TRANSITION GUIDE FOR UPCOMING RETIREMENT PROGRAM CHANGES

Transcription

1 TRANSITION GUIDE FOR UPCOMING RETIREMENT PROGRAM CHANGES FORDHAM UNIVERSITY OCTOBER, 2015

2 TABLE OF CONTENTS The Path to Achieving Financial Security Retirement Program Updates Introduction What Will Stay the Same? Preparing for Changes Retirement Program Investment Choices TIAA-CREF Changes to TIAA-CREF Investment Choices Retirement Program Investment Choices Fidelity Changes to Fidelity Investment Choices Fordham University Default Investment Funds Fidelity Fordham University Retirement Program Q & A Retirement Program Contacts A Special Note for Former Employees, Alternate Payees, and Retirement Program Beneficiaries: If you are a former employee, alternate payee, or beneficiary with an account balance in the Retirement Program, you will be affected by the upcoming transition, so please read this material carefully. 2

3 THE PATH TO ACHIEVING FINANCIAL SECURITY Since 2012, the University has worked with Cammack Retirement Group, an independent advisor, to review our current investment options in order to help improve your available choices while reducing overall investment expenses. After extensive research, the University is pleased to announce updates to the Fordham University Retirement Plan and the Fordham University Tax-Deferred Annuity (TDA) Plan (hereinafter referred to as the Retirement Program"). Having new opportunities to plan and invest will make it easier for you to reach your retirement goals. At the same time, TIAA-CREF and Fidelity will provide expanded retirement education and consultation meetings on all campuses to help guide you and answer any questions. With the assistance of Cammack Retirement Group, Fordham University will continue to monitor the performance and fees of the selected investment options to provide you with the best opportunities to achieve financial security. In this Retirement Program Guide packet, you will find information on the Retirement Program updates, key dates, a schedule of upcoming information sessions and specific action steps. Please review the information carefully and take full advantage of the services offered through the Fordham University Retirement Program. 3

4 RETIREMENT PROGRAM UPDATES ARE ON THE WAY Starting December 11, 2015, important updates are coming to the Fordham University Retirement program. What to expect: There will be a new investment line-up customized for the Fordham University Retirement Program. The diverse array of investment choices will give you flexibility to create a retirement portfolio tailored to your preferences and goals. The lineup includes lifecycle funds as part of a streamlined array of 22 investment options offered by TIAA-CREF and 18 investment funds offered by Fidelity within many investment categories. Most investment options will be offered by both TIAA-CREF and Fidelity. See the new lineup under Retirement Program Investment Choices on pages 8-9 for TIAA- CREF, and on pages for Fidelity. Investment options will be monitored on an ongoing basis by the Fordham University Retirement Investment Committee with assistance from independent consulting firm Cammack Retirement Group. Updated customized web sites at TIAA-CREF and Fidelity. Personalized retirement plan advice from representatives at TIAA-CREF (see page 5 for contact information). One-on-one retirement plan guidance from Fidelity Workplace Planning and Guidance Consultants (see page 5 for contact information). 4

5 WHAT IS STAYING THE SAME Current contribution rates, eligibility requirements, and vesting will remain unchanged. In addition, the Retirement Program will retain some of the current investment options from TIAA-CREF and Fidelity, such as the TIAA Traditional Annuity and the Fidelity Freedom K Funds. PREPARING FOR THE UPDATES AHEAD The Retirement Program updates are designed to provide you with additional opportunities to conveniently save and invest as you plan for your retirement. Key date October 26-30; November Beginning December 11 Post December 11 Post December 11 Retirement Program updates and action steps for you to consider: Attend an on-site seminar. Set up a one-on-one consultation. Event On-site seminars and one-on-one meetings offered at Fordham University campus locations Retirement Program investment changes take effect and are live online Confirmation notices sent to participants whose investment choices transfer automatically due to Retirement Program investment changes One-on-one consultations are available from TIAA-CREF and Fidelity Representatives Date Campus Location Session 1 Session 2 October 26, 2015 Lincoln Center Lowenstein 3 rd Floor Lounge 9AM 11AM 1PM 3PM October 27, 2015 Rose Hill Walsh Library Flom Auditorium 9AM 11AM 1PM 3PM October 28, 2015 Westchester Room 203 1PM 3PM October 29, 2015 Lincoln Center Lowenstein 3 rd Floor Lounge 12Noon-2PM October 30, 2015 Rose Hill Walsh Library Flom Auditorium 12Noon-2PM November 10, 2015 Lincoln Center Lowenstein 3 rd Floor Lounge 9AM 11AM 1PM 3PM November 11, 2015 Rose Hill Walsh Library Flom Auditorium 9AM 11AM 1PM 3PM November 12, 2015 Westchester Room 203 1PM 2PM TIAA-CREF or Fidelity Representatives are available to personally assist you with Retirement Program planning and fund selection at no additional cost to you. If you want to review your Retirement Program portfolio once investment changes are made on December 11 or discuss retirement planning strategies, simply schedule an appointment. Sessions are available either in person or by phone. To schedule a consultation: TIAA-CREF (800) Consultants are available Monday through Friday, 8 a.m. 10 p.m. (EDT) and Saturday, 9 a.m. 6 p.m. (EDT). Or visit FIDELITY - (800) Consultants are available Monday through Friday 8:00 a.m. Midnight. (EDT). Or visit 5

6 KEEP AN EYE ON EXPENSES While choosing investment options that match your goals and risk tolerance is a top priority, low expenses are also important because they can help put more money to work for your retirement savings goals. $50K $10,000 invested over 30 years earning 6% $49, % Particpants Savings Totals $40K $20K $10K $0K $31, % $10,000 $36, % $10,000 $10,000 Higher fees (John) Moderate fees (Sally) Lower fees (Don) This chart assumes expenses are withdrawn from the account at year end, based on year-end assets. It is purely hypothetical and is presented for illustrative purposes only and does not reflect actual performance, deduction of taxes or predict future results of any investment account. Before committing money to an account, be sure to check its expenses. Refer to fund prospectuses for current expenses. For example, consider the chart above. Three people invest $10,000 over 30 years and earn a hypothetical 6% annualized return. Each of these examples shows the impact of higher fees, over time, on an account balance. Don s account is the richest because his annual return was higher after the impact of his expenses on investment returns. Lower expenses will allow more of your account balance to be used for your retirement income objectives. These examples show the impact of different expense fees on the same investment amount and the same annualized return. The chart shows the effect of different expenses paid by John, Sally and Don and that the differences can be significant for long-term returns. So, when choosing investments, take expenses into account lower expenses can go a long way toward helping you reach your savings goals. 6

