How to purchase

Once the purchase window opens, you will be able to log in to get a personalized quote and, if desired, make a purchase.

Here’s how it works.

This site will take you through a step-by-step process.

  1. Provide basic information. Indicate if you want to purchase income for yourself (single life option) or with your spouse (joint & survivor options), confirm your personal details and, if needed, provide details on your spouse.
  2. Decide on an amount. You’ll get a quote based on your information and factors provided by the insurer. You can adjust, as needed, until you are happy with the amount.
  3. Get your account ready. Choose a UC RSP plan for the purchase (e.g., 403(b), 457(b), or DC plan). The money for your purchase must be invested in the UC Pathway 2020 Fund or the UC Pathway Income Fund. If needed, you’ll get step-by-step instructions about how you can move between plans and/or investment funds to meet balance requirements.
  4. Add details and confirm. Add up to four beneficiaries. Then, read the insurer’s disclosures, enter your initials, and confirm your purchase.

Once made, your purchase decision is irreversible. You can only purchase Deferred Lifetime Income once through UC—you can’t buy additional income during a future purchase window even if you purchased less than the maximum purchase amount.

SECURE 2.0 Act Update: You will have 90 days from the effective date of your annuity contract to cancel and receive a full refund of your premium – also known as a “free-look” period. The contract effective date is the date that the insurance company receives your premium, which occurs at the end of the election window in late September.

To initiate the cancellation of your Deferred Lifetime Income purchase, contact the insurance company after receiving your insurance certificate.

If you decide to cancel your purchase, your full premium will be returned and invested in the UC Pathway Income Fund at the closing price on the date the funds are received by Fidelity from the insurer.  While the full premium amount will be returned depending on market conditions, you may have more or less shares than you did prior to your purchase.

What to expect after your purchase.

Once you purchase Deferred Lifetime Income, an account will be opened with the insurance company that will administer your benefit.

  • The insurer will send you a welcome packet with details about your Deferred Lifetime Income benefit, including how to access your annuity and make updates to your contact information and beneficiaries.
  • At 78, monthly payments from the insurer to your preferred bank account will begin.
  • You can access the insurer’s website either directly or through Fidelity on the NetBenefits® website, where your monthly benefit will be displayed on your account page.
  • If you would like to cancel your purchase within the 90-day “free-look” period, contact the insurer.