Make your tomorrow better

Transcription

1 Make your tomorrow better Helping you plan and invest for retirement

2 Table of contents 3 Making it easier to plan and invest for retirement Information for: 5 TIAA-only participants 6 Vanguard-only participants 7 TIAA and Vanguard participants 8 Dates to remember 9 Retirees and former employees 10 Online account management 11 Investment options 14 Investment transfer strategy for Vanguard plan participants 17 Frequently asked questions 19 We re here to help 20 About TIAA

3 Making it easier to plan and invest for retirement In early May 2018, NYU will make changes to the NYU retirement program to provide enhanced services, simplify the enrollment and account management experiences, and reduce fees for many investments currently available to NYU faculty and employees. The plans that will be affected are: NYU Retirement Plan for Members of Faculty, Professional Research Staff and Administration NYU Supplemental Tax Deferred Annuity Plan NYU Section 457(B) Deferred Compensation Plan NYU Retirement Plan for Adjunct Faculty Members Simplified online account management Beginning May 7, 2018, TIAA will become NYU s single retirement program recordkeeper, providing improved technology and administrative services to NYU participants. With this enhancement, you ll have a simplified online experience in managing your retirement account, making your employee salary deferral elections, and evaluating your investment options from both TIAA and Vanguard, as well as the ability to estimate your income needs in retirement, all in one location. There will be a brief Quiet Period 1 from April 27, 2018, at 4 p.m. (ET), through May 7, 2018, at 9 a.m. (ET), when you will not be able to make changes to your salary deferral contributions while the new system is brought online. However, you can still access your account, request fund transfers, update your beneficiaries, or review investment performance. See Dates to remember on page 8. Lower investment costs to help you save more All TIAA and Vanguard investment options will remain available through the retirement program. The TIAA investments are already at the lowest-cost share class available. Many of the Vanguard funds will move to a lower-cost share class. If you re invested in Vanguard funds, your current assets, and all future contributions, will automatically transfer to your new account on TIAA s recordkeeping system. Your Vanguard assets will remain fully invested during the transfer process. See information on pages about how the funds will transfer, and the sidebar on the right for more information about share class. Lower-cost share class Investing in a fund with a lower-cost share class means you pay less for investment fees for that fund, and a higher percentage of any potential return stays invested. For example, a reduction of 0.10 percent in a mutual fund s fees would result in annual savings of $10 each year for every $10,000 invested. If your account is worth $100,000, you would save approximately $100 a year in mutual fund fees. While returns can t be guaranteed, paying lower fees can help your savings add up over time. 1 A Quiet Period refers to the amount of time you will not be able to make changes to your salary deferral contributions while the new system is brought online. However, you can still access your account, request fund transfers, update your beneficiaries, or review investment performance. The Quiet Period affects all actively employed plan participants. Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 3

4 Making it easier to plan and invest for retirement, continued Auto enrollment Eligible faculty and employees hired on or after May 1, 2018, will be automatically enrolled into the NYU Retirement Plan for Members of Faculty, Professional Research Staff and Administration (NYU Retirement Plan) at a rate of 5 percent of eligible compensation, with the option to opt out or change their election percentage. This change will not have an impact on existing participants. Retirement and financial information Whether you re just starting your career or already retired, you ll have access to helpful resources for managing your savings, such as online communities, financial calculators, and the 360 Financial View online tool that helps you budget and manage your finances by tracking income, bills, financial accounts, and net worth. NYU Retirement Plans Helpline at TIAA We are introducing a dedicated phone number 844-NYU-TIAA ( ) for the NYU retirement program at TIAA, where you can ask questions about the retirement program and all its investments (including the Vanguard funds), as well as get help making investment decisions. Advice services for all investment options Investment advice from TIAA will continue to be available online, by phone, or through a one-on-one counseling session. To schedule a consultation, visit TIAA.org/schedulenow or call 844-NYU-TIAA ( ), weekdays, 8 a.m. to 10 p.m., and Saturdays, 9 a.m. to 6 p.m. (ET). See more about the TIAA advice offer on page NYU retirement program

5 What to expect if you currently invest with TIAA ONLY New online system Beginning May 7, 2018, it will be simpler to manage your account, select investments, and choose your beneficiaries all in one location. There will be a brief Quiet Period from April 27, 2018, at 4 p.m. (ET), through May 7, 2018, at 9 a.m. (ET), when you will not be able to make changes to your salary deferral contributions while the new system is brought online. However, you can still access your account, request fund transfers, update your beneficiaries, or review investment performance. The Quiet Period affects all actively employed plan participants. While you are not required to take any action, you should regularly review your account information. Begins April 27, 2018, at 4 p.m. (ET) Quiet Period Ends May 7, 2018, at 9 a.m. (ET) Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 5