7 MAKE AN ACTION PLAN 1. Learn about the new investment lineup, designed to offer you both choice and simplicity. 2. See how the current investment lineup will transition to the new investment lineup. 3. Please refer to the schedule on page 5 for on-site meetings and contact information if you also need a one-on-one consultation. 7

8 RETIREMENT PROGRAM INVESTMENT CHOICES TIAA-CREF Effective December 11 You can choose from the following investment options: Additional information on each option, including current performance, is available online at Once you log on, select Plans and Investments. Lifecycle Funds: One-step investing Category Fund Share Morningstar Class Category Ratio % 1 Multi-Asset TIAA-CREF Lifecycle 2010 Institutional TCTIX Target Date % TIAA-CREF Lifecycle 2015 Institutional TCNIX Target Date % TIAA-CREF Lifecycle 2020 Institutional TCWIX Target Date % TIAA-CREF Lifecycle 2025 Institutional TCYIX Target Date % TIAA-CREF Lifecycle 2030 Institutional TCRIX Target Date % TIAA-CREF Lifecycle 2035 Institutional TCIIX Target Date % TIAA-CREF Lifecycle 2040 Institutional TCOIX Target Date % TIAA-CREF Lifecycle 2045 Institutional TTFIX Target Date % TIAA-CREF Lifecycle 2050 Institutional TFTIX Target Date % TIAA-CREF Lifecycle 2055 Institutional TTRIX Target Date % TIAA-CREF Lifecycle 2060 Institutional TLXNX Target Date % TIAA-CREF Lifecycle Retirement Income Streamlined Array: "Hands On investing Institutional TLRIX Retirement Income 0.55% Category Fund Share Morningstar Guaranteed TIAA Traditional 2 Money Market CREF Money Market Account Class Category Ratio % 1 GIA Annuity Variable Annuity Money Market-Taxable 0.40% Fixed Income JP Morgan Total Return Fund Select JMTSX Intermediate-Term Bond 0.88% BlackRock Inflation Protected Bond Fund BlackRock BPLBX Inflation Protected Bond 0.51% Vanguard Long-Term Bond Index Fund Admiral VLGSX Long Government Bond 0.12% Lord Abbett High Yield Fund A LHYAX High-Yield Bond 0.94% BlackRock Strategic Income Opps. Portfolio Institutional BSIIX Multi-Sector Bond 0.80% Templeton Global Bond Fund Adv. TGBAX World Bond 0.66% 8

9 RETIREMENT PROGRAM INVESTMENT CHOICES TIAA-CREF Streamlined Array: Hands On investing, continued Category Fund Share Morningstar Class Category Ratio % 1 Equities Mutual Funds Vanguard Equity-Income Fund Admiral VEIRX Large Value 0.20% TIAA-CREF S&P 500 Index Institutional TISPX Large Blend 0.06% Victory Integrity Small-Cap Value Fund Y VSVIX Small Value 1.23% Vanguard Small Cap Index Admiral VSMAX Small Blend 0.09% Goldman Sachs Small Cap Growth Insights Institutional GSIOX Small Growth 1.48% American Funds New Perspective R5 RNPFX World Stock 0.49% TIAA-CREF International Equity Index Institutional TCIEX Foreign Large Blend 0.06% American Funds New World R5 RNWFX Diversified Emerging 0.69% Vanguard REIT Index Admiral VGSLX Real Estate 0.12% Annuities* CREF Stock Account R2 CREF Growth R2 CREF Social Choice Account R2 Real Estate TIAA Real Estate Account Variable Annuity Variable Annuity Variable Annuity Variable Annuity Large Blend % Large Growth % Moderate Allocation % Miscellaneous Sector % 1 ratios are gross expenses as of June 30, 2015, For the most recent prospectuses, please call the fund family or visit their website for any waivers and reimbursements that may be available. 2 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. 3 The Account s total annual expense deduction appears in the Account s prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details. * 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. 9

10 RETIREMENT PROGRAM INVESTMENTS TIAA-CREF: WHAT STAYS THE SAME? WHAT CHANGES? The following charts show which investments will remain the same and which will change on December 11. Some changes will occur automatically as noted. Review the information to determine any actions you may want to take before, on or after December 11 th. NO CHANGES will be made to the following investment options on December 11 TIAA Traditional* CREF Money Market Account** CREF Stock Account** CREF Growth Account** CREF Social Choice Account** TIAA Real Estate Account** The following investment options will be ADDED to the lineup and will be available for transfers and/or future contributions on December 11 American Funds New Perspective Fund American Funds New World Fund BlackRock Inflation Protected Bond Fund BlackRock Strategic Income Opportunities Portfolio Goldman Sachs Small Cap Growth Insights Fund JP Morgan Total Return Fund Lord Abbett High Yield Fund Templeton Global Bond Fund Vanguard Equity Income Fund Vanguard Long-Term Government Bond Index Fund Vanguard Small Cap Index Fund Vanguard REIT Index Fund Victory Integrity Small-Cap Value Fund Guaranteed Annuity Variable Annuity Variable Annuity Variable Annuity Variable Annuity Variable Annuity RNPFX RNWFX BPLBX BSIIX GSIOX JMTSX LHYAX TGBAX VEIRX VLGSX VSMAX VGSLX VSVIX *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. **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. 10

