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.
- 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.
- 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 between plans and/or investment funds to meet balance requirements.
- 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.
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.