City University of New York ORP and TDA Plan Investment Menus

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1 City University of New York ORP and TDA Plan Investment Menus Effective January 1, 2017 CUNY Optional Retirement Program (ORP) and the Tax-Deferred Annuity (TDA) Plan

2 CUNY Optional Retirement Program (ORP) and the Tax-Deferred Annuity (TDA) Plan Updated investment menus will become effective on January 1, 2017, for both the CUNY Optional Retirement Program (ORP) and the Tax-Deferred Annuity (TDA) Plan. The new investment choices, carefully selected by CUNY, can help you create a retirement savings plan that matches your investment goals and preferences. Beginning January 2, 2017, you may select investment options on the new menus for your future contributions. Visit TIAA.org to login to your secure account, select Manage Investments under My Account. Many existing options on the current ORP investment menu will continue to be available for your 2017 contributions. Current options that will remain in the ORP CREF Inflation-Linked Bond Account R3 () CREF Money Market Account R3 () CREF Social Choice Account R3 () CREF Stock Account R3 () TIAA Access TIAA-CREF Growth & Income TIAA Access TIAA-CREF International Equity Index (Level 1) TIAA Access TIAA-CREF Large-Cap Value (Level 1) TIAA Access TIAA-CREF Lifecycle Funds (Level 1)(2010 through 2060) TIAA Access TIAA-CREF Lifecycle Retirement Income (Level 1) TIAA Access TIAA-CREF Mid-Cap Growth (Level 1) TIAA Access WA Core Plus Bond (Level 1) TIAA Real Estate Account () TIAA Traditional Annuity QCILIX QCMMIX QCSCIX QCSTIX Variable Annuities QREARX Guaranteed Annuity (See following page for the complete list of options in the ORP investment menu.) 2

3 CUNY ORP investment menu (effective January 1, 2017) Guaranteed TIAA Traditional Annuity* Money Market CREF Money Market Account R3 () Fixed Income (Bonds) CREF Inflation-Linked Bond Account R3 () TIAA Access Lord Abbett High Yield R6 (Level 1) TIAA Access Templeton Global Bond Fund R6 (Level 1) TIAA Access Vanguard Total Bond Market Index Admiral (Level 1) TIAA Access WA Core Plus Bond (Level 1) Multi-Asset CREF Social Choice Account R3 () TIAA Access TIAA-CREF Lifecycle Retirement Income (Level 1) TIAA Access TIAA-CREF Lifecycle 2010 (Level 1) TIAA Access TIAA-CREF Lifecycle 2015 (Level 1) TIAA Access TIAA-CREF Lifecycle 2020 (Level 1) TIAA Access TIAA-CREF Lifecycle 2025 (Level 1) TIAA Access TIAA-CREF Lifecycle 2030 (Level 1) TIAA Access TIAA-CREF Lifecycle 2035 (Level 1) TIAA Access TIAA-CREF Lifecycle 2040 (Level 1) TIAA Access TIAA-CREF Lifecycle 2045 (Level 1) TIAA Access TIAA-CREF Lifecycle 2050 (Level 1) TIAA Access TIAA-CREF Lifecycle 2055 (Level 1) TIAA Access TIAA-CREF Lifecycle 2060 (Level 1) Real Estate TIAA Real Estate Account () Equities (Stocks) TIAA Access American Beacon Holland Large Cap Growth Institutional (Level 1) TIAA Access Ariel Appreciation Fund Institutional (Level 1) TIAA Access Champlain Mid Cap Institutional (Level 1) CREF Stock Account R3 () TIAA Access Delaware Emerging Markets R6 (Level 1) TIAA Access JPMorgan Small Cap Value R6 (Level 1) TIAA Access Lazard International Equity R6 (Level 1) TIAA Access MFS Mid Cap Value R5 (Level 1) TIAA Access Nationwide Geneva Small Cap Growth Institutional (Level 1) TIAA Access Parnassus Institutional (Level 1) TIAA Access TIAA-CREF Growth & Income (Level 1) TIAA Access TIAA-CREF International Equity Index (Level 1) TIAA Access TIAA-CREF Large-Cap Value (Level 1) TIAA Access TIAA-CREF Mid-Cap Growth (Level 1) TIAA Access T. Rowe Price QM U.S. Small-Cap Growth Equity (Level 1) TIAA Access Vanguard 500 Index Admiral (Level 1) TIAA Access Vanguard Equity-Income Admiral (Level 1) TIAA Access Vanguard Extended Market Index Admiral (Level 1) Guaranteed Annuity QCMMIX QCILIX QCSCIX QREARX QCSTIX * 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. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org and enter a ticker symbol in the site s search feature for 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. 3