11 RETIREMENT PROGRAM INVESTMENTS TIAA-CREF: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11 Current Investment TIAA-CREF Large-Cap Value Index New Investment Ratio % 1,2 Ratio % 1,2 TRCVX 0.31% Vanguard Equity Income VEIRX 0.20% TIAA-CREF Large Cap Value TRLCX 0.67% Vanguard Equity Income VEIRX 0.20% TIAA-CREF Equity Index TIQRX 0.30% TIAA-CREF S&P 500 Index TISPX 0.06% TIAA-CREF Social Equity TRSCX 0.43% CREF Social Choice TIAA-CREF Growth & Income TRGIX 0.67% CREF Growth TIAA-CREF Large Cap Growth Index TRIRX 0.31% CREF Growth Variable Annuity Variable Annuity Variable Annuity 0.42% 0.41% 0.41% TIAA-CREF Mid Cap Value TRVRX 0.66% Victory Integrity Small Cap Vallue VSVIX 1.23% TIAA-CREF Mid Cap Growth TRGMX 0.72% TIAA-CREF Small Cap Blend Index Goldman Sachs Small Cap Growth Insights GSIOX 1.48% TRBIX 0.38% Vanguard Small Cap Index VSMAX 0.09% TIAA-CREF Small Cap Equity TRSEX 0.74% Vanguard Small Cap Index VSMAX 0.09% TIAA-CREF International Equity TRERX 0.74% TIAA-CREF Real Estate Securities TIAA-CREF International Equity Index TIAA-CREF International Equity Index TCIEX 0.06% TRRSX 0.77% Vanguard REIT Index VGSLX 0.12% TRIEX 0.31% TIAA-CREF S&P 500 Index TRSPX 0.31% TIAA-CREF Lifecycle 2010 TCLEX 0.82% TIAA-CREF Lifecycle 2015 TCLIX 0.83% TIAA-CREF Lifecycle 2020 TCLTX 0.84% TIAA-CREF Lifecycle 2025 TCLFX 0.86% TIAA-CREF Lifecycle 2030 TCLNX 0.87% TIAA-CREF Lifecycle 2035 TCLRX 0.88% TIAA-CREF Lifecycle 2040 TCLOX 0.88% TIAA-CREF Lifecycle 2045 TTFRX 0.90% TIAA-CREF Lifecycle 2050 TLFRX 0.91% TIAA-CREF Lifecycle 2055 TTRLX 1.08% TIAA-CREF Lifecycle Retirement Income TLIRX 0.85% TIAA-CREF International Equity Index TIAA-CREF S&P 500 Index Inst. TIAA-CREF Lifecycle 2010 Inst. TIAA-CREF Lifecycle 2015 Inst. TIAA-CREF Lifecycle 2020 Inst. TIAA-CREF Lifecycle 2025 Inst. TIAA-CREF Lifecycle 2030 Inst. TIAA-CREF Lifecycle 2035 Inst. TIAA-CREF Lifecycle 2040 Inst. TIAA-CREF Lifecycle 2045 Inst. TIAA-CREF Lifecycle 2050 Inst. TIAA-CREF Lifecycle 2055 Inst. TIAA-CREF Lifecycle Retirement Income Inst. TCIEX 0.06% TISPX 0.06% TCTIX 0.52% TCNIX 0.53% TCWIX 0.54% TCYIX 0.56% TCRIX 0.57% TCIIX 0.58% TCOIX 0.58% TTFIX 0.60% TFTIX 0.61% TTRIX 0.78% TLRIX 0.55% 11

12 RETIREMENT PROGRAM INVESTMENTS TIAA-CREF: If you have current balances or future contributions directed to these ANNUITY OPTIONS Current Investment CREF Inflation-Linked Bond Variable Account* Annuity CREF Global Equities Account* Variable Annuity Variable CREF Equity Index Account* Annuity Variable CREF Bond Market Account* Annuity...your existing balance will remain as is, but your future contributions will be directed to these investment options effective December 11 New Investment Ratio % 1, % % BlackRock Inflation Protected Bond American Funds New Perspective Ratio % 1,2 BPLBX 0.51% RNPFX 0.49% % TIAA-CREF S&P 500 Index TISPX 0.06% % JP Morgan Total Return JMTSX 0.88% 1 ratios are gross expenses as of June 30, 2015, For the most recent prospectuses, please call the fund family or visit their website for any waivers and reimbursements that may be available. 2 s are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. 3 The Account s total annual expense deduction appears in the Account s prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details. *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 Information was provided by TIAA-CREF. 12

13 RETIREMENT PROGRAM INVESTMENT CHOICES FIDELITY INVESTMENTS: Effective December 11 You can choose from the following investment options. Additional information on each option, including current performance, is available online at Once you log on, select Plans and Investments. Target Date Funds: One-step investing Category Fund Share Morningstar Class Category Ratio % 1 Multi-Asset Fidelity Freedom K 2005 Fund FFKVX Target Date % Fidelity Freedom K 2010 Fund FFKCX Target Date % Fidelity Freedom K 2015 Fund FKVFX Target Date % Fidelity Freedom K 2020 Fund FFKDX Target Date % Fidelity Freedom K 2025 Fund FKTWX Target Date % Fidelity Freedom K 2030 Fund FFKEX Target Date % Fidelity Freedom K 2035 Fund FKTHX Target Date % Fidelity Freedom K 2040 Fund FFKFX Target Date % Fidelity Freedom K 2045 Fund FFKGH Target Date % Fidelity Freedom K 2050 Fund FFKHX Target Date % Fidelity Freedom K 2055 Fund FDENX Target Date % Fidelity Freedom K 2060 Fund FDKNX Target Date % Fidelity Freedom K Income Fund FFKAX Retirement Income 0.43% Streamlined Array: "Hands On investing Category Fund Share Morningstar Class Category Ratio % 1 Guaranteed New York Life GIA Fund 2 NA Fixed Income JP Morgan Total Return Fund Select JMTSX Intermediate-Term Bond 0.88% BlackRock Inflation Protected Bond Fund BlackRock BPLBX Inflation Protected Bond 0.51% Vanguard Long-Term Bond Index Fund Admiral VLGSX Long Government Bond 0.12% Lord Abbett High Yield Fund A LHYAX High-Yield Bond 0.94% BlackRock Strategic Income Opportunities Portfolio Institutional BSIIX Multi-Sector Bond 0.80% Templeton Global Bond Fund Advisor TGBAX World Bond 0.66% 13

