Wednesday, December 3, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SB743: Group life insurance; permits retiree to make beneficiary designation to purchase funeral services.
Be it enacted by the General Assembly of Virginia:
1. That § 51.1-511 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-511. Persons entitled to payment of insurance on employee's or retiree's death.
A. Any amount of group life, insurance or
accidental death, and dismemberment insurance in force on any employee or
any amount of group life insurance in force on any retiree at the date of
his death shall be paid, upon the establishment of a valid claim therefor, to
the beneficiary designated by the employee or retiree under the
provisions of the Virginia Retirement System or other retirement system
administered by the Board, unless the employee or retiree has designated
and filed with the Board on a form prepared by the Board, a different
beneficiary of his group life, insurance or accidental death,
and dismemberment insurance. If no beneficiary has been designated by the
employee, or if the death of the designated person occurs prior to the
death of the member and another designation has not been made, the proceeds
shall be paid to the persons surviving at the date of his death, in the same
order of precedence as set forth in subsection A of § 51.1-162.
B. A retiree may make an irrevocable beneficiary
designation to purchase or secure [ burial services
funeral
services, and services related to interment, cremation, or other means of
disposition ] , in an amount not to exceed the group
life insurance provided pursuant to § 51.1-505 that would be in force on the
retiree after the maximum reduction pursuant to subsection B of § 51.1-505.
C. Payment which otherwise would be made to the estate of an employee may be made in accordance with the provisions of § 51.1-164.
Be it enacted by the General Assembly of Virginia:
1. That § 51.1-511 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-511. Persons entitled to payment of insurance on employee's or retiree's death.
A. Any amount of group life, insurance or accidental death, and
dismemberment insurance in force on any employee or any amount of
group life insurance in force on any retiree at the date of his
death shall be paid, upon the establishment of a valid claim therefor, to the
beneficiary designated by the employee or retiree
under the provisions of the Virginia Retirement System or other retirement
system administered by the Board, unless the employee or retiree
has designated and filed with the Board on a form prepared by the Board, a
different beneficiary of his group life, insurance
or accidental death, and
dismemberment insurance. If no beneficiary has been designated by
the employee, or if the death of the designated person occurs
prior to the death of the member and another designation has not been made, the
proceeds shall be paid to the persons surviving at the date of his death, in
the same order of precedence as set forth in subsection A of § 51.1-162.
B. A retiree may make an irrevocable beneficiary designation to purchase or secure burial services, in an amount not to exceed the group life insurance provided pursuant to § 51.1-505 that would be in force on the retiree after the maximum reduction pursuant to subsection B of § 51.1-505.
C. Payment which otherwise would be made to the estate of an employee may be made in accordance with the provisions of § 51.1-164.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.