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2005 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 51.1-512 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-512. Optional life insurance.
A. The Board shall, under the terms and conditions specified
by the Board, make available to each active insured employee optional life,
accidental death, and dismemberment insurance in incremental amounts not to
exceed a total of $500,000 $600,000 of additional insurance. Such
maximum shall be reviewed every even calendar year at least once
every five calendar years by the actuary of the Virginia Retirement System
and increased by the Board upon the recommendation of the actuary. The amount
recommended by the actuary shall be based upon the annual increases in the
United States Average Consumer Price Index for all items, all urban consumers
(CPI-U), as published by the Bureau of Labor Statistics of the United States
Department of Labor.
B. The optional life, accidental death, and dismemberment insurance shall be made available to each active insured employee under conditions prescribed by the Board. The conditions prescribed by the Board shall provide that offering the optional insurance does not materially increase the rates for any group life insurance policy provided pursuant to § 51.1-505.
C. All optional insurance on an employee shall cease upon the earlier of (i) the date the employee's basic coverage ceases or (ii) the date insurance being continued in retirement terminates pursuant to subsections D and E.
D. The optional amount of life insurance in force on an
employee who retires for disability on an immediate retirement allowance may be
continued, subject to payment of any required premium by the employee, during
continuance of such disability but not beyond the end of the month in which the
employee attains age sixty-five 65.
E. The optional amount of life insurance in force on an
employee who retires for service on an immediate retirement allowance, or for
an employee who retired for disability on an immediate retirement allowance and
who attains age sixty-five 65, may be continued provided the
retiree was continuously insured under this section for a period of at least
sixty 60 continuous months prior to retirement, or prior to reaching
age sixty-five 65 for a disability retirement. This continued
insurance shall be in incremental amounts not to exceed $200,000 and the
amounts and corresponding maximum coverage shall reduce beginning at age
sixty-five 65 as determined by the Board. This maximum coverage
amount shall be reviewed every even calendar year as provided for under
subsection A. The life insurance continued under this subsection shall cease
upon the earliest of (i) the date the retiree attains age eighty 80,
(ii) lapse for nonpayment of premium, or (iii) return to employment and
eligibility for active employee life insurance under Chapter 5 (§ 51.1-500 et
seq.) of Title 51.1. All accidental death and dismemberment insurance shall
cease at retirement.
F. The cost of the optional insurance shall be determined periodically by the Board on the basis it considers appropriate. The Board may discontinue the optional insurance plan at any time upon determination that employee participation is not sufficient to continue the plan on a sound actuarial basis.
G. The amount of optional life, accidental death, and dismemberment insurance in force on any employee at the date of his death shall be paid as provided in this chapter.
H. The Board shall determine the form and content of the accounting reports to be made by the insurance company with respect to the optional insurance. Any expenses incurred by the Retirement System for operating and administering the optional insurance programs provided in this section may be recovered by the Board from the advance premium deposit reserve required by subsection B of § 51.1-514.