A Guide to Temple s New 401(a) and 403(b) Investment Options

Transcription

1 A Guide to Temple s New 401(a) and 403(b) Investment Options

2 Table of contents A new chapter is about to start 1 Action plan for the transition 2 Your new Temple University investment menu 3 Retirement plan investment advice 6 What s your investment style? 7 Self-directed brokerage account 8 Fidelity transaction fees 10 TIAA brokerage transaction fees 13 TIAA frequently asked brokerage questions 13 On-campus seminars 14 On-campus counseling sessions 15 Q&A 16 We re here to help 18 2 Questions? Call or visit TIAA.org/temple

3 A new chapter is about to start Helping you plan and save for the future is important to us here at Temple University. That s why we re pleased to announce the following changes to the Temple University Retirement Plan. What you need to know New menu of investment options. The newly structured investment menu, carefully selected by Temple University for its employees, will give you the ability to create a diversified retirement portfolio based on your investment style and goals. Lower fees. Temple University has negotiated lower fees and selected investment options with a lower overall cost. You can receive personalized advice on the plan s investment options from a Fidelity or TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you. Investment advice is available online, by phone or through a one-on-one advising session. New brokerage services option. If you would like to have access to more investment choices, Temple University is adding a brokerage services option. Please note: Temple University will not monitor the performance of the funds in your personal brokerage account. Investment advice will not be offered on the brokerage balances by either provider. Retirement plan updates start August 1, 2017 Key dates Beginning week of June 26 August 1 Beginning August Event On-site seminars begin Retirement plan changes take effect Personal investment advice regarding the new investment options will be available online, by phone or in person with a TIAA or Fidelity representative No longer employed by Temple University? You are receiving this guide because you have investments in one or more of the Temple University retirement plans. Even though you are not actively contributing, you should review this information carefully to learn how your account could be affected. 1

4 Action plan for the transition All plan participants will have access to the new investment menu starting August 1, Starting on August 1, 2017, you can: Update your investment allocations for future contributions to funds on the new investment menu. Review your beneficiary designations and update if needed. For details on how the balances and future contributions will transfer, refer to the TIAA and Fidelity transfer charts (inserts). Have questions? Attend a seminar to get a guided tour of the plan changes (page 15). Use the online Retirement Advisor tool. It provides investment advice based on your goals and risk tolerance. You can access this tool after logging in to your new account, under the WHAT WE OFFER tab, then under Insights, select Retirement Advisor. Schedule an individual session with a financial consultant to get personalized retirement plan advice (page 6). 2

5 Your new Temple University investment menu These new choices offer more flexibility to create a diversified retirement portfolio. INVESTMENT PROVIDER ALLOCATION TIER TICKER SYMBOL Fidelity TIAA Fidelity Freedom K Income Fund Fidelity Freedom K 2005 Fund Fidelity Freedom K 2010 Fund Fidelity Freedom K 2015 Fund Fidelity Freedom K 2020 Fund Fidelity Freedom K 2025 Fund Fidelity Freedom K 2030 Fund Fidelity Freedom K 2035 Fund Fidelity Freedom K 2040 Fund Fidelity Freedom K 2045 Fund Fidelity Freedom K 2050 Fund Fidelity Freedom K 2055 Fund Fidelity Freedom K 2060 Fund CREF Social Choice R3 Variable Annuity Account TIAA-CREF Lifecycle 2010 Institutional Fund TIAA-CREF Lifecycle 2015 Institutional Fund TIAA-CREF Lifecycle 2020 Institutional Fund TIAA-CREF Lifecycle 2025 Institutional Fund TIAA-CREF Lifecycle 2030 Institutional Fund TIAA-CREF Lifecycle 2035 Institutional Fund TIAA-CREF Lifecycle 2040 Institutional Fund TIAA-CREF Lifecycle 2045 Institutional Fund TIAA-CREF Lifecycle 2050 Institutional Fund TIAA-CREF Lifecycle 2055 Institutional Fund TIAA-CREF Lifecycle 2060 Institutional Fund TIAA-CREF Lifecycle Retire Inc Institutional Fund FFKAX FFKVX FFKCX FKVFX FFKDX FKTWX FFKEX FKTHX FFKFX FFKGX FFKHX FDENX FDKNX QCSCIX TCTIX TCNIX TCWIX TCYIX TCRIX TCIIX TCOIX TTFIX TFTIX TTRIX TLXNX TLRIX INVESTMENT PROVIDER PASSIVE TIER TICKER SYMBOL Fidelity US Bond Index Premium Fund FSITX Fidelity Fidelity 500 Index Instl Fund FXSIX Fidelity Extended Market Index Premium Fund FSEVX Fidelity Global Ex US Index Premium Fund FSGDX Vanguard Extended Market Idx I Fund VIEIX TIAA Vanguard Institutional Index I Fund VINIX Vanguard Total Bond Market Index I Fund VBTIX Vanguard Total Intl Stock Index I Fund VTSNX 3

