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2003 SESSION

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SB 905 VRS; life and accidental death and dismemberment insurance.

Introduced by: Frederick M. Quayle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Retirement System; life and accidental death and dismemberment insurance. Provides that any employee who (i) at any time had at least 25 years of creditable service in any retirement plan administered by the Virginia Retirement System or other Virginia public plan participating in the group life program and (ii) is employed in a covered position within 24 months prior to his retirement earning an annual salary less than the annual salary earned in his immediately prior covered position, shall be eligible for an amount of group life insurance at an amount equal to twice the amount of his annual salary earned in his immediately prior covered position. The Bill also provides that for any employee who returns to covered employment after retiring with at least 25 years of creditable service in any retirement plan administered by the Virginia Retirement System or other Virginia public plan participating in the group life program, the amount of life insurance shall be the greater of the amount of insurance he would have been eligible for had he remained a retiree or twice the amount of his current annual salary. The bill provides that the face value of such life insurance shall be reduced as currently provided under law.


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