14 RETIREMENT PROGRAM INVESTMENT CHOICES FIDELITY INVESTMENTS: Streamlined Array: Hands On investing, continued Category Fund Share Morningstar Equities Class Category Ratio % 1 Mutual Funds Vanguard Equity-Income Fund Admiral VEIRX Large Value 0.20% Spartan 500 Index Fund Institutional FXSIX Large Blend 0.05% Fidelity Contra Fund K FCNKX Large Growth 0.54% Victory Integrity Small-Cap Value Fund Y VSVIX Small Value 1.23% Vanguard Small Cap Index Fund Admiral VSMAX Small Blend 0.09% Goldman Sachs Small Cap Growth Insights Fund American Funds New Perspective Fund Institutional GSIOX Small Growth 1.48% R5 RNPFX World Stock 0.49% Spartan International Index Fund* Institutional FSPNX Foreign Large Blend 0.095% American Funds New World Fund R5 RNWFX Diversified Emerging 0.69% Vanguard REIT Index Fund Admiral VGSLX Real Estate 0.12% 1 ratios are gross expenses as of June 30, 2015, For the most recent prospectuses, please visit netbenefits.com/fordham for any waivers and reimbursements that may be available. 2 NY Life GIA is a guaranteed insurance contract and not an investment for federal securities law purposes Any guarantees under annuities issued by NY Life Insurance are subject to NY Life s claims-paying ability * This fund has a Short-term Redemption Fee of 1.00% for fee eligible shares held less than 90 days. 14

15 RETIREMENT PROGRAM INVESTMENTS FIDELITY: WHAT STAYS THE SAME? WHAT CHANGES? The following charts show which investments will change on December 11. Some changes will occur automatically as noted. Review the information to determine any actions you may want to take before, on or after December 11. The following investment options will be ADDED to the lineup and will be available for transfers and/or future contributions on December 11. New York Life GIA American Funds New Perspective Fund Class R-5 American Funds New World Fund Class R-5 BlackRock Inflation Protected Bond Fund BlackRock Shares BlackRock Strategic Income Opportunities Portfolio Institutional Shares Goldman Sachs Small Cap Growth Insights Fund Institutional JP Morgan Total Return Fund Select Class Shares Lord Abbett High Yield Fund Class A Templeton Global Bond Fund Advisor Class Vanguard Equity Income Fund Admiral Shares Vanguard Long-Term Government Bond Index Fund Admiral Shares Vanguard Small Cap Index Fund Admiral Shares Vanguard REIT Index Fund Admiral Shares Victory Integrity Small-Cap Value Fund Class Y RNPFX RNWFX BPLBX BSIIX GSIOX JMTSX LHYAX TGBAX VEIRX VLGSX VSMAX VGSLX VSVIX 15

16 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11. Current Investment Ratio % 1 New Investment Ratio % 1 Fidelity Global Bond Fund FGBFX 1.09% Fidelity Global Strategies Fund FDYSX 1.07% Fidelity International Bond Fund FINUX 1.06% Fidelity International Enhanced Index Fund 4 FIENX 0.63% Fidelity Select Industrial Equipment FSCGX 0.77% Strategic Advisers Core Income Multi-Manager Fund FWHBX 1.01% Strategic Advisers Core Multi- Manager Fund FLAUX 1.14% Strategic Advisers Emerging Markets Fund of Funds 2 FLILX 2.21% Templeton Global Bond Fund Advisor Class Fidelity Templeton Global Bond Fund Advisor Class Spartan International Index Fund - Institutional Class 3 Spartan 500 Index Fund - Institutional Class JPMorgan Total Return Fund Select Class Shares Spartan 500 Index Fund - Institutional Class American Funds New World Fund Class R-5 TGBAX 0.66% TGBAX 0.66% FSPNX 0.095% FXSIX 0.05% JMTSX 0.88% FXSIX 0.05% RNWFX 0.69% Strategic Advisers Growth Multi- Manager Fund FMELX 0.87% Fidelity Contrafund - Class K FCNKX 0.54% Strategic Advisers Small-Mid Cap Multi-Manager Fund 2 FNAPX 1.39% Strategic Advisers Value Multi- Manager Fund FKMOX 1.25% Vanguard Small-Cap Index Fund Admiral Shares Vanguard Equity-Income Fund Admiral Shares VSMAX 0.09% VEIRX 0.20% Fidelity Freedom 2005 Fund FFFVX 0.56% Fidelity Freedom K 2005 Fund FFKVX 0.49% Fidelity Freedom 2010 Fund FFFCX 0.60% Fidelity Freedom K 2010 Fund FFKCX 0.52% Fidelity Freedom 2015 Fund FFVFX 0.63% Fidelity Freedom K 2015 Fund FKVFX 0.55% Fidelity Freedom 2020 Fund FFFDX 0.66% Fidelity Freedom K 2020 Fund FFKDX 0.57% Fidelity Freedom 2025 Fund FFTWX 0.70% Fidelity Freedom K 2025 Fund FKTWX 0.60% Fidelity Freedom 2030 Fund FFFEX 0.74% Fidelity Freedom K 2030 Fund FFKEX 0.63% Fidelity Freedom 2035 Fund FFTHX 0.75% Fidelity Freedom K 2035 Fund FKTHX 0.64% Fidelity Freedom 2040 Fund FFFFX 0.75% Fidelity Freedom K 2040 Fund FFKFX 0.64% Fidelity Freedom 2045 Fund FFFGX 0.75% Fidelity Freedom K 2045 Fund FFKGX 0.64% Fidelity Freedom 2050 Fund FFFHX 0.75% Fidelity Freedom K 2050 Fund FFKHX 0.64% Fidelity Freedom 2055 Fund FDEEX 0.75% Fidelity Freedom K 2055 Fund FDENX 0.64% Fidelity Freedom 2060 Fund FDKVX 0.76% Fidelity Freedom K 2060 Fund FDKNX 0.64% Fidelity Freedom Income Fund FFFAX 0.49% Fidelity Freedom K Income Fund FFKAX 0.43% 16

