Announcing new investments for the Barry University Retirement Plans

Transcription

1 Announcing new investments for the Barry University Retirement Plans

2 Contents Get ready New investment menu tiers Understand how your investments will be transferred Diversification What do I need to do? Get retirement plan investment advice Where can I learn more? Transition Q&A for TIAA and VALIC

3 Get ready. Retirement plan changes are coming. Why we are making changes Barry University is committed to offering a retirement program that reflects industry best practices. By enhancing the investment options, we are able to provide better value and the right mix of investments for our retirement plans and employees. Over the past few months, Barry University along with their Independent financial advisor, CAPTRUST, have made a comprehensive review of the retirement plans in which you participate. In order to enhance participant experience and keep the plans up-to-date with changing market and economic conditions, a number of changes to the fund investment menu will be made. The fund investment menu changes will go into effect on May 3, 2016 and will impact both investment providers, TIAA and VALIC. What this means to you In May, we will be introducing a new customized investment menu that will expand investment options into 3 tiers. These new choices will give you flexibility to create a retirement portfolio that s tailored to your investment preferences and retirement goals. Starting on May 3, 2016, important changes are being made to the Barry University Retirement Plans. Here is what to expect: Barry University is introducing a new investment lineup in your TIAA and VALIC Retirement Plans. Several of the current investment choices will remain the same and new funds will be added. Some of the investment options will be eliminated or frozen to new contributions. Before these changes are made, you will have the opportunity to learn about the Plan s new investments and change your elections. Personalized retirement plan advice will continue to be available as part of your retirement program from a TIAA or VALIC Financial Consultant at no additional cost to you. Key dates Date Time Location Informational Meetings Monday, April 11, 2016 Tuesday, April 12, :30 a.m. 11 a.m. 12 p.m. 1:30 p.m. Barry University Main Campus, Andreas Building, Room 111 To view via video stream, go to live.barry.edu. TIAA One-on-One Sessions ( Sharon Mohan at smohan@tiaa.org or call to schedule a consultation.) April 18 22, a.m. 4 p.m. Landon Conference Room 301 VALIC One-on-One Sessions ( To schedule a consultation, contact Jason Smith at jason.smith@valic.com/ or Andrew Massey at andrew.massey@valic.com/ ) April 18 19, a.m. 1 p.m. Landon Conference Room 204 April 20 22, a.m. 1 p.m. Landon Conference Room 203 April 25 26, a.m. 1 p.m. Landon Conference Room 204 Additional Key Dates May 3, 2016 New investment options will be available in the Barry University Retirement Plans. Now is the time to review your investment strategy to ensure it meets your financial goals and risk tolerance. Be sure to contact TIAA or VALIC to learn more about your options. 1

4 Know your options New investment menu tiers Currently, the Barry University Plans offer investment options through TIAA and VALIC. Beginning on May 3, 2016, a new lineup of investments, including many new options, will be available in three tiers. If you are a participant in the Barry University Retirement Plans, you may choose to invest in any or all of the tiers. Tier 1: Allocation Tier This series of funds is designed for investors expecting to retire around the year indicated in the fund name. The funds are managed to become gradually more conservative over time as investors move closer to retirement. The investment risk of each fund is expected to decrease over time as it moves to more conservative investment allocations. Tier 2: Actively Managed Tier These are mutual funds that use a manager or team of managers to actively manage a fund s portfolio. Active managers rely on analytical research, forecasts, and their own judgment and experience in making investment decisions on what securities to buy, hold and sell. Tier 3: Passively Managed Tier These are mutual funds that use an investing strategy that tracks a market-weighted index or portfolio. In passive management, investors expect a return that closely replicates the investment weighting and returns of a benchmark index and will often invest in an index fund. Investing involves risk, including the possible loss of principal. Investment values will fluctuate and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than their original cost. 2