6 What to expect if you currently invest with Vanguard ONLY New TIAA account All Vanguard investments will automatically transfer to TIAA s recordkeeping system. Your current investment elections will not change. You will be issued a new TIAA account for the NYU accounts you currently have at Vanguard. A Welcome Kit will be sent to you with information on how to access your TIAA account(s). See Investment transfer strategy for Vanguard plan participants on pages for additional details. This change only affects Vanguard accounts with NYU. Other Vanguard accounts you may have are not impacted. Once your NYU Vanguard assets are moved to TIAA s system, you will no longer be able to make any transactions on the Vanguard website for your NYU account. All future transactions will be done through the TIAA system. Reduced investment fees The same Vanguard funds will continue to be offered, but many will be offered at a new lower-cost share class. If you are invested in any of these funds, your current assets and future contributions will be automatically directed to the lower-cost share class. In addition, you will have access to TIAA funds and annuities. 1 Your beneficiary information will be carried over from Vanguard to TIAA There will be no change in your beneficiary designation. However, if your beneficiary is a trust, you will need to take action and identify your beneficiary after your new TIAA account is issued. Restrictions during the Vanguard Blackout Period There will be a brief period of time during which your Vanguard funds will move to TIAA s recordkeeping system and you will not be able to make changes to your Vanguard account. This Blackout Period will occur from approximately May 2, 2018, at 4 p.m. (ET), to May 21, 2018, at 9 a.m. (ET). You will not be able to change your Vanguard investments, make withdrawals, transfer funds, or make account changes (e.g., address, beneficiary, etc.) during this time; however, scheduled payroll contributions will continue and your assets will remain invested. See the enclosed Important Notice for additional information on the Blackout Period. Begins April 27, 2018, at 4 p.m. (ET) Quiet Period Begins May 2, 2018, at 4 p.m. (ET) Ends May 7, 2018, at 9 a.m. (ET) Vanguard Blackout Period Ends May 21, 2018, at 9 a.m. (ET) New online system Beginning May 7, 2018, it will be simpler to manage your account, select investments, and choose your beneficiaries all in one location. There will be a brief Quiet Period from April 27, 2018, at 4 p.m. (ET), through May 7, 2018, at 9 a.m. (ET), when you will not be able to make changes to your salary deferral contributions while the new system is brought online. However, you can still access your account, request fund transfers, update your beneficiaries, or review investment performance. The Quiet Period affects all actively employed plan participants. 1 Please note that lower fees do not necessarily provide higher returns. 6 NYU retirement program

7 What to expect if you currently invest with both TIAA and Vanguard Your Vanguard accounts will merge with your existing TIAA account. After the transition, your Vanguard investments will reside on TIAA s recordkeeping system. Your future contributions will not change. All Vanguard investments will automatically transfer to TIAA s recordkeeping system. See Investment transfer strategy for Vanguard plan participants on pages for additional details. This change only affects Vanguard accounts with NYU. Other Vanguard accounts you may have are not impacted. Once your NYU Vanguard assets are moved to TIAA s system, you will no longer be able to make any transactions on the Vanguard website for your NYU account. All future transactions will be done through the TIAA system. You will have access to all the same Vanguard funds and TIAA funds and annuities. Many Vanguard funds will be offered at a new lower-cost share class. If you are invested in any of these funds, your current assets and future contributions will be automatically directed to the lower-cost share class. If you are directing contributions to both Vanguard and TIAA, your asset allocation for each vendor will be combined for future contributions to the TIAA platform. This combined allocation will allow your contributions to continue as you currently have them directed. There will be no change in your beneficiary designation unless you currently have different beneficiaries for your TIAA and Vanguard accounts. In that case, the beneficiary at TIAA will take precedence. No action is required at this time. While you are not required to take any action, you should regularly review your account information. Restrictions during the Vanguard Blackout Period There will be a brief period of time during which your Vanguard funds will move to TIAA s recordkeeping system and you will not be able to make changes to your Vanguard account. This will occur from approximately May 2, 2018, at 4 p.m. (ET), to May 21, 2018, at 9 a.m. (ET). You will not be able to change your Vanguard investments, make withdrawals, transfer funds, or make account changes (e.g., address, beneficiary, etc.) during this time; however, scheduled payroll contributions will continue and your assets will remain invested. See the enclosed Important Notice for additional information on the Blackout Period. The Blackout Period will have no impact on TIAA accounts. Begins April 27, 2018, at 4 p.m. (ET) Quiet Period Begins May 2, 2018, at 4 p.m. (ET) Ends May 7, 2018, at 9 a.m. (ET) Vanguard Blackout Period Ends May 21, 2018, at 9 a.m. (ET) New online system Beginning May 7, 2018, it will be simpler to manage your account, select investments, and choose your beneficiaries all in one location. There will be a brief Quiet Period from April 27, 2018, at 4 p.m. (ET), through May 7, 2018, at 9 a.m. (ET), when you will not be able to make changes to your salary deferral contributions while the new system is brought online. However, you can still access your account, request fund transfers, update your beneficiaries, or review investment performance. The Quiet Period affects all actively employed plan participants. Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 7

