Ready to Plan for Financial Wellness? Let s Work Together. Changes to the NYEE 403(b) Retirement Plan

Transcription

1 Ready to Plan for Financial Wellness? Let s Work Together. Changes to the NYEE 403(b) Retirement Plan

2 Mount Sinai Health System One Gustave L. Levy Place New York, NY Dear Colleagues, As announced earlier this summer, we are introducing updates to the NYEE 403(b) Retirement Plan that make it easier for you to save for your financial future. After a comprehensive review of the Mount Sinai Health System retirement plans, including presentations by several financial providers, we decided to choose TIAA as the sole recordkeeper of the plan. Having one recordkeeper allows us to offer a wide range of investment options on the same administrative platform. It also helps streamline plan administration and reduce fees for many of the investment options that are offered. The upcoming changes provide an opportunity for you to revisit your retirement plan choices. As you consider some of the new investment options and services, please take advantage of the financial help and resources offered through the plan, including the one-on-one retirement plan investment advice service that s available at no additional cost to you. It is our goal to continue to work with you and provide the opportunities, information, and support you need as you plan ahead for retirement. Sincerely, Jane Maksoud Senior Vice President and Chief Human Resources Officer Mount Sinai Health System

3 Table of Contents Helping You Plan for the Retirement You Want... 4 Introducing New Plan Features... 5 Key Dates... 6 Your Action Plan...7 New Investment Options... 8 Plan Information for All Participants Resources and Information to Help You Manage Your Entire Account at TIAA On-site Information Events Retirement Plan Investment Advice Professional Management of Your Retirement Account...17 Frequently Asked Questions Questions? Call or visit TIAA.org/mountsinai 3

4 Helping You Plan for the Retirement You Want It has never been more important to plan ahead for retirement. At Mount Sinai Health System, we want to help you prepare for your financial future by introducing updates to the NYEE 403(b) Retirement Plan, and provide you with the best plan possible. What will change? Beginning in late December and early January, we will introduce several updates to the NYEE 403(b) Retirement Plan. New plan name While the basic design of the retirement plan will not change (contribution rates, eligibility, and vesting requirements will remain the same), the plan name will change from NYEE 403(b) Retirement Plan to Mount Sinai Health System 403(b) Retirement Plan NYEE. One recordkeeper for easier account access and management This means that Mount Sinai retirement investment options and NYEE retirement investment options will exist on the same administrative platform. Having one administrator helps streamline recordkeeping of the retirement plan and makes it easier for you to get the information you need to manage your account. The transition to a single recordkeeper requires some changes. Your BPAS account balance will automatically transfer to TIAA and all future retirement plan contributions will be made to your plan account with TIAA. New investment options and services New investments from several financial providers have been carefully selected to offer you a broad range of choices. The plan also provides an array of financial services, from help with basic budgeting to one-on-one advice sessions. Whether investing is new to you or you have been doing it for years, be assured you will have access to all of the financial information, education, and support you may need. Working together for your financial well-being As you participate in the plan, we will continue to support you on your path to and through retirement. Please take time now to carefully review this guide, and contact TIAA if you need assistance or have questions. 4 Mount Sinai Health System Retirement Program

5 Introducing New Plan Features The plan updates will make it easier for you to manage your account and provide new tools, resources, and support to help you make important retirement planning decisions. A single place to manage your account Use the TIAA website to review your account, select investments, make account transfers, and update your beneficiary information. You can also find the latest performance information for each of your investment choices. Simply log in at TIAA.org/mountsinai, choose Plans and Investments, and then select your retirement plan. 360 Financial View The 360 Financial View tool, online at TIAA.org/mountsinai, can help you consolidate your financial information in one place, so you can get a complete picture of your spending, savings, and investing. It is available to you at no cost and makes it convenient to view your accounts from more than 11,000 financial institutions. Online salary deferral Starting January 4, 2018, you can visit TIAA.org/mountsinai to indicate how much you want to contribute to the plan using an online Salary Reduction Agreement form. This new feature will help streamline the process and make it easier if you wish to change your current salary deferral. Helpful tools and calculators You have access to online tools and calculators that can help you plan for retirement. Simply visit TIAA.org/tools for free, online resources that can provide advice on your retirement plan assets; can help you determine an asset allocation strategy; and will let you know if you re on track to meet your retirement plan goals. Financial advice and support Whether you ve just started saving or have been investing for years, you have access to financial advisors and consultants who can help you make informed decisions. You can get financial advice on the investment options available through the NYEE 403(b) Retirement Plan at no additional cost to you, or take advantage of professional management of your account with the fee-based Retirement Plan Portfolio Manager service.

