Active Employees
Coverage Amount
One and one-half (1 ½) times last 12 months' base salary* (no cost) and 1 ½ times last 12 months' base salary* (contributory). No medical examination is required unless the member has attained the age of 60 prior to enrollment.
*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
.0050 of base salary (contributory)
Changing Beneficiary
PERS 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
You must retire with 10 or more years of PERS pension credit for coverage
Coverage Amount
Three-sixteenths (3/16) times last 12 months' salary
Cost
No cost to retiree
Changing Beneficiary
PERS 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).