17 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11. Current Investment Ratio % 1 New Investment Ratio % 1 Fidelity Capital & Income Fund 3 FAGIX 0.72% Fidelity Asset Manager 85% FAMRX 0.75% Fidelity Asset Manager 70% FASGX 0.73% Fidelity Asset Manager 20% FASIX 0.53% Fidelity Asset Manager 50% FASMX 0.66% Fidelity Balanced Fund FBALX 0.56% Fidelity Blue Chip Value Fund FBCVX 0.73% Lord Abbett High Yield Fund Class A Fidelity Fidelity Fidelity Fidelity Fidelity Vanguard Equity-Income Fund Admiral Shares LHYAX 0.94% VEIRX 0.20% Fidelity Blue Chip Growth Fund FBGRX 0.80% Fidelity Contrafund - Class K FCNKX 0.54% Spartan U.S. Bond Index Fund - Investor Class FBIDX 0.22% Fidelity Select Biotechnology FBIOX 0.74% Fidelity Select Multimedia Portfolio 5 FBMPX 0.81% Fidelity Investment Grade Bond Fund FBNDX 0.45% Fidelity Select IT Services FBSOX 0.81% Fidelity Corporate Bond Fund FCBFX 0.45% JPMorgan Total Return Fund Select Class Shares Fidelity Fidelity JPMorgan Total Return Fund Select Class Shares Fidelity JPMorgan Total Return Fund Select Class Shares JMTSX 0.88% JMTSX 0.88% JMTSX 0.88% Fidelity Contrafund FCNTX 0.64% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Small Cap Enhanced Index Fund 2 FCPEX 0.68% Fidelity Small Cap Growth Fund 2 FCPGX 0.91% Fidelity Small Cap Value Fund 1 FCPVX 1.09% Fidelity Convertible Securities Fund FCVSX 0.58% Fidelity Select Industrials FCYIX 0.78% Fidelity Capital Appreciation Fund Fidelity Select Computers FDCPX 0.80% Fidelity Growth Strategies Fund 1 FDEGX 0.72% Fidelity Disciplined Equity Fund FDEQX 0.50% Vanguard Small-Cap Index Fund Admiral Shares Goldman Sachs Small Cap Growth Insights Fund Institutional Victory Integrity Small-Cap Value Fund Class Y JPMorgan Total Return Fund Select Class Shares Fidelity VSMAX 0.09% GSIOX 1.48% VSVIX 1.23% JMTSX 0.88% FDCAX 0.82% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Goldman Sachs Small Cap Growth Insights Fund Institutional Spartan 500 Index Fund - Institutional Class GSIOX 1.48% FXSIX 0.05% 17

18 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11. Current Investment Ratio % 1 New Investment Ratio % 1 Fidelity Select Consumer Staples Portfolio 5 FDFAX 0.77% Fidelity Fidelity Independence Fund FDFFX 0.73% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Dividend Growth Fund FDGFX 0.56% Spartan 500 Index Fund - Institutional Class FXSIX 0.05% Fidelity Growth Company Fund FDGRX 0.82% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Diversified International Fund 4 FDIVX 0.91% Fidelity Select Leisure FDLSX 0.80% Fidelity Stock Selector Small Cap Fund 2 Fidelity Stock Selector All Cap Fund FDSCX 0.73% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Fidelity Vanguard Small-Cap Index Fund Admiral Shares VSMAX 0.09% FDSSX 0.67% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Growth Discovery Fund FDSVX 0.82% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Value Fund FDVLX 0.76% Fidelity Emerging Markets Discovery Fund 5 FEDDX 1.48% Fidelity Emerging Europe, Middle East, Africa (EMEA) FEMEX 1.37% Fund 2 Fidelity Emerging Markets Fund 2 FEMKX 1.07% Fidelity Equity-Income Fund FEQIX 0.69% Fidelity Equity Dividend Income Fund FEQTX 0.63% Victory Integrity Small-Cap Value Fund Class Y American Funds New World Fund Class R-5 American Funds New World Fund Class R-5 American Funds New World Fund Class R-5 Vanguard Equity-Income Fund Admiral Shares Vanguard Equity-Income Fund Admiral Shares VSVIX 1.23% RNWFX 0.69% RNWFX 0.69% RNWFX 0.69% VEIRX 0.20% VEIRX 0.20% Fidelity Export and Multinational Fund 6 FEXPX 0.78% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Asset Manager 40% FFANX 0.56% Fidelity Global Commodity Stock Fund 4 FFGCX 1.11% Fidelity Fidelity Fidelity Fund FFIDX 0.53% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Four-in-One Index Fund FFNOX 0.24% Fidelity Floating Rate High Income Fund 7 FFRHX 0.69% Fidelity Global Balanced Fund 4 FGBLX 0.99% Fidelity Global High Income Fund 3 FGHNX 1.05% Fidelity Global Equity Income Fund 4 FGILX 1.16% Fidelity Lord Abbett High Yield Fund Class A Fidelity Templeton Global Bond Fund Advisor Class American Funds New Perspective Fund Class R-5 LHYAX 0.94% TGBAX 0.66% RNPFX 0.49% 18

