State Of Idaho 457 Plan Payout Request (Page 2 of 2) in pdf

STATE OF IDAHO PAYOUT OPTIONS

ATTENTION SCHWAB SDO PARTICIPANTS: IF I BEGIN A PERIODIC DISTRIBUTION FROM MY ACCOUNT, I MUST MAINTAIN A MINIMUM BALANCE

IN THE CORE ACCOUNT THAT IS SUFFICIENT TO COVER PAYMENTS SCHEDULED TO BE MADE TO ME DURING A ONE-YEAR PERIOD. IF I FAIL

TO MAINTAIN THIS BALANCE, THE PLAN ADMINISTRATOR WILL BE AUTHORIZED TO AUTOMATICALLY LIQUIDATE ASSETSE FROM THE SDO

ACCOUNT TO MEET THIS REQUIREMENT.

Partial Lump Sum Payment: This option provides for a single payment in the amount requested (minimum of $25.00) from the value of your account.

Lump Sum Payment: This option provides for the payment of the full value of your account in a single payment.

Systematic Withdrawal Options: Your account is maintained on the Administrator’s Accumulation System. Throughout the payout period, it continues to

earn either recurrent interest in the fixed return or fund investment performance if in the variable return option, You will continue to receive quarterly

statements. If your death occurs prior to the account exhaustion, your beneficiary will receive payments until the account is exhausted or a lump sum

payment of the remaining account balance. All funds are withdrawn on a pro-rata basis.

Fixed Amount: This option allow you to choose a fixed payment amount (minimum of $25.00) until your account is exhausted. You may elect to apply the

Cost of Living Adjustment (COLA) to your payment amount. COLA rates are declared annually by the federal government and the rate applied to your

payment will also update annually. COLA can be 0% for a given year and would not impact your payment amount in this instance. The final payment will be

the balance of your account. In the year you obtain age 70 1/2, if your payment is less than the minimum amount required under federal regulations, your

payment amount will be increased. Please indicate the amount to be paid, your beneficiary, their relationship, their Social Security number and their birth date.

Exchanges are permitted, subject to annual exchange limitations.

For example:

Participant dies prior to the exhaustion of the account. –– Beneficiary submites a claim and receives monthly payments until the account is exhausted

or a lump sum payment of the remaining account balance.

Fixed Period: This option allows you to choose the number of years you will receive payments. You may elect to include an assumed growth rate equal to the

Cost of Living Adjustment (COLA) or between 3-9% in the calculation. With an assumed growth rate, the growth rate is applied to your account balance

when processing your initial withdrawal each year. This balance is divided by the number of years remaining on your withdrawal to determine your withdrawal

amount for the current calendar year. You may also elect the frequency at which your payments are recalculated – annually or per payment. If you select an

assumed growth rate the recalculation frequency must be annually. Your payment may fluctuate if some or all of your money is invested in the Variable

Accounts or Mutual Fund Options. Please indicate the amount to be paid, your beneficiary, their relationship to you, their Social Security number and their

birth date. Exchanges are permitted, subject to annual exchange limitations.

For example:

Participant dies prior to the exhaustion of the account. –– Upon their claim, the beneficiary receives monthly

payments until the account is

exhausted or a lump sum payment of the remaining account balance.

Required Miminum Distribution: A minimum distribution of your account is required to begin when you attain age 70 1/2, unless you are still working. This

payment option will only pay the minimum that is required to be paid to you each year. The amount that is required to be distributed will be calculated for

each distribution year in accordance with proposed regulations under Section 401(a) (9) of the Internal Revenue Code. The Required Minimum Distribution

(RMD) will usually be different for each year because of the changes in your account balance and the change in your life expectancy. This payment option is

not available unless you have attained age 70 1/2 and cannot be rolled over to another eligible retirement plan or IRA. Please indicate the amount to be paid

(a minimum of $25.00), your beneficiary, their relationship, their Social Security number and their birth date.

PURCHASED ANNUITY OPTIONS: Your account is removed from the Administrator’s Accumulation System and your account balance is used to purchase

an annuity contract that you select. Purchase rates are subject to change monthly. However, once you have purchased an annuity, the benefit amount will

remain the same for the life of the annuity (except for variable annuities). You will receive an annuity certificate stating the terms of the contract. You will no

longer receive quarterly statements. (Not all plans have this option available. Please call customer service at 1-877-677-3678 to confirm availability.)

LIFE INCOME WITH PAYMENTS CERTAIN: This option provides payments for your lifetime. If you die before the selected number of guaranteed

payments has been made, payments will continue to your named beneficiary until the total number of guaranteed payments (5, 10, 15, 20, 25, or 30 years)

has been made to you and your beneficiary. If you die after the guaranteed number of payments has been made, no death benefit is payable. Please

select a guaranteed period and indicate your beneficiary, their relationship, their Social Security number, their birth date, and attach proof of date of birth.

For example:

20 Years Certain – Annuitant dies in the 5th year.

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Beneficiary receives 15 years of monthly payments or an adjusted lump sum payment.

JOINT & SURVIVOR: This option provides payments for you and your survivor for your lifetimes. Upon your death, payments will continue to survivor, if

he or she is living. No other beneficiaries are permitted under this option. Payments to the survivor may be a percentage (50%, 66 2/3%, 75% 100%) of

the original amount. Please name your survivor, their relationship, their Social Security Number and their date of birth on the lines provided and attach

proof of date of birth for both you and your survivor.

For example:

Annuitant dies and survivor is still living.

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Survivor receives the monthly benefit for as long as they live at 50%, 66 2/3%, 75%, or 100% of the original amount.

Annuitant dies and survivor is also deceased.

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No death benefit, once the annuitant and the survivor are deceased the annuity is over.

FIXED DESIGNATED PERIOD: This option provides for payments for the number of years chosen. You may select any whole number of years between 3

and 20, inclusive. If you should die before the end of the period, payments will continue to the beneficiary. Please indicate the number of years to be paid

and indicate your beneficiary, their relationship, their Social Security number and their birth date.

For example:

Annuitant dies prior to the end of the designated number of years.

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Beneficiary receives payments to the end of the designated period or an adjusted lump sum payment.

DESIGNATED AMOUNT: This option provides for payments of a specified dollar amount, not less than $25.00. The length of the payout is determined by

the account value and a set purchase rate. If you should die before the annuity is exhausted, your beneficiary could either continue the payout or receive

the remaining lump sum.

For example:

Annuitant dies before all annuity payments are received.

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Beneficiary receives payments to end of annuity amount or adjusted lump sum.

ROTH DISCLOSURE

Earnings from designated Roth contributions may be subject to income taxes and penalties upon distribution if the distribution is deemed to be non-qualified. A

qualified distribution is one that the contributions are held in the designated Roth account for five consecutive tax years and the participant is at least 59 1/2,

has become disabled or has died. In addition, designated Roth accounts which are rolled over into this account may be subject to income taxes and penalties

if they are deemed non-qualified. Designated Roth contributions are generally not subject to income taxes or penalties.

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