Benefits Book 2018

201 8 Benefits Book

Retiree Life Insurance Basic term life insurance is provided by The Standard Insurance.

Coverage (Service Retirees) • $20,000 to age 65 with 30 or more years of City service. • $10,000 to age 65 with at least 20, but less than 30 years of City service. • $2,000with less than20yearsofCity service, ifhiredprior toMarch 1, 1975. • All coverage at age 65 will drop to $2,000 if hired prior toMarch 1, 1975. If hired onor afterMarch1, 1975, coveragewill drop to zero. • Eligible dependentswill have $1,000 of coverage. • If the retiree ceases tohave life insurance coverage nodependent

—9/11 Memorial Stair Climb

will be eligible for life insurance. Coverage (Disability Retirees)

• If retired on disability, life insurance coverage will remain at the active amount for one year. • After the first year of retirement the life amount will reduce towhat the retiree would have had if they retired on service. • If application for theWaiver of Premium is made and grantedwithin one year of the date of retirement, the retiree will keep the active amount of coverage to age 65 or when they are no longer considered disabled by The Standard Insurance. • TheWaiver of Premium is only available to individuals who become disabled prior to age 60. • All coverage at age 65 will drop to $2,000 if hired prior toMarch 1, 1975. If hired on or after March 1, 1975, coverage will drop to zero. • Eligible dependents will have $1,000 of coverage. • If the retiree ceases to have life insurance coverage no dependent will be eligible for life insurance. Cost

•

There is no cost to the retiree for this benefit.

Effective Date • Coverage is effective the first day of themonth following themonth of retirement.

53

/ 57

www.greensboro-nc.gov