8 Dates to remember When Who What Get ready Now May 1, 2018 TIAA account(s) issued Week of April 16 Quiet Period begins April 27, 2018, at 4 p.m. (ET) Vanguard Blackout Period begins May 2, 2018, at 4 p.m. (ET) Quiet Period ends May 7, 2018, at 9 a.m. (ET) Future contributions to TIAA account(s) May 7, 2018 Vanguard assets transfer to TIAA May 8, 2018 Vanguard Blackout Period ends May 21, 2018, at 9 a.m. (ET) TIAA and Vanguard participants Vanguard participants TIAA and Vanguard actively employed participants Vanguard participants TIAA and Vanguard actively employed participants TIAA and Vanguard participants Vanguard participants Vanguard participants If you plan to make changes to your Vanguard account, such as directing or diversifying assets, or obtaining a distribution, you can do so prior to May 2 or after the Blackout Period ends, on or before May 21. If you have a new TIAA account, you will receive a TIAA Welcome Kit and can access the new account. On-campus information seminars see the enclosed cover letter for dates and times. View all TIAA and Vanguard investments available in the plan at TIAA.org/nyu. x You cannot make changes to salary deferral contributions. You may still access your TIAA account, transfer funds, update beneficiaries, and review investment performance. You may still access your Vanguard account, transfer funds, update beneficiaries, and review investment performance (until the Blackout Period starts). x You cannot make changes to your Vanguard account or investments, make withdrawals, obtain a distribution, or transfer funds. Scheduled contributions continue and assets remain invested. No impact to TIAA accounts. Salary deferral contributions may be made once again. Begin to manage your account and select investments all in one online location. For instructions on how to do this, see page 10. All future contributions (both yours and any you may receive from NYU) will be directed to the same TIAA and Vanguard funds, now available to you through your account(s) with TIAA. x You will not have full access to your transferred balances in your TIAA account until the Blackout Period has ended. Your account will remain fully invested. You ll receive a confirmation in the mail from TIAA when the transfer is complete. See pages for details. Blackout Period expected to end on or before this date. You can access your TIAA account to change investments and allocations and review and update your beneficiaries at TIAA.org/nyu or by following the instructions on page NYU retirement program

9 What to expect if you are an NYU retiree or former NYU employee As a participant in the NYU retirement program, it s important that you stay informed on all the investment and service updates. Whether you invest in Vanguard and/or TIAA investment options, be sure to review the information that applies to your retirement account. Going forward, you will be able to invest in both TIAA and Vanguard investment options through your TIAA account. Distribution information If you currently receive income or distribution payments from Vanguard or TIAA, there will be no interruption to your payments or payment schedule as administration of the retirement program moves to TIAA. Some Vanguard participants will need to re-establish banking information with TIAA in order to continue to receive direct deposit of funds. If this or any other action is required on your part, you will receive a separate communication from TIAA. Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 9

10 Online account management Access and manage your TIAA retirement account via NYUHome. Using your NYU NetID and password information, follow these steps: 1 Log in to NYUHome Click on the NYU Retirement Plans card and click Go. You may also search TIAA in the upper-right corner. Click on MyAccount. Manage your salary deferral contribution amount, investments, and beneficiary information. Tired of retirement paperwork? Access your account online at TIAA.org to update your mailing preference to receive your statements and other TIAA communications via NYU retirement program

11 Investment options All Vanguard and TIAA investments that are now included in the fund array will be available to invest in TIAA s recordkeeping system beginning May 7, Many Vanguard funds will be offered in lower-cost share classes. Investment tiers The investment options will continue to be comprised of a variety of investments to fit your personal savings goals. In order to help simplify your investment selection process, the investment options will be arranged in a four-tiered structure. You can create a tailored retirement strategy by investing in targetdate funds, passively managed ( index ) funds, actively managed investments, and/or the guaranteed option (annuity). If you prefer, you may build a portfolio that includes options from multiple tiers. To see additional details about each of the investments, log in to TIAA.org/nyu, select View Plan Details, then Show Investments. General information about the TIAA investments is currently available on the website. General information about the Vanguard investments will be available beginning the week of April 16, Tier 1: Target-date funds offer a diversified investment within a single fund. If you prefer a hands-off approach to investing, you may want to consider investing in one of these funds. Each target-date fund is a fund of funds, primarily invested in shares of other mutual funds 1 from various investment categories. The underlying portfolio of each target-date fund becomes more conservative as it approaches the target date. This is achieved by reducing the allocation to stocks (equity) and increasing the allocation to bonds (fixed income) over time; this is performed by the fund company, and requires no work on the part of the individual investor. The target date indicates when you expect to begin making withdrawals; however, you are not required to make withdrawals at the target date. As with all mutual funds, the principal value of a target-date fund is not guaranteed at any time and will fluctuate with market changes. To determine which target-date fund might be right for you, find your birth date range in the chart below and on the next page. Ticker TIAA-CREF Lifecycle Fund Name Birth Date Range TCTIX TIAA-CREF Lifecycle 2010 Fund - Institutional Class Prior to 1949 TCNIX TIAA-CREF Lifecycle 2015 Fund - Institutional Class TCWIX TIAA-CREF Lifecycle 2020 Fund - Institutional Class TCYIX TIAA-CREF Lifecycle 2025 Fund - Institutional Class TCRIX TIAA-CREF Lifecycle 2030 Fund - Institutional Class TCIIX TIAA-CREF Lifecycle 2035 Fund - Institutional Class TCOIX TIAA-CREF Lifecycle 2040 Fund - Institutional Class TTFIX TIAA-CREF Lifecycle 2045 Fund - Institutional Class TFTIX TIAA-CREF Lifecycle 2050 Fund - Institutional Class TTRIX TIAA-CREF Lifecycle 2055 Fund - Institutional Class TLXNX TIAA-CREF Lifecycle 2060 Fund - Institutional Class 1994 and after TLRIX TIAA-CREF Lifecycle Retirement Income Fund - Institutional Class N/A 1 Target-date funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. In addition to the fees and expenses associated with the target-date funds, there is exposure to the fees and expenses associated with the underlying mutual funds. Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 11

