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1995 SESSION

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SB 1064 Optional life insurance for state employees.

Introduced by: Richard J. Holland | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; optional life insurance for state employees. Requires VRS to allow state employees to purchase optional life, accidental death, and dismemberment insurance in amounts up to four times the employee's salary. VRS is currently permitted, but not required, to offer such insurance in amounts equal to twice the salary. The coverage is to be structured so that it does not materially increase the group rates on coverage provided under current law. The measure also permits employees to purchase optional insurance on their spouses (in the same amount as could be purchased on the employee) and minor dependents (in amounts of $5,000, $10,000, and $15,000). The insurance pool for the spousal and minor dependent coverage will be rated separately from coverage on employees. This is a recommendation of the Joint Commission on Management of the Commonwealth's Workforce.


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