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World Bank Retiree Life Insurance for HQ-appointed Staff

Retiree Life Insurance is offered to Washington-based staff who retire from active service with the World Bank Group and immediately draw a pension. For country office staff, refer to World Bank Retiree Life Insurance for CO Staff.

A staff member is ineligible and cannot join the program if s/he:

  • does not draw a pension immediately upon termination of active employment.
  • qualified for the Retiree Life Insurance program before his/her last day of active service but did not elect to participate in the program.

For eligible staff, these conditions apply:

  • The election for this program must be received by HR Operations on or before the last day of active service.
    • If a staff member defers his/her pension, s/he cannot enroll in Retiree Life Insurance when his/her pension payments commence. Those who defer their pension are eligible for Life Insurance Portability Plan for HQ Staff upon Termination of Employment except on the basis of disability or ill health.
    • Staff who enroll in the Retiree Life Insurance program can convert any difference in coverage between the Active Staff Group Life Insurance Plan and the Retiree Group Life Insurance Plan to a Whole Life Insurance Plan for HQ Staff upon Ending Employment, directly with Prudential. However, eligible staff must apply within 31 calendar days of the last day of service.
    • The ending employment package from HR Operations contains an application. Retirees aged 67 to 80 may also convert annual coverage reductions as long as the application is made within 31 calendar days following their 67th through 80th birthday. Before age 67 and after age 80, there is no annual reduction in coverage.
  • The Bank Group's Life Insurance Program is a term insurance and therefore, has no cash or annuity value.
  • Information regarding the Bank Group's Life Insurance Policy:
    • Name of the Insurance Company: Prudential
    • Policy Owner: World Bank Group
    • Policy Number: 28919
  • Retiree Life Insurance proceeds are payable to whomever is named as a staff member's beneficiary. S/he may change beneficiaries at any time. The most recent beneficiary form on file at the Bank Group on the date of his/her death is considered his/her final designation and will be used by Prudential to process a claim. Legal challenges to beneficiary designations are the responsibility of Prudential and the Bank Group may not intervene.
  • There are two coverage options for Retiree Life Insurance:
    • Standard coverage option - based on 75 percent of the retiree's final net annual salary. Staff enrolled only in Basic Group Life Insurance can enroll only in the standard coverage option.
    • High coverage option - based on 150 percent of the retiree's final net annual salary. Staff enrolled in Basic and Optional Group Life Insurance are eligible to select the high coverage option or the standard option.
      • Once a staff member has enrolled in standard Retiree Life Insurance coverage, s/he cannot elect the high coverage option.
      • The staff member may withdraw or reduce coverage from high to standard at any time.
      • Staff may withdraw from the program at any time but cannot re-enter after withdrawal.
  • Premium and coverage under either option:
    • Premium and coverage remain constant until the retiree reaches age 67.
    • From age 67 to 80, the premium remains constant, but the coverage amount decreases.
  • At age 80, the premium drops, and the coverage amount is fixed at $5,000 for the standard option and $10,000 for the high option.

For more information on coverage, including reduction factors by age effective January 1, 2016, see the Retiree Life Insurance Coverage table below.

Age of Retiree

Coverage Reduction Factor (% of initial coverage amount)

Example: Standard Option on final net salary (in USD) of $108,500

Example: High Option on final net salary (in USD) of $108,500

66 and under

1

$81,000

$162,000

67

0.92

$74,520

$149,040

68

0.85

$68,850

$137,700

69

0.78

$63,180

$126,360

70

0.71

$57,510

$115,020

71

0.65

$53,460

$105,300

72

0.6

$48,600

$97,200

73

0.55

$44,550

$89,100

74

0.5

$40,500

$81,000

75

0.46

$37,260

$74,520

76

0.42

$34,020

$68,040

77

0.39

$31,590

$63,180

78

0.36

$29,160

$58,320

79

0.33

$26,730

$53,460

80 or older

Flat Benefit, premium recalculated at age 80

$5,000

$10,000

Note:

In case of conflict between this guidance and the applicable staff rule, the staff rule prevails.