12 Investment options, continued Ticker Vanguard Target-Date Fund Name 1 Birth Date Range VITRX Vanguard Institutional Target Retirement Income Institutional Prior to 1947 VITVX Vanguard Institutional Target Retirement 2015 Institutional VITWX Vanguard Institutional Target Retirement 2020 Institutional VRIVX Vanguard Institutional Target Retirement 2025 Institutional VTTWX Vanguard Institutional Target Retirement 2030 Institutional VITFX Vanguard Institutional Target Retirement 2035 Institutional VIRSX Vanguard Institutional Target Retirement 2040 Institutional VITLX Vanguard Institutional Target Retirement 2045 Institutional VTRLX Vanguard Institutional Target Retirement 2050 Institutional VIVLX Vanguard Institutional Target Retirement 2055 Institutional VILVX Vanguard Institutional Target Retirement 2060 Institutional VSXFX Vanguard Institutional Target Retirement 2065 Institutional 1998 and after Tier 2: Passively managed ( index ) funds are mutual funds that attempt to match the performance and risk characteristics of one of several market indexes (e.g., Standard & Poor s 500 Index). They provide broad diversification within a single type of asset class. Ticker Fund Name Ticker Fund Name QCEQIX CREF Equity Index Account R3 VIIIX Vanguard Institutional Index Institutional Plus TCIEX TILVX TIAA-CREF International Equity Index Institutional TIAA-CREF Large-Cap Value Index Institutional VBIMX VBLLX VMCIX Vanguard Interm-Term Bond Index I Vanguard Long-Term Bond Index I Vanguard Mid-Cap Index I TISBX TIAA-CREF Small-Cap Blend Index Institutional VPKIX VGSNX Vanguard Pacific Stock Index I Vanguard Real Estate Index Fund I VBAIX Vanguard Balanced Index I VBITX Vanguard Short-Term Bond Index I VTMNX VEMIX VESIX VIEIX Vanguard Developed Markets Index Institutional Vanguard Emerging Markets Stock Index I Vanguard European Stock Index I Vanguard Extended Market Index I VFTSX Vanguard FTSE Social Index Investor 2 VIGIX Vanguard Growth Index I VSGIX VSCIX VSIIX VBTIX VTSNX VSMPX Vanguard Small-Cap Growth Index I Vanguard Small-Cap Index I Vanguard Small-Cap Value Index I Vanguard Total Bond Market Index I Vanguard Total Intl Stock Index I Vanguard Total Stock Market Index Institutional Plus VHCIX Vanguard Health Care Index Admiral VIVIX Vanguard Value Index I 1 NYU s default investment option for the retirement program based on your current age and assuming a retirement age of This fund is not available for future contributions or transfers in of existing balances. 12 NYU retirement program

13 Tier 3: Actively managed funds have portfolio managers who use financial analysis, economic and market forecasts, and other resources to make decisions on which individual securities to buy, hold, and sell within each portfolio. Ticker Fund Name Ticker Fund Name QCBMIX CREF Bond Market Account R3 VWILX Vanguard International Growth Admiral QCGLIX CREF Global Equities Account R3 VTRIX Vanguard International Value Investor QCGRIX CREF Growth Account R3 VSCGX Vanguard LifeStrategy Cnsrv Gr Investor QCILIX CREF Inflation-Linked Bond Account R3 VASGX Vanguard LifeStrategy Growth Investor QCMMIX CREF Money Market Account R3 VASIX Vanguard LifeStrategy Income Investor QCSCIX CREF Social Choice Account R3 VSMGX Vanguard LifeStrategy Moderate Gr Investor QCSTIX QREARX TRPWX TIMVX VHCAX VDIGX VGENX VEIRX VEXRX VMFXX VHGEX VFIJX VGIAX VWEAX VIPIX VFIDX CREF Stock Account R3 TIAA Real Estate Account TIAA-CREF Mid-Cap Growth Institutional TIAA-CREF Mid-Cap Value Institutional Vanguard Capital Opportunity Admiral Vanguard Dividend Growth Investor Vanguard Energy Investor Vanguard Equity-Income Admiral Vanguard Explorer Admiral Vanguard Federal Money Market Investor Vanguard Global Equity Investor Vanguard GNMA Admiral Vanguard Growth & Income Admiral Vanguard High-Yield Corporate Admiral Vanguard Inflation-Protected Securities I Vanguard Interm-Term Investment-Grade Admiral VWETX VUSUX VMGRX VMRAX VPMAX VPCCX VASVX VSGDX VFSIX VFIRX VGSTX VWUAX VUVLX VWIAX VWENX VWNEX Vanguard Long-Term Investment-Grade Admiral Vanguard Long-Term Treasury Admiral Vanguard Mid-Cap Growth Investor Vanguard Morgan Growth Admiral Vanguard PRIMECAP Admiral Vanguard PRIMECAP Core Investor Vanguard Selected Value Investor Vanguard Short-Term Federal Admiral Vanguard Short-Term Investment-Grade I Vanguard Short-Term Treasury Admiral Vanguard STAR Investor Vanguard U.S. Growth Admiral Vanguard U.S. Value Investor Vanguard Wellesley Income Admiral Vanguard Wellington Admiral Vanguard Windsor Admiral VFIUX Vanguard Interm-Term Treasury Admiral VWNAX Vanguard Windsor II Admiral VINEX Vanguard International Explorer Investor VSEQX Vanguard Strategic Equity Investor Tier 4: Guaranteed option(s) help protect your principal, maintain a minimum guaranteed rate of return, and provide flexible income options, including the option for lifetime income. Ticker Annuity Name N/A TIAA Traditional Fixed Annuity 1 1 Any guarantees under annuities issued by Teachers Insurance and Annuity Association of America (TIAA) are subject to its claims-paying ability. TIAA Traditional is a guaranteed insurance contract and not an investment for federal securities law purposes. Annuity account options are available through contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance. Annuities do not provide any additional tax-deferral advantage over other types of investments within a qualified plan. Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 13