5 The new investment menu for the Barry University Retirement Plans, effective May 3, 2016 at TIAA On May 3, 2016, you may begin investing in the Barry University Retirement Plans new investment options at TIAA. This new menu offers a range of options arranged into tiers to help simplify your investment decisions. By considering each tier, you can narrow your choices and select the investment options that align with your investment preferences and goals. Tier 1: Allocation Tier Tier 2: Actively Managed Tier Target retirement date funds provide a diversified portfolio that adjusts automatically to become more conservative based on the specific retirement year (target date) included in its name. CREF Social Choice Account R2 Variable Annuity (QCSCPX) TIAA-CREF Lifecycle Retirement Income Fund Institutional Class (TLRIX) TIAA-CREF Lifecycle 2010 Fund Institutional Class (TCTIX) TIAA-CREF Lifecycle 2015 Fund Institutional Class (TCNIX) TIAA-CREF Lifecycle 2020 Fund Institutional Class (TCWIX) TIAA-CREF Lifecycle 2025 Fund Institutional Class (TCYIX) TIAA-CREF Lifecycle 2030 Fund Institutional Class (TCRIX) TIAA-CREF Lifecycle 2035 Fund Institutional Class (TCIIX) TIAA-CREF Lifecycle 2040 Fund Institutional Class (TCOIX) TIAA-CREF Lifecycle 2045 Fund Institutional Class (TTFIX) TIAA-CREF Lifecycle 2050 Fund Institutional Class (TFTIX) TIAA-CREF Lifecycle 2055 Fund Institutional Class (TTRIX) TIAA-CREF Lifecycle 2060 Fund Institutional Class (TLXNX) Core investment options made of actively managed funds offered by prominent investment managers. This tier also includes fixed and variable annuities. American Funds EuroPacific Growth Fund Class R-6 (RERGX) CREF Money Market Account R2 Variable Annuity (QCMMPX) CREF Stock Account R2 -Variable Annuity (QCSTPX) Eagle Mid Cap Growth Fund Class R6 (HRAUX) Goldman Sachs Small Cap Value Institutional (GSSIX) Harbor Capital Appreciation Fund Institutional Class (HACAX) Hartford Small Company HLS IA (HIASX) JHancock Funds Disciplined Value Fund Class R6 (JDVWX) MFS Mid Cap Value Fund Class R5 (MVCKX) TIAA Real Estate Account Variable Annuity (QREARX) Prudential Total Return Bond Q (PTRQX) TIAA Traditional Annuity* (Guaranteed Annuity) Tier 3: Passively Managed Tier Investment options made of passive funds which track well known indexes offered by prominent investment managers. Vanguard 500 Index Fund Admiral Class (VFIAX) Vanguard Extended Market Index Fund Admiral Shares (VEXAX) Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) * Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. TIAA Traditional is a guaranteed insurance contract and not an investment for federal securities law purposes. 3

6 The new investment menu for the Barry University Retirement Plans, effective May 3, 2016 at VALIC Tier 1: Allocation Tier Tier 2: Actively Managed Tier Target retirement date funds provide a diversified portfolio that adjusts automatically to become more conservative based on the specific retirement year (target date) included in its name. Vanguard Target Retirement Income Inv (VTINX) Vanguard Target Retirement 2010 Inv (VTENX) Vanguard Target Retirement 2015 Inv (VTXVX) Vanguard Target Retirement 2020 Inv (VTWNX) Vanguard Target Retirement 2025 Inv (VTTVX) Vanguard Target Retirement 2030 Inv (VTHRX) Vanguard Target Retirement 2035 Inv (VTTHX) Vanguard Target Retirement 2040 Inv (VFORX) Vanguard Target Retirement 2045 Inv (VTIVX) Vanguard Target Retirement 2055 Inv (VFFVX) Vanguard Target Retirement 2060 Inv (VTTSX) Core investment options made of actively managed funds offered by prominent investment managers. This tier also includes fixed and variable annuities. Vangaurd Federal Money Market Inv (VMFXX) VALIC s Fixed-Interest Option Prudential Total Return Bond Q (PTRQX) JHancock Disciplined Value R6 (JDVWX) Neuberger Berman Socially Resp R6 (NRSRX) Harbor Capital Appreciation Instl (HACAX) MFS Mid Cap Value R5 (MVCKX) Eagle Mid Cap Growth R6 (HRAUX) American Funds Europacific Growth R6 (RERGX) Goldman Sachs Small Cap Value Instl (GSSIX) Hartford Small Company HLS IA (HIASX) Principal Real Estate securities Inst (PIREX) Tier 3: Passively Managed Tier Investment options made of passive funds which track well known indexes offered by prominent investment managers. Vanguard Total Bond Market Index Admin (VBTLX) Vanguard 500 Index Admiral (VFIAX) Vanguard Extended Market Idx Adm (VEXAX) Vanguard Total Intl Stock Index Adm (VTIAX) Policy form GFUA-504, a group fixed annuity issued by The Variable Annuity Life Insurance Company. 4

