From: Human Resources

The Virginia Retirement System (VRS) Board of Trustees approved a reduction in the optional group life premium rates effective Sept. 1, 2017:

  • Ages 40-44: Reduced from $0.09 to $0.08 per month per $1,000 of coverage
  • Ages 60-64: Reduced from $0.65 to $0.59 per month per $1,000 of coverage
  • Ages 65-69: Reduced from $1.15 to $1.06 per month per $1,000 of coverage

Overall, premium rates will decrease by 4 percent for employee and spouse insurance. Rate reductions will vary based on the age of the insured person and will range from 0 percent to 11 percent. No age group will experience a rate increase.

Employees will see a decrease in the premium deductions from their paychecks after Sept. 1.  Additional information can be found under item 6 of the VRS Employer Update for July.