14 Investment transfer strategy for Vanguard plan participants All Vanguard funds will automatically transfer to TIAA s recordkeeping platform. Your current investment strategy and investment elections will not change. A Welcome Kit will be sent to you with information on how to access your TIAA account. Once the transfer is complete, you will receive a confirmation by mail from TIAA. While you are not required to take any action, you should regularly review your account information and consider whether or not you want to make any investment or beneficiary changes. How your Vanguard account will transfer to TIAA The transfer of Vanguard shares will take place automatically on May 8, The transfer will take place as follows: Vanguard funds not experiencing a share class change will transfer to the same funds at TIAA (in-kind transfer): These assets will be reregistered at TIAA and your account will remain fully invested during the asset transfer. You will see the exact same dollar amount and number of shares for each fund at TIAA as you had at Vanguard. Vanguard funds that move to a lower-cost share class of the same fund at TIAA: These funds require a two-step transfer process as outlined below. Your account will remain fully invested during the asset transfer. You will see the exact same dollar amount for each fund at TIAA as you had at Vanguard, but the total number of shares will vary. Step 1: Vanguard will follow the fund-to-fund transfer strategy shown on pages 15-16, which identifies the investment options that are available for the higher- to lower-cost share class transfer. Vanguard will value total assets per participant per fund based on the current share class, and then convert to the lower-cost share class, where applicable. This data will be sent to TIAA. Step 2: TIAA will take the dollar value per participant per fund and the assets will then be invested in the lower-cost share class fund in your TIAA account. Your assets will remain fully invested throughout the transfer. You will receive confirmation statement(s) from TIAA following the transfer detailing how your funds transferred. Future contributions Beginning May 7, 2018, your salary deferral and/or employer contributions will be directed to TIAA. If you have assets with Vanguard, but are currently directing all of your salary deferral contributions to TIAA, no change is required. If you are currently directing all of your salary deferral contributions to Vanguard, your Vanguard contribution will be transferred to your TIAA account. Future contributions will be as you directed. No change is required. If you re currently directing contributions to both Vanguard and TIAA, your contributions will be directed to the same investments with TIAA (e.g., if your contributions are currently directed to Fund A at TIAA and Fund B at Vanguard, your contributions will continue to be directed to Funds A and B at TIAA). This way, your contributions will continue as you currently have them directed. 14 NYU retirement program