19 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11. Current Investment Ratio % 1 New Investment Ratio % 1 Fidelity GNMA Fund FGMNX 0.45% Fidelity Government Income Fund Fidelity Growth & Income Portfolio FGOVX 0.45% FGRIX 0.66% Fidelity Mega Cap Stock Fund FGRTX 0.68% Fidelity Focused High Income Fund 3 FHIFX 0.85% Fidelity China Region Fund 1 FHKCX 1.01% Spartan Intermediate Treasury Bond Index Fund - Fidelity Advantage Class FIBAX 0.10% Fidelity Canada Fund 2 FICDX 0.98% Fidelity Select Financial Services FIDSX 0.79% Fidelity Europe Fund 4 FIEUX 0.97% Fidelity International Growth Fund 4 Fidelity International Discovery Fund 4 Fidelity Inflation-Protected Bond Fund Fidelity International Real Estate Fund 2 Fidelity International Small Cap Fund 5 Fidelity Telecom and Utilities Fund Fidelity International Capital Appreciation Fund 4 Fidelity International Value Fund 4 FIGFX 1.04% FIGRX 0.91% FINPX 0.45% FIREX 1.14% FISMX 1.22% FIUIX 0.81% FIVFX 1.14% FIVLX 0.96% Fidelity Japan Fund 2 FJPNX 0.90% Fidelity Japan Smaller Companies Fund 2 FJSCX 1% Fidelity Latin America Fund 2 FLATX 1.08% Spartan Long-Term Treasury Bond Index Fund - Fidelity Advantage Class Fidelity Large Cap Core Enhanced Index Fund FLBAX 0.10% FLCEX 0.45% Fidelity Large Cap Stock Fund FLCSX 0.88% JPMorgan Total Return Fund Select Class Shares JPMorgan Total Return Fund Select Class Shares Spartan 500 Index Fund - Institutional Class Spartan 500 Index Fund - Institutional Class Lord Abbett High Yield Fund Class A American Funds New Perspective Fund Class R-5 JPMorgan Total Return Fund Select Class Shares JMTSX 0.88% JMTSX 0.88% FXSIX 0.05% FXSIX 0.05% LHYAX 0.94% RNPFX 0.49% JMTSX 0.88% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% American Funds New Perspective Fund Class R-5 RNPFX 0.49% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Spartan International Index Fund - Institutional Class FSPNX 0.095% BlackRock Inflation Protected Bond Fund BlackRock Shares BPLBX 0.51% Vanguard REIT Index Fund Admiral Shares VGSLX 0.12% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% American Funds New Perspective Fund Class R-5 RNPFX 0.49% Vanguard Long-Term Government Bond Index Fund VLGSX 0.12% Admiral Shares Spartan 500 Index Fund - Institutional Class FXSIX 0.05% Spartan 500 Index Fund - Institutional Class FXSIX 0.05% 19

20 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11. Current Investment Ratio % 1 New Investment Ratio % 1 Fidelity Large Cap Growth Enhanced Index Fund Fidelity Low-Priced Stock Fund 2 FLPSX 0.82% Fidelity Leveraged Company Stock Fund 2 Fidelity Large Cap Value Enhanced Index Fund FLGEX 0.45% Fidelity Contrafund - Class K FCNKX 0.54% FLVCX 0.79% FLVEX 0.46% Victory Integrity Small-Cap Value Fund Class Y Victory Integrity Small-Cap Value Fund Class Y Vanguard Equity-Income Fund Admiral Shares VSVIX 1.23% VSVIX 1.23% VEIRX 0.20% Fidelity Magellan Fund FMAGX 0.70% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Mid-Cap Stock Fund 6 FMCSX 0.76% Fidelity Mid Cap Enhanced Index Fund 5 FMEIX 0.61% Goldman Sachs Small Cap Growth Insights Fund Institutional Vanguard Small-Cap Index Fund Admiral Shares GSIOX 1.48% VSMAX 0.09% Fidelity New Millennium Fund FMILX 0.84% Fidelity Contrafund - Class K FCNKX 0.54% Strategic Advisers International Multi-Manager Fund 4 Fidelity Mortgage Securities Fund Fidelity Select Natural Resources Fidelity Nasdaq Composite Index Fund 8 Fidelity New Markets Income Fund 3 FMJDX 1.15% FMSFX 0.45% FNARX 0.82% Spartan International Index Fund - Institutional Class JPMorgan Total Return Fund Select Class Shares Fidelity FSPNX 0.10% JMTSX 0.88% FNCMX 0.55% Fidelity Contrafund - Class K FCNKX 0.54% FNMIX 0.90% Fidelity Nordic Fund 2 FNORX 0.99% Templeton Global Bond Fund Advisor Class TGBAX 0.66% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Fidelity OTC Portfolio FOCPX 0.77% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Overseas Fund 4 FOSFX 1.02% Fidelity Pacific Basin Fund 2 FPBFX 1.18% Fidelity Select Pharmaceuticals Spartan Emerging Markets Index Fund - Fidelity Advantage Class 2 FPHAX 0.79% FPMAX 0.35% Fidelity Puritan Fund FPURX 0.56% Fidelity Real Estate Investment Portfolio 8 Fidelity Real Estate Income Fund 8 Strategic Advisers Income Opportunities Fund of Funds 3 FRESX 0.80% FRIFX 0.83% FSADX 2.26% Fidelity Select Gold FSAGX 0.94% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% American Funds New Perspective Fund Class R-5 RNPFX 0.49% Fidelity American Funds New World Fund Class R-5 Fidelity Vanguard REIT Index Fund Admiral Shares Vanguard REIT Index Fund Admiral Shares BlackRock Strategic Income Opportunities Portfolio Institutional Shares Fidelity RNWFX 0.69% VGSLX 0.12% VGSLX 0.12% BSIIX 0.80% 20

