- 2023 Benefits
- Norfolk Public Schools - 2023
- Additional Benefits 2023
- Basic/Optional Life Insurance 2023
Basic/Optional Life Insurance 2023
NPS provides Basic Life Insurance through the Virginia Retirement Services (underwritten by Minnesota Life) to eligible employees. The Basic Life Insurance benefit is equal to two (2) times your eligible annual salary, rounded to the next highest thousand. Coverage is automatic upon employment and paid by NPS for eligible employees. No medical examination is required. The plan carries a conversion option upon termination of employment for reasons other than retirement. It is important for you to know that there is imputed income on any NPS provided Employee Life Insurance coverage over $50,000. This is required by government tax regulations. This imputed income is taxable and you therefore must pay taxes on this amount. For more information click here.
After you separate employment and/or retire, your life insurance continues at no cost to you provided you are at least age 55 with at least five years of service as an employee; or are age 50 with 10 years of service under Plan 1. Under Plan 2 or the Hybrid Retirement Plan you must be at least age 60 with five years of service or the combination of your age and service equals 90. Your life insurance also continues if you retire because of disability.
The Virginia Retirement System (VRS) administers the Group Life Insurance Plan. Minnesota Life provides the coverage. Certificate of Insurance for Group Life If you have questions about your life insurance coverage, contact Securian’s Richmond Office using any of the options below: firstname.lastname@example.org ;1-800-441-2258; P.O. Box 1193, Richmond, VA, 23218-1193. For inquires contact VRS at 1-888-827-3847 Mon-Fri from 8:30 to 4:00pm. VRS Website - Information about VRS
To add or change your beneficiaries visit: MyVRS Portal
If you are unable to log in here are the forms required: VRS Designation of Beneficiary Form and Continuation of Designation of Beneficiary form(use this form to designate additional beneficiaries when the number of beneficiaries you desire exceeds the number allowed on the Designation of Beneficiary (VRS-2).
Optional Life Insurance
Norfolk Public Schools offers Optional Life Insurance through Securian Financial (Minnesota Life) to you, your spouse and your dependent children at an age based group rate fully paid by you. Certificate of Insurance for Group Life. Optional Life Insurance is available to newly hired employees without Evidence of Insurability for Options 1-8 coverage (up to guaranteed issue $400,000), if selected within the first 30 days of hire. Dependents are eligible only if the employee elects optional coverage as well. Your spouse can apply for coverage equivalent to your annual salary for Options 1-4, and 2x your annual salary for Options 5-8. Employees can also enroll/make changes at any time during the year. Optional group life insurance provides benefits for natural and accidental death or dismemberment. Employees pay the premiums through payroll deduction.
For more information: contact Securian Life at: P.O. Box 1193, Richmond, VA 23218-1193 or call 1-800-441-2258 or For more information click here. or review the Optional Life Brochure or call the NPS Payroll Department: 757-628-3853.
To Enroll and Make Changes
You can apply for, add, decrease, or terminate Optional Life Insurance at any time during the year. Complete the Group Life Insurance Application (VRS-39) and if electing more than the guaranteed issued, complete the Evidence of Insurability Form.
To make changes here are the forms required: Request for Change Under the Optional Group Life Insurance Form (VRS-39a) Evidence of Insurability Form