7 Understand how your investments will be transferred For faculty and staff investing at TIAA: Starting May 3, 2016, faculty and staff investing at TIAA will see the new investment options added to the Plan. There are several investment options in the Barry University Retirement Plans at TIAA-CREF that will remain in the plan, but will not be open to new investments. These are restricted. There are also investment options that will no longer be available in the plan. All existing assets in these options, as well as any future contributions, will be directed into the new investments. These funds are closed. TIAA-CREF Fund Mapping Restricted Current Investment Option Ticker Symbol New Investment Option Ticker Symbol CREF Bond Market R2 Variable Annuity Prudential Total Return Bond Q PTRQX CREF Equity Index R2 Variable Annuity Vanguard 500 Index Admiral VFIAX CREF Global Equities R2 Variable Annuity Age Related LC or Target Date Fund Various Lifecycle Funds CREF Growth R2 Variable Annuity Harbor Capital Appreciation Institutional HACAX CREF Inflation-Linked Bond R2 Variable Annuity Prudential Total Return Bond Q PTRQX Restricted: Annuities that will not be available for future contributions or transfers in, but existing account balances may remain (unless you elect to transfer out). On May 3, 2016, future contributions to these annuities will be redirected as shown in the chart. TIAA-CREF Fund Mapping Closed Current Investment Option Ticker Symbol New Investment Option Ticker Symbol TIAA-CREF Bond Index Retirement TBIRX Vanguard Total Bond Market Index Admiral VBTLX TIAA-CREF Bond Plus Retirement TCBRX Prudential Total Return Bond Q PTRQX TIAA-CREF Lifecycle 2010 Retirement TCLEX TIAA-CREF Lifecycle 2010 Institutional TCTIX TIAA-CREF Lifecycle 2015 Retirement TCLIX TIAA-CREF Lifecycle 2015 Institutional TCNIX TIAA-CREF Lifecycle 2020 Retirement TCLTX TIAA-CREF Lifecycle 2020 Institutional TCWIX TIAA-CREF Lifecycle 2025 Retirement TCLFX TIAA-CREF Lifecycle 2025 Institutional TCYIX TIAA-CREF Lifecycle 2030 Retirement TCLNX TIAA-CREF Lifecycle 2030 Institutional TCRIX TIAA-CREF Lifecycle 2035 Retirement TCLRX TIAA-CREF Lifecycle 2035 Institutional TCIIX TIAA-CREF Lifecycle 2040 Retirement TCLOX TIAA-CREF Lifecycle 2040 Institutional TCOIX TIAA-CREF Lifecycle 2045 Retirement TTFRX TIAA-CREF Lifecycle 2045 Institutional TTFIX TIAA-CREF Lifecycle 2050 Retirement TLFRX TIAA-CREF Lifecycle 2050 Institutional TFTIX TIAA-CREF Lifecycle 2055 Retirement TTRLX TIAA-CREF Lifecycle 2055 Institutional TTRIX TIAA-CREF Bond Retirement TIDRX Prudential Total Return Bond Q PTRQX TIAA-CREF Money Market Retirement TIEXX CREF Money Market R2 QCMMPX TIAA-CREF High-Yield Retirement TIHRX Prudential Total Return Bond Q PTRQX TIAA-CREF Inflation-Linked Bond Retirement TIKRX Prudential Total Return Bond Q PTRQX TIAA-CREF Large-Cap Growth Retirement TILRX Harbor Capital Appreciation Institutional HACAX TIAA-CREF Equity Index Retirement TIQRX Vanguard 500 Index Admiral VFIAX TIAA-CREF Short-Term Bond Retirement TISRX Prudential Total Return Bond Q PTRQX TIAA-CREF Managed Allocation Retirement TITRX Age Related TIAA-CREF Lifecycle Fund Institutional Various TIAA-CREF Lifecycle Retire Inc Retirement TLIRX TIAA-CREF Lifecycle Retire Inc Institutional TLRIX TIAA-CREF Small-Cap Blend Index Retirement TRBIX Vanguard Extended Market Index Admiral VEXAX TIAA-CREF Large-Cap Value Index Retirement TRCVX Vanguard 500 Index Admiral VFIAX TIAA-CREF International Equity Retirement TRERX American Funds Europacific Growth R6 RERGX TIAA-CREF Growth & Income Retirement TRGIX Harbor Capital Appreciation Institutional HACAX TIAA-CREF Mid-Cap Growth Retirement TRGMX Eagle Mid Cap Growth R6 HRAUX continued 5