6 INVESTMENT PROVIDER ACTIVE TIER TICKER SYMBOL TIAA Fidelity American Funds Europacific Growth R5 Fund BlackRock Total Return Instl Fund CREF Money Market R3 Variable Annuity Account* CREF Stock R3 Variable Annuity Account DFA Emerging Markets Core Equity I Fund Eagle Small Cap Growth R5 Fund Goldman Sachs Small Cap Value Instl Fund Harbor Capital Appreciation Instl Fund JP Morgan Mid Cap Value R5 MassMutual Select Mid Cap Gr Eq II R5 Fund MFS Value R4 Fund TIAA Real Estate Account Variable Annuity Account TIAA Traditional Guaranteed Annuity TIAA-CREF Inflation Link Bd Institutional Fund Vanguard Federal Money Market Inv Fund American Funds Europacific Growth R5 Fund BlackRock Total Return Instl Fund DFA Emerging Markets Core Equity I Fund Eagle Small Cap Growth R5 Fund Fidelity Contrafund K Fund Fidelity Inflation-Protected Bond Goldman Sachs Small Cap Value Instl Fund JPMorgan Mid Cap Value R5 Fund Lincoln Stable Value MassMutual Select Mid Cap Gr Eq II R5 Fund MFS Value R4 Fund Parnassus Core Equity Institutional Fund Principal Real Estate Securities Inst Fund Vanguard Federal Money Market Inv Fund RERFX MAHQX QCMMIX QCSTIX DFCEX HSRSX GSSIX HACAX JMVRX MGRFX MEIJX QREARX N/A TIILX VMFXX RERFX MAHQX DFCEX HSRSX FCNKX FINPX GSSIX JMVRX N/A MGRFX MEIJX PRILX PIREX VMFXX INVESTMENT PROVIDER BROKERAGE TIER TICKER SYMBOL TIAA Varies Varies Fidelity Varies Varies * Future allocations will be mapped away from this fund on August 1. However it will remain as an option on the investment menu. TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. Interest credited includes a guaranteed rate, plus additional amounts as may be established by the TIAA Board of Trustees. Such additional amounts, when declared, remain in effect for the declaration year which begins each March 1 for accumulating annuities and January 1 for payout annuities. Additional amounts are not guaranteed for periods other than the period for which they were declared. 4

7 To learn more about your new TIAA investment options, go to TIAA.org and enter the ticker symbol in the site s search feature. To learn more about the new Fidelity investment options, go to netbenefits.com/atwork and enter the ticker symbol in the site s search feature. Investment products may be subject to market and other risk factors. See the applicable product literature. Stable value investment options may be subject to equity wash restrictions. Please see the Q&A section for more information. Annuity account options are available through annuity 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. In order to provide the performance, stability, and liquidity attributes of a stable value option, participant transfers from stable value options are subject to an industry standard 90-day equity wash rule. This means participants are prohibited from transferring from TIAA Stable Value directly to competing funds. Competing funds are plan investment options that exhibit a pattern of performance consistent with stability and include money market funds, short-term bond funds, the TIAA Real Estate Account and the TIAA Brokerage Services Account. The TIAA Brokerage Services Account option is considered a competing fund since it offers access to competing funds. Participants wishing to transfer amounts from TIAA Stable Value to competing funds must first transfer to non-competing funds, where the amount originally transferred must remain for 90 days before the participant can then transfer the amount to one or more competing funds. In addition, to minimize the negative effects of frequent trading, transfers into TIAA Stable Value are restricted for 30 days following a transfer out. 5

