Paul Sanchez
Retired employees in Georgia have access to the Group Term Life Insurance (GTLI) benefit, which is administered by the State Employees' Assurance Department (SEAD) Boards. This benefit provides coverage to retired members of the Employees' Retirement System of Georgia (ERS) at a reduced level of 70% of their age 60 coverage. Additionally, retirees are no longer required to contribute to this benefit, and it continues until payout upon their death. While there are no new members being added to the GTLI plan, retirees can still maintain their coverage. Georgia's retired employees also have the option to enroll in spouse and child life insurance plans, with premiums based on coverage level and age.
Life Insurance for Retired Employees of Georgia
| Characteristics | Values |
|---|---|
| Name of Insurance | Group Term Life Insurance (GTLI) |
| Administered by | State Employees' Assurance Department (SEAD) Boards |
| Coverage | Both active and retired members of ERS (Old Plan, New Plan), LRS, and certain JRS members |
| New Members | No new members can be added to the GTLI plan per legislation passed in 2008 and 2009 |
| Retired Members Coverage | 70% of their age 60 level |
| Retired Members Contribution | Not required |
| Active Members Contribution | 0.25% deducted from each paycheck |
| Active Members Coverage | Equal to 18 times their monthly salary |
| Benefit Structure | May be changed or coverage reduced by the SEAD Board at any time |
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What You'll Learn
- Retired employees in Georgia get Group Term Life Insurance (GTLI)
- GTLI is administered by the State Employees' Assurance Department (SEAD)
- Coverage continues at a reduced level of 70%
- Coverage is 18 times their monthly salary
- Whole Life Insurance for members of the Georgia Retired Educators Association (GREA)
Retired employees in Georgia get Group Term Life Insurance (GTLI)
The Group Term Life Insurance (GTLI) benefit is administered by the State Employees' Assurance Department (SEAD) Boards. The GTLI benefit provides coverage to both active and retired members of ERS (Old Plan, New Plan), LRS, and certain JRS members. It is important to note that no new members can be added to the GTLI plan per legislation passed in 2008 and 2009.
For retired employees, coverage under GTLI continues at a reduced level of 70% of their age 60 level. This means that if a retired employee passes away, their beneficiaries will receive a payout that is 70% of what it would have been if the employee had passed away at age 60. Retired employees are no longer required to contribute financially to this benefit, and the benefit will continue until payout at the time of their death.
The SEAD Board has the authority to cancel, change, or reduce coverage at any time. Additionally, at age 60, benefits begin to reduce, and it is recommended to refer to the ERS Plan Handbook for more detailed information.
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GTLI is administered by the State Employees' Assurance Department (SEAD)
The Group Term Life Insurance (GTLI) benefit is administered by the State Employees' Assurance Department (SEAD) Boards. The GTLI benefit provides coverage to both active and retired members of the Employees' Retirement System of Georgia (ERS), Local Retirement Systems (LRS), and certain Judicial Retirement Systems (JRS) members. While no new members can be added to the GTLI plan per legislation passed in 2008 and 2009, it is still a valuable benefit for those already enrolled.
For active members, a 0.25% contribution is deducted from each paycheck, entitling them to life insurance coverage for that month. This coverage is equal to 18 times their monthly salary should they pass away while in active status. It's important to note that at age 60, benefits begin to reduce. The SEAD Board has the authority to cancel coverage, change the benefit structure, or reduce coverage at any time. However, if an active member terminates their employment with a minimum of 18 years of service and is not yet eligible to retire, they may still continue their GTLI coverage.
For retirees, coverage under GTLI continues at a reduced level of 70% of their age 60 level. This benefit is provided at no additional cost to retirees, and it continues until payout at the time of death. The State Employees' Assurance Department (SEAD) Board of Trustees consists of six members who are appointed or elected for an indefinite term.
The Employees' Retirement System of Georgia (ERSGA) administers various benefit plans, including pension plans, life insurance plans, and defined contribution plans such as the Peach State Reserves (PSR) 401(k) and 457 plans. ERSGA serves as a trusted partner in retirement readiness for Georgia's workforce, offering a range of benefits to its members.
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Coverage continues at a reduced level of 70%
In Georgia, retired employees can continue to receive life insurance coverage under the Group Term Life Insurance (GTLI) plan. This benefit is administered by the State Employees' Assurance Department (SEAD) Boards. While active members contribute 0.25% of their salary each month towards the plan, retirees are no longer required to contribute, and their coverage continues at a reduced level of 70% of their age 60 level. This reduction in coverage begins once the retiree reaches the age of 60.
The GTLI plan provides coverage to retired members of the Employees' Retirement System of Georgia (ERS), which includes the Old Plan, New Plan, LRS, and certain JRS members. It is important to note that no new members can be added to the GTLI plan due to legislation passed in 2008 and 2009. The SEAD Board has the authority to cancel coverage, change the benefit structure, or reduce coverage at any time.
