Contact ETF CHOOSING AN ANNUITY OPTION

1 Contact ETF. Visit us online at Find Wisconsin Retirement System benefits information, forms and publications, benefit calculators, educational offerings, email and other online resources. CHOOSING . Call us toll free at 1-877-533-5020 or 608-266-3285 (local Madison). AN ANNUITY OPTION . Benefit specialists are available by phone ET-4117 (5/30/2017) Scan to read online. 7:00 to 5:00 (CST) Monday-Friday Wisconsin Relay: 711. Write or Return Forms Visit by Appointment Box 7931 801 West Badger Road Madison, WI 53707-7931 Madison, WI 53713. 7:45 to 4:30 Table of Contents What is an ANNUITY ?.. 2. ANNUITY OPTION Selection.

2 2. ANNUITY options : Life Annuities .. 3. ANNUITY options : Joint and Survivor Annuities.. 4. ANNUITY options : Life Annuities with Accelerated Payments .. 5. Domestic Partnership .. 7. Consent of Spouse or Domestic Partner.. 7. Changing options .. 8. Canceling Your Application .. 8. Relative Value of ANNUITY options .. 9. Additional Contributions.. 10. Required Minimum Distribution .. 11. The Department of Employee Trust Funds does not discriminate on the basis of disability in the provision of programs, services or employment. If you are speech, hearing or visually impaired and need assistance, call toll free at 1-877-533-5020 or 608-266-3285 (local Madison).

3 We will try to find another way to get the information to you in a usable form. ETF has made every effort to ensure that this brochure is current and accurate. However, changes in the law or processes since the last revision to this brochure may mean that some details are not current. The most current version of this document can be found at Please Contact ETF if you have any questions about a particular topic in this brochure. 1. What is an ANNUITY ? An ANNUITY is a Wisconsin Retirement System They are: benefit paid monthly. There are different types of 75% Continued to Named Survivor;. annuities available called ANNUITY options .

4 A person 100% Continued to Named Survivor;. who receives monthly benefit payments is called an annuitant. Reduced 25% on Death of Annuitant or Death of Named Survivor; and You have a choice of ANNUITY options , unless your 100% Continued to Named Survivor with 180. account is too small for a monthly benefit. Eligibility Payments Guaranteed. for a one-time lump sum payment versus a monthly payment depends on the amount of your ANNUITY . All monthly ANNUITY options provide you with payments for the rest of your life. However, the If your monthly ANNUITY payment for the For options differ in what happens after you pass away.

5 Annuitant's Life Only OPTION is less than $196 (for 2017), you are restricted to a lump sum payment. There are three possible outcomes, depending on the OPTION selected: If your ANNUITY is at least $196 (for 2017) but less The ANNUITY stops and there is no death than $401, you may choose between a lump sum benefit payable to beneficiary(ies);. payment or a monthly OPTION . Annuities payable for a guaranteed period are If your monthly ANNUITY is $401 (for 2017) or more, still in effect and the remaining payments will a lump sum payment is not available. These figures be made to a beneficiary;. are adjusted annually.

6 The OPTION you select will determine the amount and whether death benefits A joint and survivor ANNUITY OPTION was will be payable after your death. selected and, as long as the named survivor is Members who are eligible for a monthly payment living, they will receive benefits. have three Life ANNUITY options . They are: The amounts for joint and survivor annuities are For Annuitant's Life only; calculated using rates based on the life expectancy Life with 60 Payments Guaranteed; and of both you and your named survivor. Please Contact Life with 180 Payments Guaranteed. ETF if your application has an incorrect date of birth If you provided the Department of Employee Trust for either of you, or to request a new application that Funds with information regarding a quali fied joint includes joint and survivor estimates.

7 Survivor, you also have four Joint and Survivor ANNUITY options . ANNUITY OPTION Selection You select an ANNUITY OPTION at the time you apply for A thorough understanding of the various options will retirement benefits. A Retirement Benefit Estimate assist you in making the selection that will best meet and Application (ET-4301) is sent upon your request, your needs. Contact ETF before completing your and contains estimates of your ANNUITY payments benefit application if you don't understand all of the under each of the available options . You should options . request your estimate at least 6 to 8 months but no more than 12 months before you plan to retire.

8 When CHOOSING an ANNUITY OPTION , you should consider all of the assets in your estate such as life insurance, home, investments, savings, etc., to determine what type of survivor protection, if any, is needed. 2. ANNUITY options : Life Annuities The various ANNUITY options differ in what happens after you pass away. This section explains the death benefits for the Life ANNUITY options . For Annuitant's Life Only (No Death Benefit). This OPTION is payable to you for life. The monthly payment will terminate at your death. There is no death benefit payable to any beneficiary. Life ANNUITY - With 60 Payments Guaranteed This OPTION is payable to you for life.

9 If you die before 60 monthly payments have been made, the remainder of the 60 monthly payments are paid to your beneficiary(ies). Life ANNUITY - With 180 Payments Guaranteed This OPTION is payable to you for life. If you die before 180 monthly payments have been made, the remainder of the 180 monthly payments are paid to your beneficiary(ies). 3. ANNUITY options : Joint and Survivor Annuities The various ANNUITY options differ in what happens You may not choose this OPTION if your named after you pass away. This section explains the death survivor is more than 10 years younger than benefits for the Joint and Survivor ANNUITY options .

10 You and is not your spouse. Joint and survivor options provide death benefits for Reduced 25% on Death of Annuitant or Named one person who you choose as your named survivor. Survivor Your named survivor will receive a lifetime ANNUITY if This OPTION is payable to you for life. he or she survives you. You may choose a named survivor who is not your spouse if that person fits When you or your named survivor dies, the within the age limits specified for each OPTION . If you remaining individual will receive 75% of the did not specify a named survivor when you requested monthly amount for life. your retirement application, these options will be blank.