8 Retirement plan investment advice How you can access investment advice Online You can get quick, convenient answers via the Retirement Advisor online tool. Visit TIAA.org/retirementadvisor and log in to your account or visit Fidelity s netbenefits.com/ atwork to model and plan for your financial goals within the Planning & Guidance Center. By phone or in person You can receive personalized retirement plan investment advice either over the phone or in person. You can schedule your personal advising session by calling TIAA at or Fidelity at , weekdays, 8 a.m. to 8 p.m. (ET) You can also schedule online at TIAA.org/schedulenow or getguidance.fidelity.com. As a participant in the Plan, you have access to personalized retirement plan advice on the plan s investment options from a Fidelity or TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you. An advising session is designed to help you answer key questions including: 1. Am I on track to reach my retirement savings goals? We ll help you analyze how your investments are performing, and determine if you re saving enough to help meet your needs. 2. Which combination of retirement plan investments is right for me? Get assistance choosing the right investments, based on your plan s investment options, diversifying and allocating contributions properly to balance your need for growth potential within your tolerance for risk. 3. How can I meet my income needs in retirement? Get help determining the amount you ll need to meet your retirement income goals. IMPORTANT: The projections or other information generated by the Retirement Advisor tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. 6

9 What s your investment style? Choose your investment path Option 1: Selecting a target-date fund A diversified retirement portfolio in a single fund of funds How do target-date funds work? Each target-date fund is a fund of funds, primarily invested in shares of other mutual funds.* The fund s investments are adjusted from more aggressive to more conservative options over time as the target date approaches. What are some other considerations? As with all mutual funds, the principal value of a target-date fund isn t guaranteed and will fluctuate. The target date indicates when investors may plan to start making withdrawals. However, you are not required to withdraw funds at the target date. After the target date, your money may be merged into a fund with a more stable asset allocation. A TIAA or Fidelity representative can help you decide whether a target-date fund is right for you. Option 2: Building your own portfolio A retirement portfolio of your own design What types of investments are included? The new investment menu offers you a wide range of investment options. These options cover the major asset classes including equities, fixed income, guaranteed, money market, multi-asset and real estate, and give you the flexibility to create a diversified retirement portfolio. What are some other considerations when choosing my own investments? Consider your risk tolerance when selecting investments. If you prefer to work with a financial professional, you may wish to have a financial consultant suggest a portfolio based on the options available in your retirement plan. This retirement plan investment advice is available at no extra cost. Please keep in mind that there are risks associated with investing in securities including possible loss of principal. Your retirement plan is designed to work for both types of investment styles. * 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. 7

10 Self-directed brokerage account Before investing in a brokerage account, consider contacting TIAA and/or Fidelity to learn more You can learn more about a TIAA brokerage account* by dialing , weekdays, 8 a.m. to 7 p.m. (ET). You may learn more about Fidelity s BrokerageLink by dialing Temple University is adding a new self-directed brokerage option to the plan: Temple University is adding a brokerage option for participants who would like mutual fund investment choices beyond the retirement plan s investment menu. This brokerage option gives participants a choice of thousands of mutual funds and many well-known fund families beyond the core investment options. 1 It s important to understand Temple University will not monitor the performance of the funds offered through the brokerage account. TIAA and Fidelity do not offer investment advice for brokerage assets. Plan participants will bear the risk of investing through the brokerage account. Temple University recommends that you exercise caution and consider seeking professional guidance when investing in a brokerage account. 1 The brokerage account option is available to participants who maintain both a legitimate U.S. residential address and a legitimate U.S. mailing address. Certain securities may not be suitable for all investors. Securities are subject to investment risk, including possible loss of the principal amount invested. * By opening a brokerage account, you will be charged a commission only on applicable transactions and other account-related fees in accordance with the TIAA Commission and Fee Schedule. Please visit TIAA.org/public/pdf/forms/SDA_Customer_Account_ Agreement.pdf. Other fees and expenses apply to a continued investment in the funds and are described in the fund s current prospectus. 8

