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.
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
Securian has developed an online hub for VRS employers (securian.com/vrs-employers-life) that includes ready-to-use resources for new hire onboarding, ongoing enrollment campaigns, member communications and more.
