The employee needs to contact Human Resources Benefits thirty-one (31) days prior to their retirement effective date to complete the paperwork for continuing or terminating insurance coverage. Retirees are eligible to continue health and life insurance coverage through the State. The employee should submit premiums for the first month of coverage as a retiree no later than the employee's retirement effective date.
For FRS Pension Plan participants, health and life insurance premiums will then be deducted from their monthly retirement check. For participants of the FRS Investment Plan and the Optional Retirement Program, retirees will need to mail premiums to the The People First Service Center on a monthly basis.
For health insurance the State does not pay a portion of the premiums, so retirees pay the full cost of coverage. FRS Pension and Investment Plan participants are eligible to receive a monthly health insurance subsidy. The value of the monthly subsidy is $5 for every year of credible service with a minimum of $50 and up to a maximum of $150.
Retirees are eligible to continue their State Term Life Insurance by choosing one of two options: 1) Retirees may convert their policy to a $10,000 benefit for $29.65 per month or 2) Convert to a $2,500 benefit for $7.41 per month.
For supplemental insurance plans such as dental, vision, cancer, etc., contact the provider company directly to inquire about continuing the insurance plan.