6 Key Dates Date Beginning November 6, 2017 December 14, 2017, at 4 pm (ET) December 18, 2017 December 20, 2017 Starting December 21, 2017 January 4, 2018 January 5, 2018 On or before January 10, 2018 Event On-site Seminars and Walk-up Information Desks begin (page 14). Blackout Period expected to begin. During this time, you will be unable to modify your BPAS account. Also, you will not be able to obtain a distribution, loan, or hardship withdrawal from your account. Last day to change how much you contribute to the NYEE 403(b) Retirement Plan with the current financial provider using a paper Salary Reduction Agreement form. Process update will allow you to make this change online beginning January 4, You will be enrolled in a new TIAA account and receive a Welcome Kit with important information on making the most of your participation with TIAA. All future contributions will be directed to the new plan lineup options with TIAA. Salary Reduction Agreement form is now available online through your account at TIAA.org/mountsinai. The plan name changes to Mount Sinai Health System 403(b) Retirement Plan NYEE. Blackout Period expected to end. You can now access and update your retirement account at TIAA, including balances transferred from BPAS. Please note: The date of the retirement plan changes and the end of the Blackout Period depend on the accurate, timely transfer of data and receipt of assets from BPAS to TIAA. If this does not occur, the end of the Blackout Period, as well as the retirement plan changes, could be delayed.

7 Your Action Plan While plan changes will not take effect until the end of December and early January, you can begin to take the following steps to ensure your retirement account accurately reflects your personal information and plan lineup choices. Get ready Beginning November 2017 c Review this guide. You will find information about the plan updates, a chart showing how certain investments will transfer to new replacement options, and details about retirement planning resources. c Take a look at your current investments. Evaluate your investment strategy and consider any changes. c Attend an on-site Seminar or visit a Walk-up Information Desk. TIAA financial consultants will be on-site and available to provide details on changes, as well as answer your questions. Go! Beginning December 20, 2017 c Manage your account at TIAA.org/mountsinai. Once you have an account set up with TIAA, you will be able to manage your secure account online, including: Updating beneficiary information. Any investment changes for future contributions. Changes to balances can be made once the Blackout Period has ended. Beginning January 4, 2018 c Online Salary Reduction Agreement form will be available through your account at TIAA.org/mountsinai. You may conveniently change how much you want to contribute from each paycheck. c Schedule an advice session with a TIAA financial consultant. Get personalized retirement plan advice (see page 16). Instructions on how to access your new account and make changes are found on page 13. Questions? Call or visit TIAA.org/mountsinai 7

