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2001 SESSION

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HB 1960 Retirement System; group life, accidental death, etc., insurance.

Introduced by: Terry G. Kilgore | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Retirement System; group life, accidental death, and dismemberment insurance. Modifies the group life, accidental death, and dismemberment insurance program to (i) permit employees to purchase the additional, optional coverage (up to $500,000) regardless of salary and (ii) permit employees who retire to continue optional life insurance coverage on themselves and on spouses and minor dependents provided that the employee was continuously insured for such coverage for at least 60 continuous months prior to retirement. Such optional life insurance on the employee that is continued by a retiring employee (a) shall not exceed $200,000; (b) shall reduce annually by incremental amounts beginning at age 65; and (c) shall cease when the retiree attains age 80, fails to pay the required premium, or returns to a covered position. Optional life insurance on a spouse or minor dependent that is continued by a retiree shall cease upon (1) the retiree attaining age 80, (2) the death of the retiree, (3) divorce (for spousal coverage), or (4) the minor dependent attaining a certain age under certain conditions, or marrying.


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