15 Vanguard investment options Current Fund Name Ticker Current Net Expense Ratio* Replacement Fund Name Ticker Vanguard Balanced Index Fund Investor VBINX 0.19% Vanguard Balanced Index Fund Institutional VBAIX 0.06% Vanguard Capital Opportunity Fund Investor VHCOX 0.45% Vanguard Capital Opportunity Fund Admiral VHCAX 0.38% Vanguard Developed Markets Index Fund Investor VDVIX 0.17% Vanguard Developed Markets Index Fund Institutional VTMNX 0.06% Vanguard Dividend Growth Fund Investor VDIGX 0.30% Vanguard Dividend Growth Fund Investor No Change 0.30% Vanguard Emerging Markets Stock Index Fund Investor VEIEX 0.32% Vanguard Emerging Markets Stock Index Fund Institutional New Net Expense Ratio* VEMIX 0.11% Vanguard Energy Fund Investor VGENX 0.41% Vanguard Energy Fund Investor No Change 0.41% Vanguard Equity-Income Fund Investor VEIPX 0.26% Vanguard Equity-Income Fund Admiral VEIRX 0.17% Vanguard European Stock Index Fund Investor VEURX 0.26% Vanguard European Stock Index Fund Institutional VESIX 0.08% Vanguard Explorer Fund Investor Class VEXPX 0.46% Vanguard Explorer Fund Admiral VEXRX 0.34% Vanguard Extended Market Index Fund Investor VEXMX 0.21% Vanguard Extended Market Index Fund Institutional VIEIX 0.06% Vanguard Federal Money Market Fund Investor VMFXX 0.11% Vanguard Federal Money Market Fund Investor No Change 0.11% Vanguard FTSE Social Index Fund Investor 1 VFTSX 0.22% Vanguard FTSE Social Index Fund Investor No Change 0.22% Vanguard Global Equity Fund Investor VHGEX 0.51% Vanguard Global Equity Fund Investor No Change 0.51% Vanguard GNMA Fund Investor VFIIX 0.21% Vanguard GNMA Fund Admiral VFIJX 0.11% Vanguard Growth and Income Fund Investor VQNPX 0.34% Vanguard Growth and Income Fund Admiral VGIAX 0.23% Vanguard Growth Index Fund Investor VIGRX 0.18% Vanguard Growth Index Fund Institutional VIGIX 0.05% Vanguard Health Care Fund Investor VGHCX 0.37% Vanguard Health Care Index Fund Admiral VHCIX 0.10% Vanguard High-Yield Corporate Fund Investor VWEHX 0.23% Vanguard High-Yield Corporate Fund Admiral VWEAX 0.13% Vanguard Inflation-Protected Securities Fund VIPSX 0.20% Vanguard Inflation-Protected Securities Fund Institutional VIPIX 0.07% Investor Vanguard Institutional Index Fund Institutional VINIX 0.035% Vanguard Institutional Index Fund Institutional Plus VIIIX 0.02% Vanguard Intermediate-Term Bond Index Fund Investor Vanguard Intermediate-Term Investment-Grade Fund Investor Vanguard Intermediate-Term Treasury Fund Investor Vanguard International Explorer Fund Investor VBIIX 0.15% Vanguard Intermediate-Term Bond Index Fund Institutional VBIMX 0.05% VFICX 0.20% Vanguard Intermediate-Term Investment-Grade Fund VFIDX 0.10% Admiral VFITX 0.20% Vanguard Intermediate-Term Treasury Fund Admiral VFIUX 0.10% VINEX 0.41% Vanguard International Explorer Fund Investor No Change 0.41% Vanguard International Growth Fund Investor VWIGX 0.46% Vanguard International Growth Fund Admiral VWILX 0.33% Vanguard International Value Fund Investor VTRIX 0.43% Vanguard International Value Fund Investor No Change 0.43% Vanguard LifeStrategy Conservative Growth Fund VSCGX 0.13% Vanguard LifeStrategy Conservative Growth Fund Investor No Change 0.13% Investor Vanguard LifeStrategy Growth Fund Investor VASGX 0.15% Vanguard LifeStrategy Growth Fund Investor No Change 0.15% Vanguard LifeStrategy Income Fund Investor VASIX 0.12% Vanguard LifeStrategy Income Fund Investor No Change 0.12% Vanguard LifeStrategy Moderate Growth Fund Investor Vanguard Long-Term Bond Index Fund Investor Vanguard Long-Term Investment-Grade Fund Investor VSMGX 0.14% Vanguard LifeStrategy Moderate Growth Fund Investor No Change 0.14% VBLTX 0.15% Vanguard Long-Term Bond Index Fund Institutional VBLLX 0.05% VWESX 0.22% Vanguard Long-Term Investment-Grade Fund Admiral VWETX 0.11% Vanguard Long-Term Treasury Fund Investor VUSTX 0.20% Vanguard Long-Term Treasury Fund Admiral VUSUX 0.10% Vanguard Mid-Cap Growth Fund Investor VMGRX 0.36% Vanguard Mid-Cap Growth Fund Investor No Change 0.36% Vanguard Mid-Cap Index Fund Investor VIMSX 0.18% Vanguard Mid-Cap Index Fund Institutional VMCIX 0.05% Vanguard Morgan Growth Fund Investor VMRGX 0.38% Vanguard Morgan Growth Fund Admiral VMRAX 0.28% Vanguard Pacific Stock Index Fund Investor VPACX 0.26% Vanguard Pacific Stock Index Fund Institutional VPKIX 0.08% 1 This fund is not available for future contributions or transfers in of existing balances. Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 15