8 New Investment Options The new investment choices offer you flexibility to create a retirement portfolio that matches your investment preferences and goals. While there are many different strategies for investing, here are three common approaches to consider. Remember, you have access to advice from a TIAA financial consultant if you want help deciding on a strategy, investment options, or both. To learn more about the new investment options, go to TIAA.org and enter the ticker symbol in the site s search feature. One-Step Investing: Target-Date Funds The convenience of a complete retirement portfolio in a single fund. Target-date funds offer a diversified investment in a single fund. If you prefer a hands-off approach to investing, consider a target-date fund. Each target-date fund is a fund of funds, primarily invested in shares of other mutual funds. 1 Each fund s investments become more conservative as the target date approaches. The target date indicates when you might begin making withdrawals; however, you are not required to make withdrawals at the stated target date. As with all mutual funds, the principal value of a target-date fund is not guaranteed at any time, even at the target date, and will fluctuate. Asset Class Investment Option Ticker Symbol Multi-Asset Vanguard Institutional Target Retirement Income Institutional VITRX Multi-Asset Vanguard Institutional Target Retirement 2015 Institutional VITVX Multi-Asset Vanguard Institutional Target Retirement 2020 Institutional VITWX Multi-Asset Vanguard Institutional Target Retirement 2025 Institutional VRIVX Multi-Asset Vanguard Institutional Target Retirement 2030 Institutional VTTWX Multi-Asset Vanguard Institutional Target Retirement 2035 Institutional VITFX Multi-Asset Vanguard Institutional Target Retirement 2040 Institutional VIRSX Multi-Asset Vanguard Institutional Target Retirement 2045 Institutional VITLX Multi-Asset Vanguard Institutional Target Retirement 2050 Institutional VTRLX Multi-Asset Vanguard Institutional Target Retirement 2055 Institutional VIVLX Multi-Asset Vanguard Institutional Target Retirement 2060 Institutional VILVX Multi-Asset Vanguard Institutional Target Retirement 2065 Institutional VSXFX Guaranteed Options: Stability with Flexible Income Choices A conservative approach to help meet long-term retirement goals. Guaranteed options help protect your principal, maintain a minimum guaranteed rate of return, and provide flexible income options designed to help you plan for long-term retirement income needs. 2 Asset Class Investment Option Ticker Symbol Guaranteed TIAA Stable Value (Guaranteed Annuity) 2,3 N/A Guaranteed TIAA Traditional (Guaranteed Annuity) 2 N/A 1 Target-date funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. In addition to the fees and expenses associated with the target-date funds, there is exposure to the fees and expenses associated with the underlying mutual funds. 2 TIAA Traditional Annuity and TIAA Stable Value are guaranteed insurance contracts and not investments for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. Interest credited includes a guaranteed rate, plus additional amounts as may be established by the TIAA Board of Trustees. Such additional amounts, when declared, remain in effect for the declaration year, which begins each March 1 for accumulating annuities and each January 1 for payout annuities. Additional amounts are not guaranteed for periods other than the period for which they were declared. 3 TIAA Stable Value Equity Wash Restriction: In order to provide the performance, stability, and liquidity attributes of a stable value option, participant transfers from stable value options are subject to an industry-standard, 90-day equity wash rule. This means participants are prohibited from transferring from TIAA Stable Value directly to competing funds. Competing funds are plan investment options that exhibit a pattern of performance consistent with stability and include money market funds, short term bond funds, and the TIAA Real Estate Account. Participants wishing to transfer amounts from TIAA Stable Value to competing funds must first transfer to noncompeting funds, where the amount originally transferred must remain for 90 days before the participant can then transfer the amount to one or more competing funds. In addition, to minimize the negative effects of frequent trading, transfers into TIAA Stable Value are restricted for 30 days following a transfer out. Investment products may be subject to market and other risk factors. Diversification is a technique to help reduce risk. However, there is no guarantee that diversification will protect against loss. 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. 8 Mount Sinai Health System Retirement Program

9 Active Investing: A Variety of Options from which to Choose Select the options that best suit your specific investment preferences and goals. Active investing allows you to tailor a strategy designed just for you. When making choices, keep in mind your tolerance and capacity for investment risk. The lineup offers a wide range of options that cover several asset classes: money market low risk, low return choices that help preserve assets while maintaining liquidity; fixed income options that provide a set amount of interest on a predetermined basis, and are considered low risk, low return to help protect against portfolio volatility; multi-asset typically a balanced approach to investing in a broad range of securities, including both stocks and bonds; real estate a sector-specific choice invested in both foreign and domestic real estate and real-estate-related assets; and equities invested in a variety of stocks. Asset Class Investment Option Ticker Symbol Money Market CREF Money Market R3 (Variable Annuity) 3 QCMMIX Money Market Prudential Government Money Market Z 3 PMZXX Money Market Vanguard Federal Money Market Fund Investor 3 VMFXX Fixed Income American Funds Bond Fund of America R6 RBFGX Fixed Income CREF Inflation-Linked Bond R3 (Variable Annuity) QCILIX Fixed Income Loomis Sayles Bond N LSBNX Fixed Income PIMCO Total Return Institutional 4 PTTRX Fixed Income Vanguard High Yield Corporate Admiral VWEAX Fixed Income Vanguard Inflation-Protected Securities I VIPIX Fixed Income Vanguard Total Bond Market Index Institutional VBTIX Multi-Asset American Funds American Balanced R6 RLBGX Multi-Asset CREF Social Choice R3 (Variable Annuity) QCSCIX Real Estate TIAA Real Estate (Variable Annuity) 3 QREARX Equities American Funds EuroPacific Growth R6 RERGX Equities American Funds Growth Fund of America R6 RGAGX Equities American Funds New World R6 RNWGX Equities Cohen & Steers Realty Shares CSRSX Equities CREF Global Equities R3 (Variable Annuity) QCGLIX Equities CREF Stock R3 (Variable Annuity) QCSTIX Equities Eaton Vance Large-Cap Value R6 ERLVX Equities JHancock Disciplined Value Mid Cap R6 JVMRX Equities Prudential Jennison Small Company Q PJSQX Equities T. Rowe Price Mid Cap Growth I RPTIX Equities Vanguard Developed Markets Index Institutional VTMNX Equities Vanguard Emerging Markets Stock Index Institutional VEMIX Equities Vanguard Explorer Admiral VEXRX Equities Vanguard Extended Market Institutional VIEIX Equities Vanguard Institutional Index Institutional Pl VIIIX Equities Vanguard International Growth Admiral VWILX Equities Vanguard International Value Investor VTRIX Equities Vanguard PRIMECAP Admiral VPMAX Equities Vanguard Windsor Admiral VWNEX Equities Wells Fargo Special Small Cap Value R6 4 ESPRX 4 A contractual, voluntary, and/or redemption fee waiver applies. See the prospectus for the fee waiver expiration date. Questions? Call or visit TIAA.org/mountsinai 9