8 Understand how your investments will be transferred (Continued) TIAA-CREF Fund Mapping Closed Current Investment Option Ticker Symbol New Investment Option Ticker Symbol TIAA-CREF International Equity Index Retirement TRIEX Vanguard Total Intl Stock Index Admiral VTIAX TIAA-CREF Large-Cap Growth Index Retirement TRIRX Vanguard 500 Index Admiral VFIAX TIAA-CREF Large-Cap Value Retirement TRLCX JHancock Disciplined Value R6 JDVWX TIAA-CREF Real Estate Securities Retirement TRRSX TIAA Real Estate Account QREARX TIAA-CREF Social Choice Equity Retirement TRSCX Vanguard 500 Index Admiral VFIAX TIAA-CREF Small-Cap Equity Retirement TRSEX Hartford Small Company HLS IA HIASX TIAA-CREF S&P 500 Index Retirement TRSPX Vanguard 500 Index Admiral VFIAX TIAA-CREF Mid-Cap Value Retirement TRVRX MFS Mid Cap Value R5 MVCKX Closed: Funds that will not be available for future contributions or existing account balances (unless accessed through the brokerage window). On May 3, 2016, future contributions and existing account balances will be redirected as shown in the chart. For the most recent prospectuses and fund profiles, please visit TIAA.org/barry. Information on the new investment menu, that goes into effect on May 3, 2016, will be available on TIAA s website on May 3, For Faculty and Staff investing at VALIC: Beginning May 3, 2016, the Barry University 401(k) plan will begin offering the VALIC mutual fund based program. Some of the benefits of the new enhanced program include the following: Consolidated list of high quality, publicly traded mutual funds from well-known fund managers Competitively priced mutual funds that will represent a reduction in your cost to invest Age-based target maturity date investments to make your investing less complicated A guaranteed Fixed-Interest Option Guarantees are backed by the claims-paying ability of The Variable Annuity Life Insurance Company Current annuity balances will remain in the annuity accounts or can be transferred into the new mutual fund line-up at your discretion. Effective May 3, 2016, your future contributions will be redirected as described in the following chart. In order to complete this transition, you will not be able to make any transactions within your account beginning at 12 a.m. (ET) on May 2, 2016 and ending at 11:59 p.m. (ET) on May 6, VALIC 401(k) Fund Mapping Current Investment Option New Investment Option Ticker Symbol International Equity International Equity International Equities Index Fund American Funds Europacific Growth R6 RERGX Foreign Value Fund American Funds Europacific Growth R6 RERGX Emerging Economies Fund Vanguard Target Retirement Income Inv VTINX International Growth I American Funds Europacific Growth R6 RERGX International Opportunities Vanguard Target Retirement Income Inv VTINX Specialty Specialty Science & Technology Fund Vanguard Target Retirement 2010 Inv VTENX Health Sciences Fund Vanguard Target Retirement 2010 Inv VTENX Global Real Estate Principal Real Estate Securities Inst PIREX Invesco Balanced-Risk Commodity Strategy Vanguard Target Retirement 2010 Inv VTENX Small Cap Small Cap Small Mid Growth Fund Hartford Small Company HLS IA HIASX Small Cap Aggressive Growth Fund Hartford Small Company HLS IA HIASX Small Cap Growth Fund Hartford Small Company HLS IA HIASX Small Cap Fund Vanguard Extended Market Idx Adm VEXAX Small Cap Value Fund Goldman Sachs Small Cap Value Instl GSSIX Small Cap Special Values Fund Goldman Sachs Small Cap Value Instl GSSIX Ariel Fund Vanguard Extended Market Idx Adm VEXAX 6 continued

