As a retiree you will keep a certain amount of basic life insurance coverage at no cost to you. Coverage starts at 2x your ending salary at the time of retirement and remains at this level for one full calendar year into retirement. On January 1 following one full calendar year after retirement, the policy will reduce by 25%. The following January 1 it will reduce another 25%. The third and final reduction of another 25% will occur on the following January 1.

After all reductions, the policy will be worth 25% of the beginning value, which is equal to 1/2 your ending salary and will remain at this level for your lifetime.

Optional Life Insurance

If you held life insurance above the basic life amount provided by the university during active employment, you may choose to keep a portion of your optional life insurance coverage into retirement for yourself, and a spouse if applicable. In order to be eligible to continue your optional life insurance coverage, you must have had the coverage for at least 60 months prior to retirement. The maximum amount of optional life insurance you can continue at retirement is 2x your ending salary and half that amount for a spouse. You must elect to continue your coverage within 31 days of the last day of the month in which you leave your position. This option is not available after 31 days.

Contact the retirement specialist for the appropriate forms, or find the forms at https://web1.lifebenefits.com/sites/lbwem/vrs