10 Plan Information for All Participants You will be enrolled in a new TIAA account on December 20, 2017, and your beneficiary information will be set to Estate. 1 An enrollment confirmation will be mailed to you and you will be able to access your new account and make changes to your beneficiary and/or investment allocations. Other changes to your account can be made after the Blackout Period ends, on or before January 10, Starting December 21, 2017, your future contributions will be directed to your new TIAA account and the new investment options as shown in the transfer chart on page 11. On or about December 27, 2017, your account balance(s) will transfer to your new TIAA account and the new investment options as shown in the transfer chart on page 11. How your account balance(s) will transfer from BPAS to TIAA To help ensure the smooth transfer of account balance(s) from BPAS, there will be a brief Blackout Period expected to begin on or around December 14, 2017, at 4 pm (ET). During this time, you will not be able to perform transactions (e.g., change investments, make withdrawals, take a loan, transfer funds). Payroll contributions to the NYEE 403(b) Retirement Plan will continue to be withheld during the Blackout Period. See the enclosed Blackout Notice for more details. Please note: The date of the plan changes and the end of the Blackout Period depend on the accurate, timely transfer of data from BPAS to TIAA. If this does not occur, the end of the Blackout Period could be delayed. Account balances will move from BPAS to the TIAA recordkeeping platform following a fund-to-fund transfer process. This process directs balances and contributions to a replacement fund on the TIAA lineup as shown in the transfer chart. Account balance(s) from BPAS will be applied to the new investment option(s) as of 4 pm (ET) on the date the balance(s) are received. Your account will not be invested in the new funds for at least one business day. You will receive two confirmations: one from BPAS showing the transfer out of your account, and a second from TIAA showing the balance(s) applied to your new account. Some of your investment options may be directed to a lower-cost share class of the same fund and reduce your investment expenses. There is no investment strategy difference between various share classes of the same fund. Investing in a lower-cost share class means that less of your money goes toward fees. As a result, you keep a larger portion of the potential returns generated by each investment. Contributions made to the Roth option will transfer, but a Roth option will not be offered for new contributions starting December 21, If you have a spousal waiver on file with BPAS, it will not transfer to TIAA and a new spousal waiver will need to be completed for your TIAA account. Please address this promptly by logging in to your TIAA account and updating your beneficiary information. 10 Mount Sinai Health System Retirement Program