9 Understand how your investments will be transferred (Continued) VALIC 401(k) Fund Mapping Current Investment Option New Investment Option Ticker Symbol Mid Cap Mid Cap Mid Cap Strategic Growth Fund Eagle Mid Cap Growth R6 HRAUX Mid Cap Growth Fund Eagle Mid Cap Growth R6 HRAUX Ariel Appreciation Vanguard Extended Market Idx Adm VEXAX Mid Cap Value Fund MFS Mid Cap Value R5 MVCKX Domestic Large Cap Domestic Large Cap Large Capital Growth Fund Harbor Capital Appreciation Instl HACAX Growth Harbor Capital Appreciation Instl HACAX Capital Appreciation Fund Harbor Capital Appreciation Instl HACAX Large Cap Core Fund Harbor Capital Appreciation Instl HACAX Core Equity Fund JHancock Disciplined Value R6 JDVWX Blue Chip Growth Fund Harbor Capital Appreciation Instl HACAX American Beacon Holland Lg Cp Gr Harbor Capital Appreciation Instl HACAX Large Cap Value Fund JHancock Disciplined Value R6 JDVWX Growth & Income Fund Vanguard 500 Index Admiral VFIAX Dividend Value Fund JHancock Disciplined Value R6 JDVWX Vanguard Windsor II JHancock Disciplined Value R6 JDVWX Broad Cap Value Income Fund JHancock Disciplined Value R6 JDVWX Value Fund JHancock Disciplined Value R6 JDVWX Socially Responsible Socially Responsible Global Social Awareness Fund Neuberger Berman Socially Rspns R6 NRSRX Socially Responsible Fund Vanguard Target Retirement Income Inv VTINX Index Index Small Cap Index Fund Vanguard Extended Market Idx Adm VEXAX Mid Cap Index Fund Vanguard Extended Market Idx Adm VEXAX Stock Index Fund Vanguard 500 Index Admiral VFIAX Nasdaq-100 Index Fund Vanguard 500 Index Admiral VFIAX Lifestyle Lifestyle Aggressive Growth Lifestyle Fund Vanguard Target Retirement Income Inv VTINX Moderate Growth Lifestyle Fund Vanguard Target Retirement Income Inv VTINX Conservative Growth Lifestyle Fund Vanguard Target Retirement Income Inv VTINX Vanguard LifeStrategy Growth Vanguard Target Retirement Income Inv VTINX Vanguard LifeStrategy Moderate Growth Vanguard Target Retirement Income Inv VTINX Vanguard LifeStrategy Conservative Growth Vanguard Target Retirement Income Inv VTINX Lifestyle/Target Maturity Lifestyle/Target Maturity T. Rowe Price Retirement 2015 Adv Vanguard Target Retirement 2015 Inv VTXVX T. Rowe Price Retirement 2020 Adv Vanguard Target Retirement 2020 Inv VTWNX T. Rowe Price Retirement 2025 Adv Vanguard Target Retirement 2025 Inv VTTVX T. Rowe Price Retirement 2030 Adv Vanguard Target Retirement 2030 Inv VTHRX T. Rowe Price Retirement 2035 Adv Vanguard Target Retirement 2035 Inv VTTHX T. Rowe Price Retirement 2040 Adv Vanguard Target Retirement 2040 Inv VFORX T. Rowe Price Retirement 2045 Adv Vanguard Target Retirement 2045 Inv VTIVX T. Rowe Price Retirement 2050 Adv Vanguard Target Retirement 2050 Inv VFIFX T. Rowe Price Retirement 2055 Adv Vanguard Target Retirement 2055 Inv VFFVX T. Rowe Price Retirement 2060 Adv Vanguard Target Retirement 2060 Inv VTTSX continued 7