11 Fidelity s Planning & Guidance Center on NetBenefits Fidelity s personalized, online planning experience will help you set goals and better understand your full financial picture: Access the Planning & Guidance Center on NetBenefits from the Planning link on the home page: netbenefits.com/atwork Create a plan for retirement, college or a personal savings goal or get help with your investment strategy By answering just a few questions, you ll be able to: Estimate how much income you may have or need in retirement Receive guidance on next steps to consider to help you get or stay on track Create a retirement plan in minutes Fidelity BrokerageLink provides you with the opportunity to select from thousands of mutual funds beyond those offered directly through your employer s retirement plan (referred to as the standard/core plan options). It enables you to invest in a broad range of funds available through Fidelity and FundsNetwork mutual fund brokerage services, depending on the guidelines set by your employer and noted in your plan s BrokerageLink fact sheet. A BrokerageLink central hub, accessible from NetBenefits, brings together tools and services to help make it easy to open and manage your BrokerageLink account. Find educational information and plan documents, watch videos and complete a number of online transactions, including transfers to and from your BrokerageLink account. Want to get started with Fidelity? NetBenefits is a great place to start. Go to netbenefits.com/atwork Click on the Register link Follow the instructions to set up your username and password Already established your login information with Fidelity? Have you used NetBenefits at a previous employer? Do you have any other personal accounts with Fidelity? If so, you can use the same login information (username and password) from those accounts to access NetBenefits. If you have forgotten your login information, click the Login Help link. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon and risk tolerance. See the fact sheet and commission schedule for applicable fees and risks. To learn more log on to netbenefits.com/atwork and go to the Investments tab, then click on BrokerageLink to access: Online brochure about how Fidelity BrokerageLink works Plan Fact Sheet and Commission schedule Open an account System availability and response times may be subject to market conditions. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. This information is intended to be educational and is not tailored to the investment needs of any specific investor. IMPORTANT: The projections or other information generated by Fidelity s Planning & Guidance Center Retirement Analysis, regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI

12 Fidelity transaction fees The Fidelity BrokerageLink account is highly flexible, and our cost structure is flexible as well. Our use of à la carte pricing for many features helps ensure that you pay only for the features you use. About our commissions and fees The most economical way to place trades is online, through Fidelity.com, Fidelity Active Trader Pro (if eligible) or Fidelity Mobile. The next most economical way is through Fidelity Automated Service Telephone (FAST ). This automated service is available around the clock and can be accessed from a touch-tone phone. Below is the Fee Schedule associated with your BrokerageLink account. The fees described in this document may change from time to time without notice. Before placing a trade, consider Fidelity s most recent Brokerage Commission and Fee Schedule available at Fidelity.com or through a Fidelity representative. Consult your plan s literature to understand your BrokerageLink account options. Mutual Funds Commissions and fees in your BrokerageLink account This section describes only fees associated with your account. Fees charged by a fund itself (for example, expense ratios, redemption fees [if any], exchange fees [if any] and sales charges [for load funds]) are in the fund s prospectus. Read it carefully before you invest. * Fidelity reserves the right to change the funds available without transaction fees and to reinstate the fees on any funds. 10

13 Fidelity Funds All Methods: No transaction fees FundsNetwork Funds Through FundsNetwork, your account provides access to more than 5,000 mutual funds. At the time you purchase shares of a no-load fund, those shares will be assigned either a transaction-fee (TF) or no-transaction-fee (NTF) status. When you subsequently sell those shares, any applicable fees will be assessed based on the status assigned to the shares at the time of purchase. Fidelity Brokerage Services LLC (FBS) or its brokerage affiliate may receive remuneration for providing certain recordkeeping or shareholder services to these fund families. In connection with (i) access to, purchase or redemption of, and/or maintenance of positions in mutual funds and other investment products ( funds ) or (ii) infrastructure needed to support such funds, some funds, or their investment affiliates, pay FBS and/or National Financial Services LLC (NFS) sales loads and 12b-1 fees described in the prospectus as well as additional compensation for shareholder services, infrastructure support and maintenance, and other programs. The following are the different types of FundsNetwork Funds: 1) FundsNetwork NTF Funds All Methods: No transaction fees.* Most NTF funds will have no load. Certain NTF funds will be available with the load waived. Short-Term Trading Fees Fidelity will charge a short-term trading fee each time you sell or exchange shares of FundsNetwork NTF funds held less than 60 days (short-term trade). Fidelity funds, money market funds, funds redeemed through the Personal Withdrawal Service, and shares purchased through dividend reinvestment are not subject to this short-term trading fee. Fidelity reserves the right to exempt other funds from this fee, such as funds designed to achieve their stated objective on a short-term basis. The fee will be based on the following fee schedule: Online: $49.95 flat fee FAST : % of principal (25% off representative-assisted rates); maximum $187.50, minimum $75 Representative-Assisted: 0.75% of principal; maximum $250, minimum $100 Please be aware that certain FundsNetwork funds may be subject to separate and additional redemption fees imposed by the particular fund. Please refer to a fund s current prospectus for details. 2) FundsNetwork TF Funds Purchases: Online: $49.95 or $75 per purchase. To identify any applicable transaction fees associated with the purchase of a given fund, please refer to the Fees and Distributions tab on the individual fund page on Fidelity.com. FAST : % of principal per purchase; maximum $187.50, minimum $75 Representative-Assisted: 0.75% of principal per purchase; maximum $250, minimum $100 Redemptions: Fidelity does not charge a transaction fee on any redemption of shares of a transaction-fee fund that were purchased with no load. A fund s own redemption fee may apply. You can buy shares in a transaction-fee fund from its principal underwriter or distributor without paying a Fidelity transaction fee. 3) FundsNetwork Load Funds All Methods: A fund s sales charges may apply. Fidelity does not charge a transaction fee on a load fund. A fund s own redemption fee may apply. If applicable, you may establish automatic investment of BrokerageLink payroll contributions into a FundsNetwork mutual fund(s) of your choice by contacting a brokerage representative through your plan s toll-free number. Automatic investments of BrokerageLink payroll contributions are subject to fund minimums. Fees and trading policies Commissions will be charged per order. For commission purposes, orders executed over multiple days will be treated as separate orders. Unless noted otherwise, all fees and commissions are debited from your core account. Fee Waiver Eligibility To determine your eligibility for fee waivers, we group the assets and trading activity of all the eligible accounts shown on your periodic account statement. 11