4 Certain existing options on the current ORP investment menu will be closed to new contributions beginning January 1, All contributions currently directed to these options will be redirected as shown below. Your existing balances will remain in the closed investment option unless you move your assets to a new investment at a future date. Please note: Any money you direct out of the closed investments cannot be re-invested in closed investments at a future date. Beginning January 2, 2017, you may select investment options from the new menu for your 2017 contributions. Now is a good time to review your investment strategy, and make sure your contributions are directed according to your wishes. Visit TIAA.org to login to your secure account, select Manage Investments under My Account. These current investment options will be closed to new contributions and transfers-in after Dec 31, all future contributions will be directed to this option beginning January 1, CREF Bond Market Account R3 () QCBMIX TIAA Access WA Core Plus Bond CREF Equity Index Account R3 () QCEQIX TIAA Access Vanguard 500 Index Admiral CREF Global Equities Account R3 () QCGLIX TIAA Access Lazard International Equity R6 CREF Growth Account R3 () QCGRIX TIAA Access TIAA-CREF Growth & Income TIAA Access AF EuroPacific Growth TIAA Access Lazard International Equity R6 TIAA Access AF Washington Mutual Investors TIAA Access TIAA-CREF Large-Cap Value TIAA Access TIAA-CREF Equity Index TIAA Access Vanguard 500 Index Admiral TIAA Access TIAA-CREF International Equity TIAA Access Lazard International Equity R6 TIAA Access TIAA-CREF Large-Cap Growth Index TIAA Access Vanguard 500 Index Admiral TIAA Access TIAA-CREF Large-Cap Value Index TIAA Access Vanguard Equity-Income Admiral TIAA Access TIAA-CREF Mid-Cap Value TIAA Access MFS Mid Cap Value R5 TIAA Access TIAA-CREF S&P 500 Index TIAA Access Vanguard 500 Index Admiral TIAA Access TIAA-CREF Small-Cap Blend Index TIAA Access Vanguard Extended Market Index Admiral TIAA Access TIAA-CREF Small-Cap Equity TIAA Access T. Rowe Price QM U.S. Small-Cap Growth Equity TIAA Access TRP Institutional Large-Cap Growth TIAA Access TIAA-CREF Growth & Income 4

