Overview of the NCPERS Benefit and Insurance

Transcript:Overview of the NCPERS Benefit and Insurance:
Overview of the NCPERS Benefit and Insurance Programs NCPERS Life Plan Background Established in 1969 Over 150,000 current covered participants Approx. $11 Million in life insurance benefits paid in 2015 Maintains strong reserves Plan premiums have never increased since inception Insured by Prudential Gallagher Benefit Services manages plan for NCPERS HealthSmart Benefit Solutions is Plan Administrator © 2014 GALLAGHER BENEFIT SERVICES, INC. 2 Plan Objectives Different from, and complement, traditional supplemental term life insurance Provide supplemental survivor benefits when younger © 2014 GALLAGHER BENEFIT SERVICES, INC. 3 Plan Objectives Provide extra financial protection when older Provide retiree life insurance Offer enhanced AD&D features and benefits Provide benefits for spouse and children of insured © 2014 GALLAGHER BENEFIT SERVICES, INC. 4 Plan Features No medical underwriting – versus guarantee issue limits of traditional supplemental term life Benefit of as much as $325,000 depending on age Waiver of premium included Employer contribution not required Dependent coverage included Includes accidental death and dismemberment (AD&D) Accelerated death benefit Enhanced AD&D features © 2014 GALLAGHER BENEFIT SERVICES, INC. 5 Plan Features, Continued Pays in addition to any other group or individual coverage, as well as for occupational related events (24/7 coverage) One premium rate regardless of age (decreasing term insurance) Includes will preparation benefit Domestic partners coverage where allowed Minimal plan sponsor involvement © 2014 GALLAGHER BENEFIT SERVICES, INC. 6 © 2014 GALLAGHER BENEFIT SERVICES, INC. 7 Plan Benefits - Retirees Active coverage carried into retirement No maximum age limit © 2014 GALLAGHER BENEFIT SERVICES, INC. 8 Plan Costs $17 per month regardless of age Includes dependent coverage and AD&D Paid through payroll deduction, retirement plan deduction or direct pay © 2014 GALLAGHER BENEFIT SERVICES, INC. 9 Illustrative Clients Public Employee Retirement System of Idaho Illinois Municipal Retirement Fund Illinois State Retirement System Public Employee Retirement Association of Minnesota Wyoming Retirement System Ohio Police and Fire Pension Plan Arkansas Fire and Police Local Retirement System City of Omaha © 2014 GALLAGHER BENEFIT SERVICES, INC. 10 Why Offer ID Theft Coverage to Employees and Their Families? © 2014 GALLAGHER BENEFIT SERVICES, INC. 11 Public Employees are at High Risk Firefighters, law enforcement officers, teachers, and other public servants are on the front lines every day, but having such a public-facing profile also makes these individuals vulnerable to identity thieves. In many states, personal information of public employees can be openly released through Public Records Acts. There