21 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11 Current Investment Ratio % 1 New Investment Ratio % 1 Fidelity Select Air Transportation FSAIX 0.83% Fidelity Asset Manager 60% FSANX 0.73% Fidelity Select Automotive Fidelity Select Chemicals Spartan Mid Cap Index Fund - Fidelity Advantage Class Fidelity International Small Cap Opportunities Fund 5 Fidelity Select Consumer Discretionary Fidelity Small Cap Discovery Fund 2 Fidelity Select Software and Computer Services Fidelity Select Defense and Aerospace Fidelity Select Communications Equipment Fidelity Strategic Dividend & Income Fund Fidelity Select Materials FSAVX 0.85% FSCHX 0.79% FSCKX 0.20% FSCOX 1.30% FSCPX 0.79% FSCRX 1.06% FSCSX 0.77% FSDAX 0.79% FSDCX 0.89% FSDIX 0.74% FSDPX 0.80% Fidelity Emerging Asia Fund 2 FSEAX 1.04% Fidelity Select Electronics FSELX 0.78% Fidelity Select Energy FSENX 0.79% Fidelity Select Energy Service Spartan Extended Market Index Fund - Fidelity Advantage Class 8 Spartan Global ex U.S. Index Fund - Fidelity Advantage Class 3 FSESX 0.79% FSEVX 0.07% FSGDX 0.28% Fidelity Short-Term Bond Fund FSHBX 0.45% Fidelity Select Medical Delivery Fidelity Select Construction and Housing FSHCX 0.79% FSHOX 0.82% Fidelity Strategic Income Fund FSICX 0.69% Spartan International Index Fund - Investor Class 3 FSIIX 0.20% Vanguard Small-Cap Index Fund Admiral Shares VSMAX 0.09% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Vanguard Small-Cap Index Fund Admiral Shares VSMAX 0.09% American Funds New Perspective Fund Class R-5 RNPFX 0.49% Vanguard Small-Cap Index Fund Admiral Shares VSMAX 0.09% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% JPMorgan Total Return Fund Select Class Shares JMTSX 0.88% BlackRock Strategic Income Opportunities Portfolio BSIIX 0.80% Institutional Shares Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% 21

22 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11. Current Investment Ratio % 1 New Investment Ratio % 1 Spartan Inflation-Protected Bond Index Fund - Fidelity Advantage Class Fidelity Select Brokerage and Investment Management FSIYX 0.10% FSLBX 1.10% Fidelity Small Cap Stock Fund 5 FSLCX 0.66% Fidelity Select Environment and Alternative Energy FSLEX 0.92% Fidelity Value Strategies Fund FSLSX 0.69% Fidelity Stock Selector Large Cap Value Fund Fidelity Select Medical Equipment and Systems FSLVX 0.78% FSMEX 0.77% Fidelity Mid Cap Value Fund 5 FSMVX 0.83% Fidelity Select Natural Gas Fidelity Select Insurance Fidelity Select Health Care Fidelity Select Technology Fidelity Select Banking Fidelity Select Transportation Fidelity Select Retailing Fidelity Strategic Real Return Fund 9 Spartan Real Estate Index Fund - Fidelity Advantage Class 8 Spartan Small Cap Index Fund - Fidelity Advantage Class 2 Fidelity Select Telecommunications Fidelity Intermediate Government Income Fund Spartan Total Market Index Fund - Fidelity Advantage Class 10 FSNGX 0.82% FSPCX 0.81% FSPHX 0.74% FSPTX 0.78% FSRBX 0.80% FSRFX 0.81% FSRPX 0.81% FSRRX 0.77% FSRVX 0.19% FSSVX 0.23% FSTCX 0.83% FSTGX 0.45% FSTVX 0.07% Fidelity Select Utilities FSUTX 0.80% Fidelity Select Consumer Finance FSVLX 0.88% Fidelity Asset Manager 30% FTANX 0.55% BlackRock Inflation Protected Bond Fund BlackRock Shares Vanguard Small-Cap Index Fund Admiral Shares Victory Integrity Small-Cap Value Fund Class Y Vanguard Equity-Income Fund Admiral Shares Victory Integrity Small-Cap Value Fund Class Y Vanguard REIT Index Fund Admiral Shares Vanguard Small-Cap Index Fund Admiral Shares JPMorgan Total Return Fund Select Class Shares Spartan 500 Index Fund - Institutional Class BPLBX 0.51% VSMAX 0.09% VSVIX 1.23% VEIRX 0.20% VSVIX 1.23% VGSLX 0.12% VSMAX 0.09% JMTSX 0.88% FXSIX 0.05% 22

23 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11. Current Investment Ratio % 1 New Investment Ratio % 1 Fidelity Total Bond Fund FTBFX 0.45% Fidelity Total Emerging Markets Fund 2 Fidelity Intermediate Bond Fund Fidelity Total International Equity Fund 4 FTEMX 1.73% FTHRX 0.45% FTIEX 1.04% Fidelity Focused Stock Fund FTQGX 0.78% Fidelity Trend Fund FTRNX 0.75% Spartan 500 Index Fund - Investor Class Spartan 500 Index Fund - Fidelity Advantage Class FUSEX 0.10% FUSVX 0.07% Fidelity Value Discovery Fund FVDFX 0.80% Fidelity Select Wireless FWRLX 0.86% Fidelity Worldwide Fund 4 FWWFX 0.96% Fidelity High Income Fund 3 SPHIX 0.72% Fidelity Stock Selector Mid Cap Fund FSSMX 0.81% JPMorgan Total Return Fund Select Class Shares JMTSX 0.88% American Funds New World Fund Class R- RNWFX 0.69% JPMorgan Total Return Fund Select Class Shares JMTSX 0.88% Spartan International Index Fund - Institutional Class 3 FSPNX 0.095% Fidelity Contrafund - Class K FCNKX 0.54% Fidelity Contrafund - Class K FCNKX 0.54% Spartan 500 Index Fund - Institutional Class FXSIX 0.05% Spartan 500 Index Fund - Institutional Class FXSIX 0.05% Vanguard Equity-Income Fund Admiral Shares VEIRX 0.20% American Funds New World Fund Class R-5 RNWFX 0.69% Lord Abbett High Yield Fund Class A LHYAX 0.94% Goldman Sachs Small Cap Growth Insights Fund Institutional GSIOX 1.48% Fidelity Conservative Income Bond Fund 3 FCONX 0.40% New York Life GIA Fidelity Limited Term Government Fund FFXSX 0.45% New York Life GIA Spartan Short-Term Treasury Bond Index Fund - Fidelity Advantage Class FSBAX 0.10% New York Life GIA Fidelity Cash Reserves FDRXX 0.37% New York Life GIA Fidelity Government Money Market Fund SPAXX 0.42% New York Life GIA Fidelity Money Market Fund SPRXX 0.42% New York Life GIA Fidelity Money Market Trust Retirement Government Money Market Portfolio FGMXX 0.42% New York Life GIA 23

