The Virginia Retirement System (VRS) provides basic and optional life insurance coverage. Faculty and full-time classified staff, as well as classified part-time staff who work 20 or more hours per week, are eligible for this benefit.
Basic Life Insurance
Basic life insurance provides life insurance and accidental death and dismemberment insurance. This program is managed for the Virginia Retirement System (VRS) by Minnesota Life Insurance Company. The specific benefits are as follows:
group life insurance without a medical examination
natural death benefits
double indemnity for accidental death
dismemberment payments for accidental loss of one or more limbs or eyesight
accelerated death benefit for a terminal condition
The amount of your life insurance is equal to your annual salary rounded to the next highest thousand, and then doubled. An accidental death benefit is equal to the annual salary rounded to the next highest thousand times four. If your group life insurance coverage exceeds $50,000 for natural death, you may be required to report a portion of the premiums paid as income for federal, state, and FICA tax purposes.
For the accidental loss of one limb or sight of one eye, you will receive a payment equal to your salary rounded to the next highest thousand. For the loss of two or more limbs and/or total eyesight, you would receive a payment equal to your salary rounded to the next thousand and doubled.
For a Certificate of Life Insurance, please go to the Minnesota Life Insurance Website.
Optional Life Insurance
For a summary of optional life insurance benefits (rates, enrollment instructions, etc.), follow the VRS link to the Optional Group Life Insurance web page.
For further information about Optional Life Insurance, enrollment forms, and the Optional Life Premium Calculation Worksheet, please go to the Minnesota Life Insurance Website.
If you would like further information on your life insurance benefits, please contact HR Benefits at benefits@vcu.edu.
Mailing address: Virginia Commonwealth University | Human Resources - Benefits Administration
Human Resources Building, 104 North Belvidere Street, P.O. Box 842511 | Richmond, VA USA 23284-2511
Phone: (804) 827-1770 (Voice) | (800) 828-1120 (TDD) | Fax: (804) 828-0321 | Email: benefits@vcu.edu
This page is maintained by the VCU Human Resources web team | Revised: May 19, 2008
Virginia Commonwealth University | Human Resources | HR - A to Z