For active members, the GTLI plan provides coverage equal to 18 times their monthly salary in the event of their death while in active status. This means that if an active member passes away, their beneficiary will receive a payout equivalent to 18 months of their salary. However, once a member retires, this coverage amount is reduced to 70% of what it would have been at age 60.
The reduced coverage level of 70% for retirees is a significant benefit, as it provides continued financial protection for beneficiaries even after the retiree has passed away. While the coverage amount is lower than what active members receive, it still offers a valuable safety net for dependents or loved ones of the retired employee. This benefit is provided until payout at the time of death, ensuring that the retiree's beneficiaries receive the appropriate financial support.
It is worth noting that the Employers are not currently required to contribute to the GTLI program based on recent valuations by the Plan's actuaries. However, this is analyzed annually, and Employers may be required to contribute if necessary. The ERSGA, which administers the ERS, also offers other benefits such as pension plans, lump-sum refunds, and death benefits, in addition to the life insurance plans.
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Coverage is 18 times their monthly salary
The Group Term Life Insurance (GTLI) benefit is administered by the State Employees' Assurance Department (SEAD) Boards. The GTLI benefit provides coverage to both active and retired members of the Employees' Retirement System of Georgia (ERS), Local Retirement Systems (LRS), and certain Judicial Retirement Systems (JRS) members. Coverage is 18 times the insured's monthly salary, should they pass away while in active status. This means that, in the event of the death of an active employee, their beneficiaries will receive a payout of 18 times the employee's monthly salary.
It is important to note that, as per the ERS Plan Handbook, benefits begin to reduce from the age of 60. Additionally, the SEAD Board has the authority to cancel, change, or reduce coverage at any time. For active members, a contribution of 0.25% is deducted from each paycheck, which entitles them to life insurance coverage for that month. This means that active employees who are part of the GTLI plan contribute a small portion of their salary each month to receive coverage.
Retired members covered under GTLI continue to receive coverage at a reduced level of 70% of their age 60 level. This means that retirees will have lower coverage compared to when they were active employees. Despite this reduction, retirees are no longer required to contribute financially to maintain this benefit, and the benefit will continue until a payout is made at the time of their death.
The ERS of Georgia, established in 1950, currently administers two life insurance plans, among other benefit plans. The GTLI plan, in particular, provides valuable financial protection for both active and retired employees, with coverage extending to their beneficiaries in the event of the employee's death.
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Whole Life Insurance for members of the Georgia Retired Educators Association (GREA)
The Georgia Retired Educators Association (GREA) offers its members a range of benefits, including access to whole life insurance. GREA members can take advantage of AMBA's guaranteed acceptance life insurance policy for applicants aged 45 to 85. This policy provides financial protection and peace of mind, helping to cover final expenses associated with funeral and burial costs, which can be significant.
Whole life insurance, also known as cash value life insurance, is a type of permanent life insurance that offers long-term financial protection. It combines a death benefit with a savings component, allowing policyholders to build cash value over time. This savings element leads to higher premiums compared to term insurance, but the benefit is that it provides coverage for life, as long as premiums are paid.
GREA members can enrol in whole life insurance coverage through AMBA, a Mutual of Omaha company with a long history of providing dependable life insurance policies. AMBA specializes in serving retired educators and public employees, offering quality coverage at competitive rates.
In addition to whole life insurance, GREA members can also access supplemental insurance, home healthcare plans, and vision and dental plans. The association provides a wide range of benefits to meet the diverse needs of its retired educator members, ensuring their well-being and financial security.
It is important to note that before purchasing any life insurance policy, individuals should carefully consider their financial situation and consult with a licensed insurance agent to evaluate their specific needs and understand the available options.
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Frequently asked questions
Retired employees in Georgia can continue to receive coverage under GTLI at a reduced level (70% of their age 60 level). This benefit is provided at no cost to retirees and lasts until payout at the time of death.
The GTLI benefit covers both active and retired members of the Employees' Retirement System of Georgia (ERS), including the Old Plan, New Plan, LRS, and certain JRS members. However, no new members can be added to the GTLI plan due to legislation passed in 2008 and 2009.
Yes, retired employees in Georgia may also be eligible for the State Health Benefit Plan (SHBP). To qualify as a retiree under SHBP, an individual must have been enrolled in SHBP prior to retirement, receive a monthly annuity from a State Retirement System, and remain enrolled in SHBP as a retiree.
Yes, retired employees in Georgia can maintain life insurance coverage for their spouses and children through the Georgia Department of Public Safety. Spouse life insurance premiums are based on the coverage level and the retiree's age, while child life insurance coverage is available for children under the age of 26.
Retired employees in Georgia should refer to the relevant departments, such as the Employees' Retirement System of Georgia (ERS) or the Georgia Department of Public Safety, for specific instructions on enrolling in or modifying their life insurance coverage. These departments can provide guidance on eligibility requirements, benefit details, and any necessary forms or documentation.
