Once the window opens for the 2022 purchase window, 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.
- First, provide some basic information. Indicate whether you are purchasing for yourself or with your spouse, confirm your personal details and, if needed, provide details on your spouse.
- 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.
- 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 Fund 2020 or the UC Pathway Income Fund. If needed, you’ll get step-by-step instructions about how you can move money from your other UC funds or plans.
- 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.
What to expect after your purchase.
If you purchase Deferred Lifetime Income, the insurer will send you a welcome packet with details about your Deferred Lifetime Income benefit, including how to make updates to your contact information and beneficiary(ies).
Information about how to access the insurer will be available in the welcome packet and on netbenefits.com.
At age 78, monthly payments from the insurer to your preferred bank account will begin.