5 CUNY TDA Plan investment menu (effective January 1, 2017) The 2017 investment menu for the CUNY TDA Plan also has new investment choices. New funds for the TDA Plan include a mix of mutual funds and variable annuities. Guaranteed TIAA Traditional Annuity* Money Market CREF Money Market Account R3 () Fixed Income (Bonds) CREF Inflation-Linked Bond Account R3 () Lord Abbett High Yield Fund Class R6 Templeton Global Bond Fund Class R6 Vanguard Total Bond Market Index Fund Admiral Shares Western Asset Core Plus Bond Fund Class IS Multi-Asset TIAA-CREF Lifecycle Retirement Income TIAA-CREF Lifecycle 2010 TIAA-CREF Lifecycle 2015 TIAA-CREF Lifecycle 2020 TIAA-CREF Lifecycle 2025 TIAA-CREF Lifecycle 2030 TIAA-CREF Lifecycle 2035 TIAA-CREF Lifecycle 2040 TIAA-CREF Lifecycle 2045 TIAA-CREF Lifecycle 2050 TIAA-CREF Lifecycle 2055 TIAA-CREF Lifecycle 2060 CREF Social Choice Account R3 () Real Estate TIAA Real Estate Account () Guaranteed Annuity QCMMIX QCILIX LHYVX FBNRX VBTLX WAPSX TLRIX TCTIX TCNIX TCWIX TCYIX TCRIX TCIIX TCOIX TTFIX TFTIX TTRIX TLXNX QCSCIX QREARX American Beacon Holland Large Cap Growth Fund Institutional Class LHGIX Ariel Appreciation Fund Institutional Class CAAIX Champlain Mid Cap Fund Institutional Class CIPIX CREF Stock Account R3 () QCSTIX Delaware Emerging Markets Fund R6 DEMZX JPMorgan Small Cap Value Fund Class R6 JSVUX Lazard International Equity Portfolio Class R6 RLIEX MFS Mid Cap Value Fund Class R5 MVCKX Nationwide Geneva Small Cap Growth Fund Institutional Class NWKCX Parnassus Fund Institutional Shares PFPRX TIAA-CREF Growth & Income TIGRX TIAA-CREF Large-Cap Value TRLIX TIAA-CREF International Equity Index TCIEX TIAA-CREF Mid-Cap Growth TRPWX T. Rowe Price QM U.S. Small-Cap Growth Equity Fund PRDSX Vanguard 500 Index Fund Admiral Class VFIAX Vanguard Equity-Income Fund Admiral Shares VEIRX Vanguard Extended Market Index Fund Admiral Shares VEXAX * 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. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org and enter a ticker symbol in the site s search feature for 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. 5

6 Certain existing options on the current TDA Plan investment menu will be closed to new contributions beginning January 1, All contributions currently directed to these options will be redirected as shown below. Your existing balances will remain in the closed investment option unless you move your assets to a new investment at a future date. Please note: Any money you direct out of the closed investments cannot be re-invested in closed investments at a future date. Beginning January 2, 2017, you may select investment options from the new menu for your 2017 contributions. Now is a good time to review your investment strategy, and make sure your contributions are directed according to your wishes. Visit TIAA.org to login to your secure account, select Manage Investments under My Account. These current investment options will be closed to new contributions and transfers-in after Dec 31, all future contributions will be directed to this option beginning January 1, CREF Bond Market Account R3 () QCBMIX Western Asset Core Plus Bond Fund Class IS WAPSX CREF Equity Index Account R3 QCEQIX Vanguard 500 Index Fund Admiral Class VFIAX CREF Global Equities Account R3 QCGLIX Lazard International Equity Portfolio Class R6 RLIEX CREF Growth Account R3 QCGRIX TIAA-CREF Growth & Income TIGRX TIAA Access AF EuroPacific Growth Lazard International Equity Portfolio Class R6 RLIEX TIAA Access AF Washington Mutual Investors TIAA-CREF Large-Cap Value TRLIX TIAA Access TIAA-CREF Equity Index Vanguard 500 Index Fund Admiral Class VFIAX TIAA Access TIAA-CREF Growth & Income TIAA-CREF Growth & Income TIGRX TIAA Access TIAA-CREF International Equity Lazard International Equity Portfolio Class R6 RLIEX TIAA Access TIAA-CREF International TIAA-CREF International Equity Index Equity Index TCIEX TIAA Access TIAA-CREF Large-Cap Growth Index Vanguard 500 Index Fund Admiral Class VFIAX TIAA Access TIAA-CREF Large-Cap Value TIAA-CREF Large-Cap Value TRLIX TIAA Access TIAA-CREF Large-Cap Value Index Vanguard Equity-Income Fund Admiral Shares VEIRX TIAA Access TIAA-CREF Lifecycle TIAA-CREF Lifecycle Retirement Income Retirement Income TLRIX TIAA Access TIAA-CREF Lifecycle 2010 TIAA-CREF Lifecycle 2010 TCTIX TIAA Access TIAA-CREF Lifecycle 2015 TIAA-CREF Lifecycle 2015 TCNIX TIAA Access TIAA-CREF Lifecycle 2020 TIAA-CREF Lifecycle 2020 TCYIX TIAA Access TIAA-CREF Lifecycle 2025 TIAA-CREF Lifecycle 2025 TCYIX TIAA Access TIAA-CREF Lifecycle 2030 TIAA-CREF Lifecycle 2030 TCRIX TIAA Access TIAA-CREF Lifecycle 2035 TIAA-CREF Lifecycle 2035 TCIIX TIAA Access TIAA-CREF Lifecycle 2040 TIAA-CREF Lifecycle 2040 TCOIX TIAA Access TIAA-CREF Lifecycle 2045 TIAA-CREF Lifecycle 2045 TTFIX TIAA Access TIAA-CREF Lifecycle 2050 TIAA-CREF Lifecycle 2050 TFTIX TIAA Access TIAA-CREF Lifecycle 2055 TIAA-CREF Lifecycle 2055 TTRIX TIAA Access TIAA-CREF Lifecycle 2060 TIAA-CREF Lifecycle 2060 TLXNX TIAA Access TIAA-CREF Mid-Cap Growth TIAA-CREF Mid-Cap Growth TRPWX TIAA Access TIAA-CREF Mid-Cap Value MFS Mid Cap Value Fund Class R5 MVCKX TIAA Access TIAA-CREF S&P 500 Index Vanguard 500 Index Fund Admiral Class VFIAX TIAA Access TIAA-CREF Small-Cap Blend Index Vanguard Extended Market Index Fund Admiral Shares VEXAX TIAA Access TIAA-CREF Small-Cap Equity T. Rowe Price QM U.S. Small-Cap Growth Equity Fund PRDSX TIAA Access TRP Institutional Large-Cap Growth TIAA-CREF Growth & Income TIGRX TIAA Access WA Core Plus Bond Western Asset Core Plus Bond Fund Class IS WAPSX 6