16 Vanguard investment options, continued Current Fund Name Ticker Current Net Expense Ratio* Replacement Fund Name Ticker Vanguard PRIMECAP Core Fund Investor VPCCX 0.46% Vanguard PRIMECAP Core Fund Investor No Change 0.46% Vanguard PRIMECAP Fund Investor VPMCX 0.39% Vanguard PRIMECAP Fund Admiral VPMAX 0.33% Vanguard Real Estate Index Fund Investor VGSIX 0.26% Vanguard Real Estate Index Fund Institutional VGSNX 0.10% Vanguard Selected Value Fund Investor VASVX 0.35% Vanguard Selected Value Fund Investor No Change 0.35% Vanguard Short-Term Bond Index Fund Investor VBISX 0.15% Vanguard Short-Term Bond Index Fund Institutional VBITX 0.05% Vanguard Short-Term Federal Fund Investor VSGBX 0.20% Vanguard Short-Term Federal Fund Admiral VSGDX 0.10% Vanguard Short-Term Investment-Grade Fund VFSTX 0.20% Vanguard Short-Term Investment-Grade Fund Institutional VFSIX 0.07% Investor Vanguard Short-Term Treasury Fund Investor VFISX 0.20% Vanguard Short-Term Treasury Fund Admiral VFIRX 0.10% Vanguard Small-Cap Growth Index Fund Investor VISGX 0.19% Vanguard Small-Cap Growth Index Fund Institutional New Net Expense Ratio* VSGIX 0.06% Vanguard Small-Cap Index Fund Investor NAESX 0.18% Vanguard Small-Cap Index Fund Institutional VSCIX 0.05% Vanguard Small-Cap Value Index Fund Investor VISVX 0.19% Vanguard Small-Cap Value Index Fund Institutional VSIIX 0.06% Vanguard Star Fund Investor VGSTX 0.32% Vanguard Star Fund Investor No Change 0.32% Vanguard Strategic Equity Fund Investor VSEQX 0.18% Vanguard Strategic Equity Fund Investor No Change 0.18% Vanguard Target Retirement 2015 Fund Investor VTXVX 0.14% Vanguard Target Retirement 2015 Fund Institutional VITVX 0.09% Vanguard Target Retirement 2020 Fund Investor VTWNX 0.14% Vanguard Target Retirement 2020 Fund Institutional VITWX 0.09% Vanguard Target Retirement 2025 Fund Investor Vanguard Target Retirement 2030 Fund Investor Vanguard Target Retirement 2035 Fund Investor Vanguard Target Retirement 2040 Fund Investor Vanguard Target Retirement 2045 Fund Investor Vanguard Target Retirement 2050 Fund Investor Vanguard Target Retirement 2055 Fund Investor Vanguard Target Retirement 2060 Fund Investor Vanguard Target Retirement 2065 Fund Investor Vanguard Target Retirement Income Fund Investor Vanguard Total Bond Market Index Fund Investor Vanguard Total International Stock Index Fund Investor Vanguard Total Stock Market Index Fund Institutional VTTVX 0.14% Vanguard Target Retirement 2025 Fund Institutional VTHRX 0.15% Vanguard Target Retirement 2030 Fund Institutional VTTHX 0.15% Vanguard Target Retirement 2035 Fund Institutional VFORX 0.16% Vanguard Target Retirement 2040 Fund Institutional VTIVX 0.16% Vanguard Target Retirement 2045 Fund Institutional VFIFX 0.16% Vanguard Target Retirement 2050 Fund Institutional VFFVX 0.16% Vanguard Target Retirement 2055 Fund Institutional VTTSX 0.16% Vanguard Target Retirement 2060 Fund Institutional VLXVX 0.16% Vanguard Target Retirement 2065 Fund Institutional VTINX 0.13% Vanguard Target Retirement Income Fund Institutional VBMFX 0.15% Vanguard Total Bond Market Index Fund Institutional VGTSX 0.18% Vanguard Total International Stock Index Fund Institutional VITSX 0.035% Vanguard Total Stock Market Index Fund Institutional Plus VRIVX 0.09% VTTWX 0.09% VITFX 0.09% VIRSX 0.09% VITLX 0.09% VTRLX 0.09% VIVLX 0.09% VILVX 0.09% VSXFX 0.09% VITRX 0.09% VBTIX 0.04% VTSNX 0.09% VSMPX 0.02% Vanguard U.S. Growth Portfolio Fund Investor VWUSX 0.46% Vanguard U.S. Growth Fund Admiral VWUAX 0.32% Vanguard U.S. Value Fund Investor VUVLX 0.23% Vanguard U.S. Value Fund Investor No Change 0.23% Vanguard Value Index Fund Investor VIVAX 0.18% Vanguard Value Index Fund Institutional VIVIX 0.05% Vanguard Wellesley Income Fund Investor VWINX 0.22% Vanguard Wellesley Income Fund Admiral VWIAX 0.15% Vanguard Wellington Fund Investor VWELX 0.25% Vanguard Wellington Fund Admiral VWENX 0.16% Vanguard Windsor Fund Investor VWNDX 0.30% Vanguard Windsor Fund Admiral VWNEX 0.20% Vanguard Windsor II Fund Investor VWNFX 0.33% Vanguard Windsor II Fund Admiral VWNAX 0.25% *Net Expense Ratio: The percentage of fund assets paid for operating expenses and management fees. Most recent available as of December 31, For the most recent prospectuses, please visit TIAA.org/nyu for more detailed information. 16 NYU retirement program

17 Frequently asked questions 1. How did NYU make this decision? In collaboration and consultation with the Tenured/Tenure Track Faculty Senators Council, Full-Time Continuing Contract Faculty Senators Council, Administrative Management Council, and NYU leadership, we engaged an independent consultant to conduct a comprehensive review of NYU s retirement plans and service providers. Using the findings and recommendations from these analyses, NYU made the decision to select TIAA as the single retirement program recordkeeper. 2. Why did NYU select TIAA as the single retirement program recordkeeper? TIAA was selected in order to improve and simplify the participant experience, while offering an effective mix of investments that includes mutual funds and annuity options. TIAA will provide improved technology and administrative services to NYU participants, which will allow you to view your account balances, make investment elections, and update your beneficiary designations all in one place. 3. Will I continue to have access to all current TIAA and Vanguard investment options? Yes. Although TIAA will serve as the single retirement program recordkeeper, you will continue to have access to all current TIAA and Vanguard investment options. 4. Will I continue to receive all the same NYU benefits? Yes. NYU will continue to provide participants with all the current NYU benefits in the plans. 5. Will I still be able get help with my retirement investments? Yes. You will have access to enhanced customer service through the NYU Retirement Plans Helpline at TIAA and expanded on-site availability of TIAA financial consultants. TIAA representatives will be equipped to answer questions about all NYU retirement investments, including Vanguard funds. Investment advice from TIAA will continue to be available online, by phone, or through a one-on-one counseling session. To schedule a consultation, visit TIAA.org/schedulenow for dates and times, or call 844-NYU-TIAA ( ),* weekdays, 8 a.m. to 10 p.m., and Saturdays, 9 a.m. to 6 p.m. (ET). *Please note: As of May 7, 2018, Vanguard will no longer provide investment advisors as part of the NYU retirement program. 6. How will the new auto-enroll feature affect me? Eligible faculty and employees hired on or after May 1, 2018, will be automatically enrolled into the NYU Retirement Plan at a salary deferral contribution rate of 5 percent of eligible compensation, with the option to opt out or change their election percentage. Existing participants are not impacted by this change. 7. How will I access my NYU retirement account(s) and update my salary deferral elections? Through a card on NYUHome, you can access your NYU retirement accounts on the TIAA website for salary deferral elections, investment funds (including Vanguard funds), quarterly statements, and beneficiary designations in one convenient place. See page 10 for details. 8. Will this change affect my loan payments? There will be no interruption to the payments or payment schedule for outstanding plan loans. Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 17