10 Understand how your investments will be transferred (Continued) VALIC 401(k) Fund Mapping Current Investment Option New Investment Option Ticker Symbol Balanced Balanced Asset Allocation Fund Vanguard Target Retirement Income Inv VTINX Global Strategy Fund Vanguard Target Retirement Income Inv VTINX Vanguard Wellington Vanguard Target Retirement Income Inv VTINX Non-US Govt Bonds Non-US Govt Bonds International Government Bond Fund Prudential Total Return Bond Q PTRQX Corporate Bonds Corporate Bonds Capital Conservation Fund Prudential Total Return Bond Q PTRQX Vanguard L/T Investment Grade Prudential Total Return Bond Q PTRQX High Yield Bond Prudential Total Return Bond Q PTRQX Core Bond Prudential Total Return Bond Q PTRQX Strategic Bond Prudential Total Return Bond Q PTRQX Government Bonds Government Bonds Inflation Protected Fund Prudential Total Return Bond Q PTRQX Government Securities Prudential Total Return Bond Q PTRQX Vanguard Long-Term Treasury Vanguard Target Retirement Income Inv VTINX Money Market *** Fixed Account Money Market I VALIC s Fixed-Interest Option Money Market II VALIC s Fixed-Interest Option Fixed Account & Miscellaneous Investments Fixed Account SunAmerica 2020 High Watermark Fund VALIC s Fixed-Interest Option Fixed Account Plus VALIC s Fixed-Interest Option Short Term Fixed Account VALIC s Fixed-Interest Option Multi-Year Enhanced Fixed Option VALIC s Fixed-Interest Option Investors should carefully consider the investment objectives, risks, fees, charges and expenses before investing. This and other important information is contained in the prospectus, which can be obtained from your financial professional or visit VALIC.com/barry. You can also request a copy by calling Read the prospectuses carefully before investing. Information on the new investment menu that goes into effect on May 3, 2016 will be available on VALIC s website on May 3,

11 Diversification The right mix of investments Your investment strategy should include an asset allocation or mix of investments that matches your financial goals and risk tolerance. No matter what your age or goals, being diversified both among and within different types of stocks, bonds and other investments is recommended. The goal of diversification is not to boost performance but to help manage risk. Diversification doesn t ensure a profit or guarantee against a loss. And while it won t maximize returns in up markets it may help you ride out swings in the market, because as one part of your portfolio struggles, another may be performing well. So while it is important to understand and consider the underlying investment funds, building your portfolio with a focus on balancing your selected asset classes is a solid approach recommended by professional investment advisors. Now is a great time to meet with your financial consultant to review your retirement plan. To meet with TIAA financial consultant, Sharon Mohan, Sharon at smohan@tiaa.org, or call TIAA at To meet with VALIC financial advisors, contact Jason Smith at jason.smith@valic.com/ , or Andrew Massey at andrew.massey@valic.com/ What do I need to do? 1. Understand your current investments: Log in to your secure account at TIAA.org/barry or VALIC.com/barry to see your current account balances and understand where you are currently investing your money. 2. Compare your current investments with the Barry University Retirement Plans new investment lineup and determine: Which investment options will continue to be available for new contributions and existing balances (active). Which annuities will no longer be available for new contributions, but will allow you to keep your existing balances in them (frozen). Which funds that will no longer be available for new contributions or existing balances (eliminated). 3. If your current account balances are invested in any funds that will be eliminated, your existing balances will automatically be transferred into funds identified on pages 5-8 of this guide on May 3, The new investment options will be available beginning May 3, You may change your elections anytime for future contributions and move account balances to different investment options by contacting TIAA or VALIC at the contact information listed in this Transition Guide. 9