24 RETIREMENT PROGRAM INVESTMENTS FIDELITY: If you have current balances or future contributions directed to these MUTUAL FUND choices...they will automatically be directed to these investment options effective December 11. Current Investment Ratio % 1 New Investment Ratio % 1 Fidelity Money Market Trust Retirement Money Market Portfolio Fidelity Select Money Market Portfolio Fidelity Treasury Only Money Market Fund Fidelity U.S. Government Reserves FRTXX 0.42% New York Life GIA FSLXX 0.30% New York Life GIA FDLXX 0.42% New York Life GIA FGRXX 0.32% New York Life GIA 1 A short-term redemption fee will not be charged as part of this reallocation. However, if you request a change before the transition without satisfying the required holding period, you may incur a short-term redemption fee. 2 There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. 3 There is a short-term redemption fee of 1.00% for fee eligible shares held less than 90 days. 4 There is a short-term redemption fee of 1.00% for fee eligible shares held less than 30 days. 5 There is a short-term redemption fee of 2.00% for fee eligible shares held less than 90 days. 6 There is a short-term redemption fee of 0.75% for fee eligible shares held less than 30 days. 7 There is a short-term redemption fee of 1.00% for fee eligible shares held less than 60 days. 8 There is a short-term redemption fee of 0.75% for fee eligible shares held less than 90 days. 9 There is a short-term redemption fee of 0.75% for fee eligible shares held less than 60 days. 10 There is a short-term redemption fee of 0.50% for fee eligible shares held less than 90 days. RETIREMENT PROGRAM DEFAULT INVESTMENT FIDELITY: If you have an investment in a fund designated to be mapped to the Fidelity (based on your date of birth and assuming a retirement age of 65), see below: Your existing balances as indicated in the mapping chart located in the New Investment Choices section will be directed to a. Simply find your date of birth range in the following chart to determine which your contributions and existing balances will be directed to. 24

25 (cont.) Date Of Birth Fund Name Ratio 1 Before 1938 Fidelity Freedom K Income Fund FFKAX 0.43% Retired before Fidelity Freedom K 2005 Fund FFKVX 0.49% Fidelity Freedom K 2010 Fund FFKCX 0.52% Fidelity Freedom K 2015 Fund FKVFX 0.55% Fidelity Freedom K 2020 Fund FFKDX 0.57% Fidelity Freedom K 2025 Fund FKTWX 0.60% Fidelity Freedom K 2030 Fund FFKEX 0.63% Fidelity Freedom K 2035 Fund FKTHX 0.64% Fidelity Freedom K 2040 Fund FFKFX 0.64% Fidelity Freedom K 2045 Fund FFKGX 0.64% Fidelity Freedom K 2050 Fund FFKHX 0.64% Fidelity Freedom K 2055 Fund FDENX 0.64% and later Fidelity Freedom K 2060 Fund FDKNX 0.64% 2058 and later 1 ratios are gross expenses as of June 30, 2015, For the most recent prospectuses, please visit netbenefits.com/fordham for any waivers and reimbursements that may be available. Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. The s are designed for investors expecting to retire around the year indicated in each fund s name. The funds are managed to gradually become more conservative over time as they approach the target date. The investment risk of each s changes over time as the fund s asset allocation changes. The funds are subject to volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after the funds target dates. A mutual fund expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. For other types of investments, the figure in the expense ratio field reflects similar information, but may have been calculated differently than for mutual funds. Mutual fund data comes from the fund's prospectus. For non mutual fund investment options, the information has been provided by the plan sponsor, the investment option's manager, or the trustee. When no ratio is shown for these options, it is because none was available. There may be fees and expenses associated with the investment option. information changes periodically. Please consult NetBenefits for updates. Investing involves risk, including risk of loss. Fidelity Brokerage, Service LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI

26 FORDHAM UNIVERSITY RETIREMENT PROGRAM Q & A Why are updates being made to the Fordham University Retirement Program? Fordham is committed to providing you with the best opportunities for reaching your retirement objectives. These changes reflect efforts to ensure that you have investment options that will help you meet your retirement goals through carefully selected investment options, valuable investment tools and advice, enhanced communication and personalized service through TIAA-CREF and Fidelity. How can I learn more about the new investment choices? The new investment lineup is included in this guide. For fund descriptions and performance information, log on to or If you want additional assistance understanding or choosing investments, attend one of the upcoming presentations scheduled for all campuses or set up a phone call or one-on-one consultation with TIAA-CREF or Fidelity. If I am happy with my current investment choices, can I keep them? If your current investment choices are included in the new lineup, you can keep them. Some investment options, however, will not be available after the transition date. Please review the new investment lineup and transfer information in this Guide to understand how your investments may be affected. TIAA- CREF s investment lineup information can be found on pages Fidelity s investment lineup information can be found on pages Most importantly, ask questions and request assistance when you need it. 26

27 FORDHAM UNIVERSITY RETIREMENT PROGRAM CONTACTS TIAA-CREF PHONE Call Monday through Friday, 8 a.m. 10 p.m., or Saturday, 9 a.m. 6 p.m. (EDT). ONLINE Visit to learn about the program s investment choices, make transactions, and access retirement planning tools. ONE-ON-ONE COUNSELING SESSIONS Get individual retirement plan advice on the plan s investment options from a TIAA-CREF Financial Consultant. This service is available as part of your retirement program at no additional cost to you. To schedule a session, call , Monday through Friday, 8 a.m. 8 p.m. (EDT), or visit to schedule now. FIDELITY INVESTMENTS PHONE Call Monday through Friday, 8 a.m. 8:30 p.m. (EDT). ONLINE Visit to learn about the program s investment choices, make transactions, and access retirement planning tools. ONE-ON-ONE CONSULTATIONS To schedule an individual consultation with a Fidelity Workplace Planning & Guidance Consultant on campus. This service is available as part of your retirement program at no additional cost to you. To schedule a session, call , Monday through Friday, 8 a.m. Midnight. (EDT), or visit to schedule now. 27

28 Unless otherwise noted, the information herein has been provided by Fordham University.