11 Transfer chart Current Investment Option Ticker Symbol New Investment Option Ticker Symbol American Funds American Balanced A ABALX American Funds American Balanced R6 RLBGX American Funds EuroPacific Growth A AEPGX Vanguard International Growth Admiral VWILX BlackRock Inflation Protected Bond Investor A BPRAX Vanguard Inflation-Protected Securities I VIPIX Franklin Small Cap Growth A FSGRX Vanguard Explorer Admiral VEXRX Harbor Capital Appreciation Investor HCAIX Vanguard PRIMECAP Admiral VPMAX Ivy High Income Y WHIYX Vanguard High-Yield Corporate Admiral VWEAX JHancock Disciplined Value Mid Cap A JVMAX JHancock Disciplined Value Mid Cap R6 JVMRX Metropolitan West Total Return Bond M MWTRX PIMCO Total Return Institutional PTTRX Natixis AEW Real Estate A NRFAX Cohen & Steers Realty Shares CSRSX Oppenheimer Equity Income A OAEIX Vanguard Windsor Admiral VWNEX Parametric Emerging Markets Investor EAEMX American Funds New World R6 RNWGX Principal Preservation Separate Account 1 (Employee Source) Principal Preservation Separate Account 1 (Employer Source) N/A TIAA Traditional Annuity (Guaranteed Annuity) (Group Supplemental Retirement Annuity Contract) N/A TIAA Stable Value (Guaranteed Annuity) N/A T. Rowe Price Mid-Cap Growth Advisor PAMCX T. Rowe Price Mid-Cap Growth I RPTIX T. Rowe Price Retirement 2005 Advisor PARGX Vanguard Institutional Target Retirement Income Institutional VITRX T. Rowe Price Retirement 2010 Advisor PARAX Vanguard Institutional Target Retirement Income Institutional VITRX T. Rowe Price Retirement 2015 Advisor PARHX Vanguard Institutional Target Retirement 2015 Institutional VITVX T. Rowe Price Retirement 2020 Advisor PARBX Vanguard Institutional Target Retirement 2020 Institutional VITWX T. Rowe Price Retirement 2025 Advisor PARJX Vanguard Institutional Target Retirement 2025 Institutional VRIVX T. Rowe Price Retirement 2030 Advisor PARCX Vanguard Institutional Target Retirement 2030 Institutional VTTWX T. Rowe Price Retirement 2035 Advisor PARKX Vanguard Institutional Target Retirement 2035 Institutional VITFX T. Rowe Price Retirement 2040 Advisor PARDX Vanguard Institutional Target Retirement 2040 Institutional VIRSX T. Rowe Price Retirement 2045 Advisor PARLX Vanguard Institutional Target Retirement 2045 Institutional VITLX T. Rowe Price Retirement 2050 Advisor PARFX Vanguard Institutional Target Retirement 2050 Institutional VTRLX T. Rowe Price Retirement 2055 Advisor PAROX Vanguard Institutional Target Retirement 2055 Institutional VIVLX T. Rowe Price Retirement 2060 Advisor TRRYX Vanguard Institutional Target Retirement 2060 Institutional VILVX Templeton Global Bond A TPINX Loomis Sayles Bond N LSBNX Vanguard 500 Index Admiral VFIAX Vanguard Institutional Index Institutional Pl VIIIX Vanguard Mid Cap Index Admiral VIMAX Vanguard Extended Market Index Institutional VIEIX Vanguard Small Cap Index Admiral VSMAX Vanguard Extended Market Index Institutional VIEIX N/A 1 IMPORTANT NOTE: Any balances in the Principal Preservation Separate Account are subject to a market value adjustment at the time of the plan transfer. Balances in that account will be debited or credited with this adjustment when the account is transferred. This adjustment will be reported on your BPAS account statement, and the net proceeds will be applied to your TIAA account. Mount Sinai Health System has instructed TIAA to transfer account balances in investment option not listed above to the Vanguard Institutional Target Retirement 2015 Institutional fund. Questions? Call or visit TIAA.org/mountsinai 11