12 Get retirement plan investment advice Support for every step of your retirement journey Get personalized retirement plan advice and guidance on the Barry University Retirement Plans investment options from a TIAA financial consultant or a VALIC financial advisor. This service is available as part of your retirement program at no additional cost to you. For Faculty and Staff investing at TIAA You can access information about investment options in the lineup and make changes to your account: 1. Online. Log on to your account at TIAA.org/barry and select Log In. If you haven t registered for online access, you will need to establish a user ID and password to access your account. 2. By phone. If you prefer, you can update your account by calling TIAA at , Monday through Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m. (ET). 3. In Person: Schedule an appointment with your TIAA financial consultant, Sharon Mohan, by ing Sharon at smohan@tiaa.org or by calling For Faculty and Staff investing at VALIC You can access information about investment options in the lineup and make changes to your account: Online: VALIC.com/barry By Phone: VALIC Client Care Center at In Person: Your VALIC financial advisors can assist you. Please contact Jason Smith on his cell phone at or by at jason.smith@valic.com, or Andrew Massey at andrew.massey@valic.com or call Where can I learn more? Barry University understands that you may have questions about these changes. There are a number of resources to help you. Information meetings Information meetings will be held in April. Refer to the Key Dates on page 1 for dates and times. Advice sessions Consultants from TIAA and VALIC will be on campus for individual One-on-One Advice Sessions. Refer to the Key Dates on page 1 for dates. To make a reservation: TIAA: Contact your TIAA financial consultant, Sharon Mohan, at smohan@tiaa.org or call VALIC: Contact your VALIC financial advisors Jason Smith on his cell phone at or by at jason.smith@valic.com, or Andrew Massey at andrew.massey@valic.com or call

13 Transition Q&A for TIAA 1. Why is Barry University making these changes? Barry University is committed to providing a benefits package that promotes the well-being of its faculty and employees. These changes are designed to help you pursue your retirement savings goals more effectively. They include providing a new core lineup of investment options with very competitive fees and a much wider selection of investment options from a variety of providers that will satisfy the needs of participants who want more flexibility and choice. 2. How can I get familiar with the new investment options? A menu of new investment options is included in this guide for your review. You can also visit the dedicated retirement program website at TIAA.org/barry, beginning May 3, If I m happy with my current investment selections, can I keep them? If your current investment selections are included on the new menu, you can keep them. However, some current mutual funds will no longer be available except through a brokerage window. Please check the new investment menu and transfer information on pages 3-8 of this Guide to understand how your investments may be affected. 5. Will I pay any fees to make investments in the Barry University Retirement Plans? All investment options have expense ratios and other investment-specific fees that can be found in the prospectuses at TIAA.org/barry, beginning May 3, Some investment options may also have redemption fees. 6. Who can I contact if I have questions about any of the changes to my plan? If you have any questions about the new enhancements to the Barry University retirement plan, you may contact your TIAA financial consultant, Sharon Mohan, at smohan@tiaa.org or by calling Will loans be available with the new TIAA fund lineup? Loans are still available from a minimum of $1,000 to a maximum of $50,000 from each employer. How much you can borrow depends on the amount you currently have in the plan and whether you have other outstanding loans. The maximum loan amount available to you is calculated based on the total accumulations in your contract. Loan repayments continue to go to the CREF Money Market Account R2. 4. My spouse/partner/friend is very involved in my finances. Can I bring him or her to a meeting? Yes. You can bring this individual to your One-on-One Advice and Guidance Session. 11

