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FEATURES AND BENEFITSThe Illinois Municipal Retirement Fund (IMRF) is a member of the National Conference on Public Employee Retirement Systems (NCPERS) Voluntary Life Insurance Plan.The NCPERS program has been offered to IMRF members since 1989, because it has a unique plan design particularly well suited for public pension plan members, and it fills member needs not fully addressed by the pension plan. The IMRF has this plan available because of its membership in NCPERS, but it has no role in the carrier selection, design, or operation of the plan. There are more than 29,000 IMRF members/retirees and their dependents insured under this plan. The overall NCPERS Plan, of which IMRF is a part, insures more than 85,000 members, retirees and dependents, and has been providing added security for public employees for over thirty years. It has paid over $100 million to beneficiaries of public employees. NCPERS is the leading advocate for public pension plans and their members, and is dedicated to the protection and improvement of the financial security of public employees. Handling life's unexpected events can be easier with protection that can be counted on - The NCPERS Group Decreasing Term Life Insurance plan. This insurance plan, provided by The Prudential Insurance Company of America, helps safeguard your financial obligations in the event of death, or the death of a covered dependent. Here are some details about this plan: Attractive Rates - Coverage is available at ordinarily lower group rates through the purchasing power of the National Conference on Public Employee Retirement Systems. Rates Do Not Increase With Age - The plan provides insurance for members regardless of age. Benefit amounts are greater when you are younger, when your expenses and needs require more coverage. They decrease with age. Please refer to the Schedule of Benefits chart. Easy Payment - You pay for this insurance through automatic payroll deductions. Coverage All The Time - You are covered 24 hours a day, 7 days a week, on or off the job. Coverage can be maintained throughout retirement - your active insurance coverage may be continued into retirement, simply by authorizing the premium deduction from your retirement check. The coverage will therefore continue for as long as you want it to, or throughout your lifetime. Total Disability Protection - If you are under 60 years old and become totally disabled for at least nine months, your Group Decreasing Term Life Insurance may be continued without further contributions, as long as you furnish annual proof of your continued total disability satisfactory to Prudential. Accelerated Benefit Option - If you are terminally ill with a life expectancy of six months or less, you may receive up to 50% of your Group Decreasing Term Life Insurance benefits, up to $112,500, in advance, provided you've been in the NCPERS plan for at least one year. The death benefit, payable to your beneficiary, will be reduced by that amount. Dependent Coverage - The plan provides Dependent Group Decreasing Term Life Insurance for your eligible dependents. The benefit amount will be paid to you in a lump sum on an eligible dependent's death due to any cause. Spousal or domestic partner ($16 plan only) benefit is determined by your age at the time of your spouse's death. Eligible dependents are your spouse or domestic partner ($16 plan only) and unmarried children 14 days to 21 years old. Dependent children are your legally adopted children, stepchildren and foster children who depend on you for support. Dependents in military service are not eligible. AD&D Coverage - Accidental Death & Dismemberment (AD&D) benefits will be paid in addition to your life insurance benefit for any loss resulting from a covered accident. The full amount of insurance will be paid for the loss of: life; both hands or both feet; sight of both eyes; one hand and one foot; one hand and sight of one eye; one foot and sight of one eye. Half the amount of insurance will be paid for the loss of: one hand; one foot; sight of one eye. No more than 100% of the benefit amount will be paid for losses due to the same accident, and the loss must take place within 90 days of the accident. Additional AD&D Benefits ($16 plan only) - Additional amount payable for loss of life as a result of an accident in an automobile while using a seat belt. Additional amount payable for loss of life as a result of an accident in an automobile using an air bag. Additional amount payable for tuition reimbursement for a dependent spouse. Additional annual amount payable for tuition reimbursement for a dependent child. Additional amount payable for return of remains. AD&D Exclusions - No benefit will be paid due to loss from the following: war; suicide or attempted suicide; any bacterial or viral infection (unless the infection was the result of an accidental injury or bacterial infection which results from the accidental ingestion of contaminated substances) or mental infirmity or disease, or medical or surgical treatment thereof; or by aircraft travel if you have any duties aboard the aircraft, or if you are giving or receiving training for such duties. NCPERS is a non-profit organization organized to provide education and support of public employee retirement systems. NCPERS has no role in the administration of the life insurance program and the benefits are guaranteed solely by the insurance carrier. NCPERS is compensated solely for the use of its name, service marks and mailing lists. |
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