Active Employees

Coverage Amount 

Three and one-half (3-½) times Final Compensation*

*Base salary upon which your contributions to the annuity savings fund established by Section 43:15A-25 of the Retirement Act are based during the last year of creditable service. If you have been a member for less than one year, your Final Compensation is your annual base salary.

Cost

No cost to employee

Changing Beneficiary  

PFRS members who wish to verify, update, or change their beneficiary information must use the online Designation of Beneficiary Application available through the Member Benefits Online System (MBOS).

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. You can call Prudential Life Insurance Conversion at 1-877-889-2070 or you can use their Life Insurance Conversion Calculator.

Retired Employees

Coverage amount 

If 10 or more years of service at retirement, ½ times Final Compensation

Cost

No cost to retiree

Changing Beneficiary  

PFRS retirees who wish to verify, update, or change their beneficiary information must use the online Designation of Beneficiary Application available through the Member Benefits Online System (MBOS).

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