14 Eligible accounts generally include those maintained with Fidelity Service Company, Inc., or FBS [such as 401(k), 403(b), or 457 plan assets] or held in Fidelity Investments Life Insurance Company accounts, Fidelity Portfolio Advisory Service accounts, or Fidelity Personalized Portfolios accounts. Assets maintained by Fidelity Personal Trust Company, FSB, are generally not included. We may include other assets at our discretion. We will review your account periodically to confirm that your household is receiving the best fee waivers it qualifies for, and we may change your fee waiver eligibility at any time based on these reviews. We update fee waiver eligibility across household accounts promptly after a daily review of trading activity, and monthly after a review of household assets. All trading activity is measured on a rolling 12-month basis. If you believe there are eligible accounts within your household that are not being counted in our fee waiver eligibility process for example, accounts held by immediate family members who reside with you you may authorize Fidelity to consolidate these accounts into an aggregated relationship household and review them for eligibility. Any resulting fee waivers would extend both to you and to all immediate family members residing with you. Most customers receive only a single customer reporting statement from Fidelity and do not need to take any action. However, for more information, call your plan s toll-free number or visit Fidelity.com. Limits on feature eligibility Fidelity BrokerageLink accounts cannot sell short, are not eligible for margin loans, and may be subject to other rules and policies. Please see the literature for these accounts for details. Prospectuses Free prospectuses are available for Fidelity funds and FundsNetwork funds. To obtain any of these documents, and for other information on any fund offered through Fidelity, including charges and expenses, call your plan s toll-free number or visit Fidelity.com. 12

15 TIAA brokerage transaction fees Transaction fees are charged in accordance with the TIAA Commission and Fee Schedule shown below. TIAA SELF-DIRECTED BROKERAGE ACCOUNT CUSTOMER ACCOUNT AGREEMENT III. Commission and Fee Schedule Not all fees apply or are pertinent to all employer-sponsored plans. See individual plan for investment option details. Online TIAA.org/brokerage Automated Telephone System (ATS) Client Service Assistance Mutual funds No-transaction-fee (NTF) funds Transaction-fee (TF) funds Minimum initial investment for most funds: $500. For subsequent investments, a minimum may apply. Short-term redemption fee: $50 minimum for shares held less than three months (waived for shares transferred from another brokerage firm or financial institution) Dollar cost averaging transactions, no-fee; minimum transaction $100 Transaction-fee: $35 per trade regardless of order size Minimum initial and additional investments typically based on amount listed in the fund s prospectus Dollar cost averaging transactions, no-fee; minimum transaction $100 Exchanges: $8 per trade regardless of order size For complete information about the brokerage account, read the TIAA Brokerage Account Customer Account Agreement or visit TIAA Brokerage Services forms. Additional fees and expenses apply to a continued investment in the funds and are described in the fund s current prospectus. TIAA frequently asked brokerage questions Q: How can I take a distribution or withdrawal from my brokerage account? A: Distributions or withdrawals do not occur directly from your brokerage account. To receive distributions or withdrawals from the funds in your brokerage account, you first must transfer the amount you wish to withdraw from your brokerage account to the core menu and then request a withdrawal. Q: Are there any fees associated with my brokerage account? A: If you open a brokerage account, you will be charged a commission on all applicable transactions based upon the fees outlined in the customer account agreement or dictated by the terms of the fund. Please see the Fees section after these FAQs for more detailed information. Q: Will I receive confirmations of my trades? A: Yes, a confirmation for every trade is sent to you, according to your preferences. You can always view your transaction history or trade confirmations in the secure portion of TIAA.org/temple or on your monthly brokerage account statements. Q: Are Brokerage Services available to foreign address participants? A: No, TIAA Brokerage Services is available to enrolled plan participants with a permanent U.S. residential and mailing address. 13

