The university benefits office continues to provide service to our retirees. Individuals with benefits-related questions may contact Carolyn Pratt, (540) 231-7776, or CPratt@vt.edu. The specific information provided below can address some general benefits issues and also provides contact information.
Group Life Insurance
Life Insurance continues after retirement at no cost except for the tax on the coverage amount over $50,000. You must be at least age 55 and have at least 5 years of continuous service as an employee; or are age 50 with 10 years of service. The amount of your insurance reduces by 25% annually starting January 1 following 12 months of retirement, and on every January 1, thereafter until the coverage amount reaches 25% of its value at retirement.
Life Insurance also continues if you retire because of disability. The life insurance does not reduce until the age of 65. The first reduction would be January 1 of the first full year following the date you reach age 65; your insurance begins to reduce at the rate of 25% annually until your coverage reaches 25% of its value at retirement.
The accidental death and dismemberment coverage portion of the life insurance ceases at retirement. The accelerated death benefit continues to be available.
The accelerated death benefit allows withdrawal of the life insurance by the retiree if they have a terminal illness and death is expected within 12 months. All or a portion of the coverage can be withdrawn.
Additional information on the retiree life insurance can be obtained at www.varetire.org.
Long Term Care
At retirement if you have been participating with the Virginia Sickness and Disability Plan (VSDP), you are eligible to continue the Long Term Care coverage that was a part of the VSDP benefit. The coverage provides a maximum benefit of $96 per day.
The premium will be at a group rate.
If you participate with the optional Aetna Long Term Care, the coverage can also be continued by paying direct to Aetna. The retiree would need to contact Aetna at 1-877-894-2470 within 31 days of retirement.
Those retirees not enrolled in the Aetna Long Term Care may enroll but would go through an underwriting. Enrollment forms, rates, and information can be found at
www.aetna.com/group/commonwealthva
After you retire, continue to keep the Virginia Retirement System or your Optional Retirement Plan informed of any of the following changes:
- Address information
- Beneficiary information
- Direct deposit information
- Tax information
- Payout option changes
Forms can be obtained from www.varetire.org, the Human Resources Department, or your Optional Retirement Plan.
Also be sure to report any change in address to the Human Resources Department.