NCPERS introduces $16 monthly life insurance plan for active employees only

During a recent webinar hosted by the State Employees Retirement System (SERS) of Illinois, key information was shared regarding life insurance options available to active employees. The session highlighted a decreasing term life insurance policy offered through the National Conference on Public Employees Retirement Systems (NCPERS), which is specifically designed for active employees and is not available to retirees.

The policy, which costs $16 a month, includes coverage for accidental death and dismemberment (AD&D) and extends to spouses and eligible children. Participants were informed that this insurance can be maintained into retirement, with premiums deducted directly from pension checks, provided that employees have previously enrolled through payroll deductions while still employed.

Additionally, the webinar introduced CPARS, an extra coverage option that operates separately from SERS and is administered by Prudential. This information is crucial for employees looking to secure their financial future and protect their families.

The session also provided attendees with important resources, including contact information for SERS and details about deferred compensation plans now managed by Empower. This initiative aims to ensure that state employees are well-informed about their benefits and options as they plan for retirement.

As the state continues to support its workforce, these discussions underscore the importance of accessible resources and financial planning tools for employees at all stages of their careers.