Life insurance begins to reduce after retirement until it is 25 percent of the amount of coverage at retirement. Accidental death and dismemberment coverage cease at retirement. Members who resign from a covered position and are not eligible to retain group coverage may choose to convert the insurance into an individual policy at non-group rates. Optional Life Insurance is available for currently insured active members for natural and accidental death and for dismemberment. The insurance allows members to purchase additional life insurance for themselves, their spouses and their children.
Members are responsible for paying the premiums through payroll deductions.
Coverage of a minor ceases at age 21, or 25 if a full-time student. If coverage ceases because of termination or retirement, the member and his or her eligible dependents have the option of converting coverage to an individual policy at non-group rates. VSDP provides sick leave, family and personal leave and short and long-term disability benefits. The Virginia Retirement System serves as the Plan Administrator for several defined contribution plans in addition to the VRS Defined Benefit Plan. These Plans include the Commonwealth of Virginia Deferred Compensation Plan, the Virginia Cash Match Plan, and the Optional Retirement Plan for Political Appointees.