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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
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Note 10—Other postemployment benefits – VRS Group Life Insurance Program (“GLI”)
Plan Description – In addition to their participation in the pension plans offered through the VRS, the Commission
also participates in the VRS GLI OPEB (“GLI”) plan, which is a multiple-employer, cost-sharing plan providing
coverage to state employees, teachers, and employees of participating political subdivisions. The GLI was
established pursuant to Section 51.1-500 et seq. of the Code of Virginia, as amended, and which provides the
authority under which benefit terms are established or may be amended. The GLI is a defined benefit plan that
provides a basic group life insurance benefit for employees of participating employers. For purposes of measuring
the net GLI OPEB liability, deferred outflows of resources, and deferred inflows of resources related to the GLI
OPEB, and GLI OPEB expense, information about the fiduciary net position of the VRS GLI OPEB, and the
additions to/deductions from the VRS GLI OPEB’s fiduciary net position have been determined on the same basis
as they were reported by VRS. In addition, benefit payments are recognized when due and payable in accordance
with the benefit terms. Investments are reported at fair value.
In addition to the basic GLI benefit, members are also eligible to elect additional coverage for themselves as well
as a spouse or dependent children through the optional GLI. For members who elect the optional group life
insurance coverage, the insurer bills employers directly for the premiums. Employers deduct these premiums from
members’ paychecks and pay the premiums to the insurer. Since this is a separate and fully insured program, it
is not included as part of the GLI OPEB.
Benefits Provided– The specific information for the GLI Program, including eligibility, coverage and benefits is set
out in the table below:
GLI Program Plan Provisions
Eligible Employees
The GLI Program was established July 1, 1960, for state employees, teachers and employees of political
subdivisions that elect the program, including the following employers that do not participate in VRS for
retirement:
City of Richmond
City of Portsmouth
City of Roanoke
City of Norfolk
Roanoke City School Board
Basic group life insurance coverage is automatic upon employment. Coverage ends for employees who
leave their position before retirement eligibility or who take a refund of their accumulated retirement
member contributions and accrued interest.
Benefit Amounts
The benefits payable under the GLI Program have several components.
Natural Death Benefit - The natural death benefit is equal to the employee’s covered compensation
rounded to the next highest thousand and then doubled.
Accidental Death Benefit - The accidental death benefit is double the natural death benefit.
Other Benefit Provisions - In addition to the basic natural and accidental death benefits, the
program provides additional benefits provided under specific circumstances. These include:
Accidental dismemberment benefit
Seatbelt benefit
Repatriation benefit
Felonious assault benefit
Accelerated death benefit option
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