b'Capital Region Airport Commission NOTES TO FINANCIAL STATEMENTS June 30, 2025 and 2024 Note 10.GROUP LIFE INSURANCE (GLI) PLAN (OPEB PLAN) Plan Description The Group Life Insurance (GLI) Plan was established pursuant to 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. All full-time, salaried permanent employees of the state agencies, teachers, and employees of participating political subdivisions are automatically covered by the VRS GLI Plan upon employment. This is a cost-sharing multiple-employer plan administered by the Virginia Retirement System (the System), along with pensions and other OPEB plans, for public employer groups in the Commonwealth of Virginia. InadditiontotheBasicGLIbenefit,membersarealsoeligibletoelectadditionalcoveragefor themselves as well as a spouse or dependent children through the Optional GLI Plan. 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 plan, it is not included as part of the GLI Plan OPEB. The specific information for GLI OPEB, including eligibility, coverage and benefits is described below: Eligible Employees The GLI Plan was established July 1, 1960, for state employees, teachers, and employees of political subdivisions that elect the plan. Basic GLI coverage is automatic upon employment. Coverage ends for employeeswholeavetheirpositionbeforeretirementeligibilityorwhotakearefundoftheir accumulated retirement member contributions and accrued interest. Benefit Amounts The GLI Plan is a defined benefit plan with several components. The natural death benefit is equal to the employees covered compensation rounded to the next highest thousand and then doubled. The accidentaldeathbenefitisdoublethenaturaldeathbenefit.Inadditiontobasicnaturaland accidental death benefits, the plan provides additional benefits provided under specific circumstances that include the following: accidental dismemberment benefit, seatbelt benefit, repatriation benefit, felonious assault benefit, and accelerated death benefit option. The benefit amounts are subject to a reduction factor. The benefit amount reduces by 25% on January 1 following one calendar year of separation. The benefit amount reduces by an additional 25% on each subsequent January 1 until it reaches 25% of its original value. For covered members with at least 30 years of service credit, the minimum benefit payable was set at $8,000 by statute in 2015. This will be increased annually based on the VRS Plan 2 cost-of-living adjustment calculation. The minimum benefit adjusted for the COLA was $9,532 as of July 30, 2025. 59'