16 On-campus seminars Real-time answers to your questions Seminars Consider attending a one-hour seminar presented by a Fidelity or TIAA financial representative to learn more about the changes to the Temple University Retirement Plan at the following dates and times: Investment Provider Date Time Location 07/18 12 to 1 p.m. Podiatary, Board Room 07/19 12 to 1 p.m. Ambler, Learning Center, RM /20 12 to 1 p.m. Health Science Campus, SFC, Executive Conference Room TIAA 07/21 12 to 1 p.m. Main Campus, Mitten Hall, RM /25 2 to 3 p.m. Main Campus, Mitten Hall, RM /26 12 to 1 p.m. Health Science Campus, SFC, Executive Conference Room 07/27 12 to 1 p.m. TASB, RM 8A 07/28 1 to 2 p.m. Main Campus, Mitten Hall, RM 250 Fidelity 06/27 12 to 12:30 p.m. Main Campus, Mitten Hall, RM /29 12 to 12:30 p.m. Health Science Campus,, SFS, Executive Conference Room 06/29 12 to 12:30 p.m. TASB, ROOM 8A 07/27 12 to 12:30 p.m. Ambler, Learning Center, RM /28 12 to 12:30 p.m. Main Campus, Mitten Hall, RM /31 12 to 12:30 p.m. Health Science Campus, SFC, Executive Conference Room 14

17 On-campus counseling sessions Real-time answers to your questions One-on-one advice session You can get personalized advice on the plan s investment options from a TIAA or Fidelity representative. This service is available as part of your retirement plan at no additional cost to you. You may schedule a personalized advising session with a TIAA ( ) or Fidelity representative ( ) at no additional cost. Investment Provider Date Time Location 07/21 9 a.m. to 5 p.m. Main Campus, HGSC, RM /25 9 a.m. to 5 p.m. Main Campus, HGSC, RM 207 TIAA 07/26 9 a.m. to 5 p.m. Health Science Campus, SFC RM B 07/27 9 a.m. to 5 p.m. TASB, 1st Floor Conference Room 07/28 9 a.m. to 5 p.m. Main Campus, HGSC, RM 207 Fidelity 06/27 9:30 to 11:30 a.m. Main Campus, HGSC, RM /29 9:30 to 11:30 a.m. Health Science Campus, SFS, Executive Conference Room 06/29 9:30 to 11:30 a.m. TASB, 1st Floor Conference Room 07/18 8 a.m. to 4:30 p.m. Health Science Campus, SFS, 4th Floor, Room B 07/19 8 a.m. to 4:30 p.m. Main Campus, HGSC, RM /20 8 a.m. to 4:30 p.m. Main Campus, HGSC, RM /27 9:30 to 11:30 a.m. Ambler, Widener, RM /28 9:30 to 11:30 a.m. Main Campus, HGSC, RM /31 9:30 to 11:30 a.m. Health Science Campus, SFS, Executive Conference Room 15