12 Resources and Information to Help You

13 Manage Your Entire Account at TIAA The easiest way to manage your retirement account is by going online. This gives you 24/7 access to your account and the information you need. Online Access your account at TIAA for the first time 1. Go to TIAA.org/mountsinai and select Log In. 2. Choose Register for online access and follow the on-screen instructions to access your account. 3. You will have the option to update your beneficiary information and/or investment allocations. Change investments for future contributions 1. Go to TIAA.org/mountsinai and select Log In. 2. Enter your TIAA user ID and password. 3. From the My Account drop-down menu, choose Change investments. 4. Select Change how future contributions are invested and choose each account/contract you would like to update. Enter your investment instructions. Change the amount you contribute to the plan. Designate or change a beneficiary 1. Go to TIAA.org/mountsinai and select Log In. 2. Enter your TIAA user ID and password. 3. From the My Account drop-down menu, select Add/edit beneficiaries. Change the amount you contribute to the plan (available online starting January 4, 2018) 1. Go to TIAA.org/mountsinai and select Log In. 2. Enter your TIAA user ID and password. 3. From the My Account drop-down menu, choose Change my contribution. 4. Update the dollar amount or percentage for your contributions and the date you want the change to take place. Transfer balances within your Mount Sinai retirement plans 1. Go to TIAA.org/mountsinai and select Log In. 2. Enter your TIAA user ID and password. 3. From the My Account drop-down menu, choose Change investments. 4. Select Change investments within an account and choose each account/contract you would like to update. Enter your investment instructions. By phone If you have any questions or would like assistance selecting new investment options, you can call TIAA at , weekdays, 8 am 10 pm, and Saturday, 9 am 6 pm (ET). Questions? Call or visit TIAA.org/mountsinai 13

14 On-site Information Events Seminars TIAA financial consultants will provide the latest information about the NYEE 403(b) Retirement Plan updates during the following one-hour seminars. Date Time Location / Room Wednesday, November 8 10 am - 11 am 3rd Floor Conference Room Tuesday, November 14 2 pm - 3 pm A narrated presentation will also be available at TIAA.org /mountsinai. The presentation will be available 24/7 starting on November 6, Walk-up Information Desks You ll have opportunities to stop by an on-site Information Desk, where TIAA financial consultants will answer questions and provide information. Date Time Location / Room Tuesday, November 7 11 am - 2 pm Thursday, November am - 2 pm Tuesday, November am - 2 pm Outside cafeteria Monday, November am - 2 pm Monday, December 4 11 am - 2 pm

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16 Retirement Plan Investment Advice You have access to personalized advice on all of the new Mount Sinai Health System 403(b) Retirement Plan NYEE options from a TIAA financial consultant at no additional cost to you. Investment advice is designed to help you answer key questions, including: 1 How much will I need to save to meet my retirement income needs? 2 3 What combination of investments may be right for me? Am I on track to reach my savings goals? Accessing TIAA advice services By phone or in person When you schedule a one-on-one consultation, you can get answers to your financial questions or develop an action plan with clear steps that help address your retirement goals. Call , weekdays, 8 am 8 pm (ET) to schedule a consultation or visit TIAA.org/schedulenow. It is helpful if you bring your financial account statements (including statements for retirement investments outside of the plan) and your most recent Social Security statement, if available. Online You can use TIAA s Retirement Advisor to create your own action plan in four easy steps. 1 Visit TIAA.org/retirementadvisor and log in to your account. 1 The projections and other information generated by the Retirement Advisor tool are hypothetical in nature, do not reflect actual investment results, and do not guarantee future performance. Results may vary with each use and over time. 16 Mount Sinai Health System Retirement Program

17 Professional Management of Your Retirement Account Want help taking the guesswork out of retirement planning? TIAA s Retirement Plan Portfolio Manager is a fee-based service that will offer professional management of your new Mount Sinai Health System 403(b) Retirement Plan NYEE account. It can complement TIAA s advice service to help you decide how much to save and which investments to choose based on your retirement goals. Your account will be reviewed quarterly and automatically adjusted to help keep your savings on track for retirement. Benefits of Retirement Plan Portfolio Manager Personalized advice to help you decide how much to save and what investments are right for you. Ongoing professional management that automatically adjusts your portfolio based on your goals and timeline. A quarterly snapshot of how your portfolio looks. 24/7 online access so you can update your profile and preferences at any time. How much will you pay for Retirement Plan Portfolio Manager? An annual asset-based fee of 0.30 percent will be deducted from your enrolled account on a quarterly basis. The fee is based on the average daily balance of your plan account during the quarter. See the following example on calculating the fee. Calculating the Quarterly Fee $10, Average daily balance x percent = $30.00 Total annual fee 4 Four quarters per year = $7.50 Deducted each quarter This is a hypothetical example for illustrative purposes only. How to enroll in Retirement Plan Portfolio Manager To enroll or learn more, please call , weekdays, 8 am 7 pm (ET). A TIAA financial consultant will be available to assist you. The Retirement Plan Portfolio Manager program is a discretionary fee-based asset allocation advisory program provided by TIAA, FSB (Trust Company). Morningstar Investment Management, LLC. (Morningstar) is an unaffiliated investment advisor that provides TIAA with independent, third-party asset allocation models and specific investment recommendations for purposes of the Retirement Plan Portfolio Manager program. Program recommendations are generated by Morningstar as an independent investment authority, retained by TIAA to provide independent advice. IMPORTANT: Projections and other information generated through the Morningstar tool regarding the likelihood of various investment outcomes are hypothetical, do not reflect actual investment results and are not a guarantee of future results. The projections are dependent in part on subjective assumptions, including the rate of inflation and the rate of return for different asset classes. These rates are difficult to accurately predict. Changes to the law, financial markets, or individual personal circumstances can cause substantial deviation from the estimates. This could result in declines in an account s value over short or even extended periods of time. Questions? Call or visit TIAA.org/mountsinai 17