14 Transition Q&A for VALIC 1. What are the upcoming changes affecting the Barry University Retirement Plans? Barry University has approved VALIC s mutual fund based program for participants in the 401(k) plan, effective May 3, These mutual funds may reduce administrative fees for the investor and, depending on the option selected, will provide a wide array of offerings from well-known investment providers depending on the option selected. 2. What does this mean for me? Effective May 3, 2016, all contributions for VALIC participants will be invested in the new mutual fund platform. This transition will be automatic. No action is required on your part. If you are currently invested in VALIC s annuity platform, your future contributions will be mapped to the mutual fund platform based on the mapping chart. Your future contributions will automatically be redirected to the mutual fund platform effective in the first payroll following May 3, (See the mapping chart.) 3. What is a quiet period, who does it apply to, and what affect does it have on my account? To process the implementation of the new mutual fund platform, there will be a quiet period to create your new mutual fund account based on your existing investments. During this quiet period you will not have the ability to conduct transactions, investment changes, or transfer assets. The quiet period is expected to begin May 2, 2016 at 12 a.m. and end May 6, 2016 at 11:59 p.m. (ET). It is important that you review and consider the appropriateness of your current investments. You may make changes to your account before the quiet period begins by logging onto the custom website at VALIC.com/barry or by calling the VALIC Client Care Center at Enrollment Professionals are available Monday through Friday from 8:30 a.m. to 8 p.m. (ET) and the interactive phone access is available 24 hours a day. You can access your new account information or request a change to your investment elections after the quiet period ends on May 6, 2016 at VALIC.com/ barry or by calling the VALIC Client Care Center at Will loans be available with the VALIC mutual fund based program? Yes, a fee of $50.00 will be charged as an initial set-up cost with a $50.00 annual fee for administration. In addition, the interest rate charged for participant loans on the mutual fund platform is different from the interest rate charged on the annuity platform. All loan interest repaid will be credited to the participant s account. The method of repaying your loans will change to Automatic Clearing House (ACH) debit, which you can establish through a financial institution of your choosing. Please consult with your VALIC financial advisor for more information. 5. What will happen to my existing annuity account balance? Current annuity balances will remain in the annuity accounts or can be transferred into the new mutual fund line-up at your discretion. Effective May 3, 2016, your future contributions will be redirected as described in the mapping chart. 6. What will happen to my account if I am enrolled in the Guided Portfolio Service (GPS)? Your existing assets will map over to the mutual fund program. If you are currently enrolled in GPS on the annuity platform, you will automatically be enrolled on the mutual fund program and those assets will map over to the mutual fund program from the mapping schedule. 7. How will my frozen 403(b) plan balances be treated during the change to the mutual fund platform? The old 403(b) plan is frozen and you do not have to do anything with those annuity account balances. If you choose to do so, you can transfer your existing annuity balances by using an Asset Conversion form under the custom website at VALIC.com/barry on a quarterly basis. Your VALIC financial advisor can help you with this process. continued 12

15 Transition Q&A for VALIC (continued) 8. Who can I contact if I have questions about any of the mutual funds or this transfer process? If you have any questions about the new enhancements to the Barry University 401(k) retirement plan, you may contact your local VALIC financial advisors: Jason Smith, jason.smith@valic. com, cell or Andrew Massey at andrew.massey@valic.com or call Investors should carefully consider the investment objectives, risks, fees, charges and expenses before investing. This and other important information is contained in the prospectus, which can be obtained from your financial professional or visit VALIC.com/barry. You can also request a copy by calling Read the prospectuses carefully before investing. Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment advisor. Annuities issued by The Variable Annuity Life Insurance Company. VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company. 13

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