The Virginia group life insurance program provides benefits for natural and accidental death. Participation in the VRS program is a condition of employment. Program benefits are generous compared to most other states.
All employees pay the same rate regardless of age, gender, or health status.
Virginia is one of only two states which prefund their life insurance benefit in advance of retirement. VRS contracts with the Life Insurance Company of Virginia to underwrite the coverage and to administer several aspects of the program. This report summary briefly references study findings and recommendations. Detailed explanations are contained in the text of the report. Several factors affect actuarial soundness, including the level of assets, contributions, and prefunding.