UWSA Benefits Update Nicole Zimm

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UWSA Benefits Update Nicole Zimm

• Market Turbulence the WRS information available
  online http//www.uwsa.edu/hr/benefits/retsav/wr
  sdownturn.html
• QA Guide for Almost Retirees
  http//www.uwsa.edu/hr/benefits/retsav/downturnret
  ireeQA.pdf
• SWIB announced preliminary investment returns as
  of October 31, 2008 Core -26 Variable
  -36.2.
• If investment returns stay at same level, there
  will be a negative core annuity adjustment on May
  1st. If core returns drop to -30, there will
  probably be zero to negative interest crediting
  on active accounts for 2008.

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UWSA Benefits Update Nicole Zimm

• Investment Returns Selecting a Retirement Date
• The Core Fund investment earnings are currently
  at a level where it may benefit someone whose
  benefit is higher under Money Purchase and is in
  the Core Fund only, to retire in Dec 2008 vs Jan
  2009 because of the guaranteed prorated 5
  interest for 2008.
• If the Core Fund investment returns do not
  improve by December 31st, the prorated guaranteed
  5 interest for people who retire in 2008 will
  most likely be larger than the 2008 core
  effective rate of interest.

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Importance of Understanding Impact of
Unconditional Variable Cancellation Nicole Zimm

• If someone unconditionally cancels variable
  participation effective 1-1-09, it is almost
  guaranteed that the person will have a variable
  deficiency on account that will affect formula
  retirement annuity.

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UWSA Benefits Update Nicole Zimm

• ETFs Variable/Excess Calculator available
  online http//etfonline.wi.gov/ETFCalculatorWeb/
  ExcDefCalcAnnualUpdateController
• ETF is phasing out paper annuity checks
• All annuities effective January 1, 2009 and later
  will be required to have check sent via direct
  deposit
• ETF will contact all annuitants who currently
  receive a paper check and will require direct
  deposit by September 2009.
• If annuitants have questions, they should contact
  ETF directly.