7 What are lifecycle funds? A lifecycle fund is a fund of funds, primarily invested in shares of other mutual funds.* Its investments are adjusted from more aggressive to more conservative over time as the target retirement date approaches. The principal value of a target-date fund isn t guaranteed. The target date in the fund name represents an approximate date when investors may plan to begin withdrawing from the fund. Also, please note that a lifecycle fund is selected for you based on your projected retirement date (assuming a retirement age of 65). TIAA-CREF LIFECYCLE FUNDS Participant birth year TIAA-CREF Lifecycle Fund N/A TIAA-CREF Lifecycle Retirement Income TLRIX TIAA-CREF Lifecycle 2010 TCTIX TIAA-CREF Lifecycle 2015 TCNIX TIAA-CREF Lifecycle 2020 TCWIX TIAA-CREF Lifecycle 2025 TCYIX TIAA-CREF Lifecycle 2030 TCRIX TIAA-CREF Lifecycle 2035 TCIIX TIAA-CREF Lifecycle 2040 TCOIX TIAA-CREF Lifecycle 2045 TTFIX TIAA-CREF Lifecycle 2050 TFTIX TIAA-CREF Lifecycle 2055 TTRIX 1994 present TIAA-CREF Lifecycle 2060 TLXNX How to update your account Online: To update your retirement portfolio online, go to TIAA.org to login to your secure account, select Manage Investments under My Account. Phone: If you prefer, you can update your retirement portfolio by calling TIAA at , weekdays, 8 a.m. to 10 p.m. or Saturday, 9 a.m. to 6 p.m. (ET). * Lifecycle 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 lifecycle funds, there is exposure to the fees and expenses associated with the underlying mutual funds. 7

8 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. 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. Call or access TIAA.org/cuny 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, Teachers Personal Investors Services, Inc., 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 C _699902_xs (11/16)

Focused on the one future that matters. Yours.

Focused on the one future that matters. Yours. Your CUNY Retirement Plan Make a new connection for your future You recently received a flyer in the mail about changes to your voluntary City University