Plan Features

Attractive Rates: Coverage is available at 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. Benefits 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.

NEW Student Loan Protection Benefit: For members age 45 and under, Prudential will reimburse the amount of Student Loans you owe up to a maximum of $50,000, should you become totally disabled and have an outstanding student loan balance*.

Total Disability Protection: If you are under 60 years old and become totally disabled for at least nine months, your Public Employee Financial Protection Plan may be continued without further contributions. You must furnish annual proof of your continued total disability satisfactory to Prudential.

Option To Accelerate Payment Of Death Benefits: If you are terminally ill, with a life expectancy of six months or less, you may receive up to 50% of your Public Employee Financial Protection Plan benefits, up to $112,500 (only applies to $16 plan), in advance, provided you have 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 Public Employee Financial Protection Plan 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 from live birth. 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 a loss of life or other injuries 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 (only applies to the $16 plan): 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.

*Note that the NEW Student Loan Protection Benefit is not considered the payment to a terminally ill insured and thus the Student Loan Protection Benefit is fully taxable.
^†Please refer to the Option to Accelerate Payment of Death Benefits Disclosure at the bottom of this page.
^‡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.

Plan Facts

• All WRS participating members of participating employers may enroll.
• The plan will pay a benefit in addition to other insurance plans.
• The plan is completely voluntary, and can be terminated at any time.
• If you cease to be an WRS participant you can convert your Public Employee Financial Protection Plan to a Prudential individual life policy within 31 days following termination of insurance. Dependent spouse or domestic partner ($16 plan only) term life coverage can also be converted if you cease to be an WRS participant or you die.
• Subject to applicable state law, Prudential’s Alliance Account^® is the standard settlement option for death benefits of $5,000 or more.¹ We will establish an interest-bearing account in the beneficiary’s name. Beneficiaries earn interest as long as the account remains open. They can withdraw the full amount immediately, write drafts² against the balance, or leave the funds in the account to collect interest. For death benefits of less than $5,000, claims will be settled via a lump sum check.

The following settlement and payment options are available as an alternative to the Alliance Account:

• Lump Sum: The beneficiary may receive the full death benefit in a single lump sum check.
• Payment for a Fixed Period: The death benefit plus interest may be paid over a fixed number of years (1 to 25) either monthly, quarterly, semiannually, or annually.³
• Payment in Installments for Life: The death benefit may provide monthly payments in installments for as long as the beneficiary lives.
• Payment of a Fixed Amount: The beneficiary may choose an income payment of a stated fixed amount either monthly, quarterly, semiannually, or annually.
• Interest Income: All or part of the proceeds may be left with Prudential to earn interest, which can be paid annually, semiannually, quarterly, or monthly. The minimum deposit is $1,000.

¹Beneficiaries may wish to consult a tax advisor regarding interest earned on the account. There are fees for special services, such as stop payment requests. Prudential’s Alliance Account is a registered trademark of The Prudential Insurance Company of America.
²Alliance Account drafts are considered checks under federal law for certain purposes.
³Interest rates may change.

Schedule of Benefits

The Bank of New York Mellon is the Administrator of the Prudential Alliance Account Settlement Option, a contractual obligation of The Prudential Insurance Company of America, located at 751 Broad Street, Newark, NJ 07102-3777. Draft clearing and processing support is provided by The Bank of New York Mellon. The Bank of New York Mellon is not a Prudential Financial company. Alliance Account balances are not insured by the Federal Deposit Insurance Corporation (FDIC). All funds are held within Prudential’s general account, which is not FDIC insured because is not a bank account or bank product.

NCPERS is a non-profit organization organized to provide education and support to 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.

Plan arranged and managed by Gallagher Benefit Services, Inc., the employee benefits division of Arthur J. Gallagher & Co. Gallagher receives compensation for the marketing and services it provides, which is discussed and disclosed annually with NCPERS.