18 Q&A 1. Why is Temple University making changes to the 403(b) retirement plan? Temple University is committed to providing you with competitive retirement benefits and recently conducted a review of the plan. The resulting changes are intended to give you best in class investment options to satisfy the broad range of investing styles and goals. In addition, Temple will regularly evaluate the investment options and associated fees. 2. How can I learn about the new investment options? A list of the new investment options is included in this guide. For additional investment information or individualized advising appointment scheduling, please contact Fidelity or TIAA. 3. What if I would like help making investment choices? You can get personalized advice on the plan s investment options from a TIAA or Fidelity financial consultant. This service is available as part of your retirement program at no additional cost to you. To schedule an advising session, call TIAA at , weekdays, 8 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow. To schedule an advising session with a Fidelity financial consultant, call , weekdays, 8 a.m. to 8 p.m. (ET) or visit getguidance.fmr.com. 4. What should I expect from an advising session? You can expect a thorough review of your account and an action plan for moving forward. Advising sessions last approximately 45 minutes. Bring all your investment account statements, including any retirement investments outside of the university retirement plan and your most recent Social Security statement, if available. A TIAA or Fidelity financial consultant will use this information to understand your current financial situation and develop an action plan. You may bring anyone you like to your session with you. 5. Will I pay any fees to invest in the retirement program? All investment options have expenses and other fees that can be found in the prospectuses at TIAA.org/temple by entering the investment s ticker symbol into the search feature at TIAA.org. Some investment options may also have redemption and other fees. See pages 3 and 4 for more details. 6. How do target-date funds work? Each target-date fund consists of underlying mutual funds that invest in a broad range of asset classes. The allocations and risk level depend on how many years remain until the fund s target date. To help reduce risk as the fund s target date approaches, the fund s mix of stocks, bonds and other types of investments is adjusted to a more conservative mix. 16 Questions? Call or visit TIAA.org/temple 16

19 Q&A continued 7. Does it make sense to consolidate my retirement accounts? Many people find it easier to manage their retirement money by working with only one provider. However, transferring balances can sometimes trigger costs. Before consolidating outside retirement balances, check with Temple s benefits office to see if you can transfer those balances directly to your Temple University retirement account. 8. What is the Equity Wash rule? In order to provide the performance, stability and liquidity attributes of a stable value option, participant transfers from stable value options are subject to an industry standard 90-day Equity Wash rule. The rule prohibits transfers from Lincoln Stable Value directly to Competing Funds. Competing Funds are plan investment options that exhibit a pattern of performance consistent with stability and includes the Money Market Funds, the Short-Term Bond Funds, the TIAA Real Estate Account for TIAA Stable Value ONLY and the TIAA Brokerage Account. The TIAA Brokerage Account option is considered a Competing Fund since it offers access to Competing Funds. Participants wishing to transfer amounts from the Nonproprietary Stable Value option to Competing Funds must first transfer to Noncompeting Funds, where the amount originally transferred must remain for 90 days before the participant can then transfer the amount to one or more Competing Funds. 9. What are annuities? There are different types of annuities but they are typically designed to give you the opportunity to grow your money while you re working and provide you with the option to receive income for life when you retire. In fact, annuities are the only retirement products that can guarantee to pay you (or you and a spouse or partner) income for life. There are two types of annuities: Guaranteed Annuities (also known as Fixed Annuities): Earn a minimum guaranteed interest rate on your contributions, plus the potential for additional amounts of interest. In retirement, guaranteed annuities can offer you income for life that will never fall below a certain guaranteed level and provide income that is guaranteed to last for your lifetime. 1 Variable Annuities: Invest in a variety of asset classes and account values will fluctuate based on the performance of the investments in the accounts. In retirement, variable annuities can offer you income for life that varies based on the performance of the account and that is guaranteed to last for your lifetime. (It is possible to lose money in variable annuities.) For more information on annuities in employer-sponsored retirement plans see: TIAA.org/public/offer/products/ annuities/retirement-plan-annuities 1 Guarantees are based on the claims-paying ability of the issuing company. To learn more about annuities, visit: TIAA.org/public/offer/products/annuities/retirement-plan-annuities 17 Questions? Call or visit TIAA.org/temple 17

20 We re here to help Not sure where to begin? Let us help you take the next step! TASB (083-39) 1852 N. 10th Street Philadelphia, PA In person Phone Online You can schedule a one-on-one advising session with a financial representative by calling: If you have any questions or would like to discuss your investments, you may speak with a financial representative by calling: TIAA at , weekdays, 8 a.m. to 10 p.m. or Saturday, 9 a.m. to 6 p.m. (ET). You may enroll or update your account online by visiting: TIAA.org/temple netbenefits.com/atwork 1 Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss. Distributions from 403(b) plans before age 59½, 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 _ (07/17)