77550851.1-512Virginia Decodedhttps://vacode.org2016Pensions, Benefits, And RetirementGroup Insurance ProgramOptional life insurance1980, c. 643, § 51-111.67:12.1; 1990, c. 832; 1995, c. 360; 1997, c. 273; 2001, c. 696; 2005, c. 57; 2006, c. 252; 2010, c. 751; 2012, c. 696.http://law.lis.virginia.gov/vacode/51.1-512/51.1-124.3Definitions/51.1-124.3/51.1-500Definitions/51.1-500/51.1-514Policies to provide for accounting to Board; advance premium deposit reserve/51.1-514//51.1-512/51.1/5/51.1-51251.1-113451.1-117551.1-502.151.1-502.351.1-512.1The Board shall, under the terms and conditions specified by the Board, make available to each active insured employee optional life, accidental death, and dismemberment insurance in incremental additional amounts not to exceed a maximum amount determined by the Board. Such maximum shall be reviewed at least once every five calendar years by the actuary of the Virginia Retirement System and increased by the Board upon the recommendation of the actuary. The amount recommended by the actuary shall be based upon the annual increases in the United States Average Consumer Price Index for all items, all urban consumers (CPI-U), as published by the Bureau of Labor Statistics of the United States Department of Labor.sectionAA1The optional life, accidental death, and dismemberment insurance shall be made available to each active insured employee under conditions prescribed by the Board. The conditions prescribed by the Board shall provide that offering the optional insurance does not materially increase the rates for any group life insurance policy provided pursuant to § 51.1-505.sectionBB1The optional amount of life insurance in force on an employee who retires for service on an immediate retirement allowance, or for an employee who retired for disability sectionEE1The cost of the optional insurance shall be determined periodically by the Board on the basis it considers appropriate. The Board may discontinue the optional insurance plan at any time upon determination that employee participation is not sufficient to continue the plan on a sound actuarial basis.sectionFF1The amount of optional life, accidental death, and dismemberment insurance in force on any employee at the date of his death shall be paid as provided in this chapter.sectionGG1The Board shall determine the form and content of the accounting reports to be made by the insurance company with respect to the optional insurance. Any expenses incurred by the Retirement System for operating and administering the optional insurance programs provided in this section may be recovered by the Board from the advance premium deposit reserve required by subsection B of § 51.1-514.sectionHH1