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Alternate Benefit Program (ABP) - Life Insurance Information
Coverage Amount
Three and one-half (3 1/2) times 10- or 12-month salary received prior to death. No medical examination is required unless the member has attained the age of 60 prior to enrollment.
Cost
No cost to employee
Changing Beneficiary
Change anytime by completing the Change in Beneficiary Form.
Conversion
Terminated employees may continue life insurance without a medical exam by purchasing a conversion life insurance policy through Prudential within 31 days of termination.
Retired Employees
You must retire at age 60 or above with 10 or more years of ABP pension credit for coverage.
Coverage Amount
Upon retirement, benefit reduces to 1/2 times annual base salary.
Cost
No cost to retiree
Changing Beneficiary
Change anytime by completing the Change in Beneficiary Form
Conversion
Retirees may purchase a conversion life insurance policy through Prudential without a medical exam within 31 days of retirement (to make up for insurance that has been reduced or eliminated).
| Resources To Help You | |
| Benefits Specialist | 732-932-3020, ext. 4077 |
| Life Insurance FAQs | |
| Division of Pensions and Benefits | |
