Upon retirement from active service, group life insurance coverage will continue at no cost to you. However, accidental death and dismemberment coverage will cease. The amount of the life insurance is equal to your annual salary rounded to the next highest thousand and then doubled. Your life insurance coverage will reduce as indicated below:  

Reduction for Service/Early Service Retirements 

The value of the life insurance coverage will reduce by 25 percent of its value on January 1 of the first full year after you retire and each January thereafter until it reaches 25 percent of its original value at retirement.  

Reduction for Disability Retirements 

After you reach age 65, the value of the life insurance coverage will reduce by 25 percent of its value on January 1 of the first full year after your reach age 65 and each January thereafter until it reaches 25 percent of its original value at retirement. 

Beneficiary Designation 

Life-changing events occur such as marriage, divorce, remarriage or loss of a loved one. Remember, to update your beneficiary designation as needed. To change your beneficiary, you must complete a beneficiary change form which can be obtained from the Virginia Retirement System’s website, www.varetire.org