18 Frequently Asked Questions Why is Mount Sinai Health System making changes to the NYEE 403(b) Retirement Plan? Mount Sinai Health System recently completed a comprehensive review of the retirement plans and identified opportunities to streamline and simplify plan participation, while maintaining a wide range of investment options from several financial companies. The updates are designed to provide financial tools and support, simplify management of your account, and lower some investment costs. What if I would like help making investment choices? You can get personalized advice on the plan s investment options from a TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you. To schedule an advice session, call TIAA at , weekdays, 8 am 8 pm (ET). You can also schedule online at TIAA.org/schedulenow. Will I pay any fees to invest in the new Mount Sinai Health System 403(b) Retirement Plan NYEE? All investment options have expenses and other fees that can be found in the prospectus and/or by entering the investment s ticker symbol into the search feature at TIAA.org. Some investment options may also have redemption, accounting and legal fees, shareholder servicing fees, and marketing expenses. Refer to the fund prospectuses for additional information. Do I need to provide a new Salary Reduction Agreement or will my current salary deferral transfer over? As part of the transition, your current salary deferral information will transfer over. You do not need to take any action unless you want to change the amount you defer, either before or after the plan changes take place. How can I consolidate my account information with 360 Financial View? Here is how to get started with 360 Financial View: 1. Log in to your account at TIAA.org/mountsinai. 2. At the top of the screen, select My Accounts, then 360 Financial View. 3. Review the terms and conditions, and to accept, check the box and select Continue. 4. On the Dashboard, choose Add Account on the right and begin to enter the name of your financial provider. Make your choice from the pop-up list. 5. Enter the user name and password for your account with that provider and select Link Account. What happens if I have an outstanding loan with BPAS? If you currently have a loan with BPAS, there should be no change or interruption to your payments or payment schedule, as administration of the plan moves to TIAA. You will receive separate communications if any actions are required on your part. What happens to my current systematic withdrawal, transfer payout annuity, or required minimum distribution from BPAS? If you currently receive income or distribution payments from BPAS, you will need to re-establish this process with TIAA. You will receive separate communications in mid-december. Please contact TIAA at , weekdays, 8 am 10 pm, and Saturday, 9 am 6 pm (ET) with any questions. What if I have a beneficiary spousal waiver, power of attorney, or in-progress Qualified Domestic Relations Order on file for my BPAS account? Beneficiary spousal waivers, powers of attorney, and in-progress Qualified Domestic Relations Orders will not transfer directly from BPAS to TIAA. You must resubmit them. To do so, please contact TIAA at , weekdays, 8 am 10 pm, and Saturday, 9 am 6 pm (ET).. 18 Mount Sinai Health System Retirement Program

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20 Account Information Log in to TIAA.org/mountsinai to view your account, see the latest performance information, make transactions, and access retirement planning tools. If you are new to TIAA, select Register for Access and follow the on-screen instructions Weekdays, 8 am 10 pm (ET) Saturday, 9 am 6 pm (ET) Schedule an Advice Session TIAA.org/schedulenow Weekdays, 8 am 8 pm (ET) 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. This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor s personal advisor based on the investor s own objectives and circumstances. 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 go to TIAA.org/mountsinai 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 _ NYEE-1 (10/17)