporting Hybrid Members on Long-Term Disability - VLDP process guide.

If You Offer a Comparable Employer-Paid Disability Program
If your organization provides a comparable employer-paid disability program, you are responsible for notifying VRS when:

• An employee begins long-term disability.
• The employee’s disability status changes.

Use the Reporting Employees on Long-Term Disability - Comparable Plan process guide for step-by-step instructions in myVRS Navigator.