18 Frequently asked questions, continued 9. Will this change affect my distributions from TIAA and/or Vanguard? If you currently receive income or distribution payments from TIAA or Vanguard, there will be no interruption to your payments or payment schedule. Some Vanguard participants will need to re-establish banking information with TIAA in order to continue to receive direct deposit of funds. If this or any other action is required on your part, you will receive a separate communication from TIAA. 10. Do I need to change my beneficiaries when my Vanguard account is directed to TIAA? There will be no change in your beneficiary designation unless you currently have different beneficiaries for your TIAA and Vanguard accounts. In general, the beneficiary designation at TIAA is the default beneficiary designation. However, if your beneficiary is a trust, you will need to take action and identify your beneficiary after your new TIAA account is issued. 11. Can I access my account history at Vanguard when my NYU accounts are migrated to TIAA? Yes, consistent with Vanguard s current practice, NYU plan participants will have access to their quarterly statements and other history for two years, from May 2018 through April Do any of these NYU retirement program changes affect my eligibility for the NYU Staff Pension Plan? No, these NYU retirement program changes do not affect your eligibility for the NYU Staff Pension Plan. 13. Who can I call if I have questions about the changes? You may contact the NYU Retirement Plans Helpline at TIAA administered by TIAA at 844-NYU-TIAA ( ). Representatives are available weekdays, 8 a.m. to 10 p.m., and Saturdays, 9 a.m. to 6 p.m. (ET). They can also help you schedule an appointment with a local TIAA financial consultant who is knowledgeable about the NYU retirement program. 18 NYU retirement program

19 We re here to help NYU Retirement Plans Helpline at TIAA For assistance, call TIAA s dedicated phone number for all plans in the NYU retirement program 844-NYU-TIAA ( ) where you can ask questions about the retirement program and all its investments (including Vanguard funds), as well as get help making investment decisions. Call weekdays, 8 a.m. to 10 p.m., and Saturdays, 9 a.m. to 6 p.m. (ET). Retirement program investment advice You have access to personalized advice on all of the available investment options from a TIAA financial consultant at no additional cost to you. The investment advice is designed to help you answer key questions, including: How much will I need to save to meet my retirement income needs? Which combination of investments is right for me? Am I on track to reach my savings goals? ACCESSING TIAA ADVICE SERVICES By phone or in person Schedule a one-on-one consultation to get answers to your financial questions or develop an action plan with clear steps that help you address your retirement goals. If you schedule a consultation, bring your financial account statements (including statements for retirement investments outside of the NYU retirement program) and your most recent Social Security statement, if available. Call 844-NYU-TIAA ( ), weekdays, 8 a.m. to 10 p.m., and Saturdays, 9 a.m. to 6 p.m. (ET), or visit TIAA.org/schedulenow to schedule a consultation. Online Use TIAA s Retirement Advisor tool to create your own action plan in four easy steps. 1 Visit TIAA.org/retirementadvisor and log in to your account. 1 The projections and other information generated by the Retirement Advisor tool are hypothetical in nature, do not reflect actual investment results and do not guarantee future performance. Results may vary with each use and over time. Questions? Call 844-NYU-TIAA or visit TIAA.org/nyu 19

20 About TIAA TIAA is a Fortune 100 organization dedicated to helping clients achieve financial well-being. It was founded a century ago, as the vision of Andrew Carnegie, to make a difference in the lives of teachers. Since then, TIAA has helped millions of individuals at academic, medical, research, governmental, and cultural organizations the people whose work makes the world a better place retire with greater financial security. Today, TIAA is a global asset manager with award-winning performance 1 and $1 trillion in assets under management. 2 The organization s investment model and long-term approach aim to benefit the 5 million people 3 and more than 15,000 institutions served. 4 As TIAA pursues performance that may drive better outcomes for clients, it remains committed to growing, innovating, continually improving, and building on its proud history of diversity and inclusion. 1 The Lipper Large Fund and the Mixed-Assets Large Fund Awards are given to the group with the lowest average decile ranking of three years Consistent Return for eligible funds over the three-year period ended 11/30/12 (36 fund companies), 11/30/13 (48), 11/30/14 (48), 11/30/15 (37) and 11/30/16 (37) with at least five equity, five bond, or three mixed-asset portfolios. For the Mixed-Assets category, TIAA ranked against 39 and 36 fund families for the three-year period ended 11/30/15 and 11/30/16, respectively. Note these awards pertain to mutual funds within the TIAA-CREF group of mutual funds; other funds distributed by Nuveen Securities were not included. From Thomson Reuters Lipper Awards, 2018 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Past performance does not guarantee future results. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. For current performance, rankings and prospectuses, please visit the Research and Performance section on TIAA.org. Nuveen Securities, LLC, Member FINRA and SIPC. Past performance is no guarantee of future results. 2 Based on assets under management across Nuveen Investments affiliates and TIAA investment management teams as of December 31, As of December 31, Institutional clients include both unique institutional clients with retirement plans and those with Keogh plans as of December 31, This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor s personal advisor based on the investor s own objectives and circumstances. Distributions from 403(b) plans before age 59 1 /2, severance from employment, death or disability may be prohibited, limited and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to TIAA.org/nyu for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. TIAA-CREF Individual & Institutional Services, LLC, and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY _ (03/18)