Greater confidence about retirement starts today. Announcing changes to the Saint Anselm College Retirement Plans

Transcription

1 Greater confidence about retirement starts today Announcing changes to the Saint Anselm College Retirement Plans

2 Table of Contents A new chapter is about to start 1 Action plan for the changes 2 Your new options 3 For all plan participants 4 Transfer chart for TIAA participants 5 Transfer chart for Mutual of America participants 6 Target-date fund birth chart 7 Retirement plan investment advice 8 The Roth contribution option 9 On-site events 10 About TIAA 11 Q&A We re here to help Back Cover 2 Questions? Call or visit TIAA.org/anselm

3 A new chapter is about to start What you need to know about Saint Anselm College directed changes TIAA will become the single service provider for the 403(b) Defined Contribution (DC) retirement plan. TIAA was selected by Saint Anselm College in order to deliver comprehensive retirement services. As a result of this change, Mutual of America participants will be issued a new TIAA account. New Retirement Choice contracts will be issued. Any assets in existing TIAA and CREF annuity contracts will remain there although no new contributions, rollovers or transfers may be made to them. New investment options. The new investments, carefully selected by Saint Anselm College for its employees, may give you the ability to create a diversified retirement portfolio that matches your investment goals and preferences. Lower fees. Saint Anselm College has negotiated lower fees and selected investment options with a lower overall cost. Increased transparency on fees. A new fee structure to make it easier to see the cost of each investment option as well as fees paid for plan administration. New Default Investment. A new default investment option has been selected for the plan. You can receive personalized advice on the plan s investment options by a TIAA financial consultant. This service is available as part of your retirement plan at no additional cost to you. Investment advice is available online, by phone or through a one-on-one advice session. Roth contributions now allowed. You will be able to make Roth contributions to the DC Plan with after-tax dollars. Savings in your Roth plan, and any earnings, will be tax free when you can withdraw them. For more information, see page 9. Key Dates March 10 March 10 Beginning week of March 13 March 31 April 1 April 9 at 4 p.m. (ET) April 10 On or around April 24 Event All participants will be enrolled in a new TIAA account and receive a confirmation kit with important information on making the most of your participation with TIAA. Once contracts are issued, retirement plan investment advice is available using the new TIAA investment menu online, by phone or in person through a one-on-one advice session. Open investment election period at TIAA starts. On-site seminars and information desk begin. Deadline to submit your Consent to Transfer form to the Saint Anselm College Office of Human Resources to ensure your DC Plan assets at Mutual of America are transferred to the new investment lineup at TIAA on April 10. All future payroll and Saint Anselm College contributions will be remitted to your new account at TIAA. If you submitted your Consent to Transfer form, your DC Plan assets at Mutual of America will be subject to a brief Blackout Period. During this time, you will not be able to change your investment choices, make withdrawals or transfer funds. The Blackout Period only applies to assets currently invested at Mutual of America. Please review the enclosed Blackout Notice for additional details. Account balances transfer from Mutual of America to TIAA. TIAA becomes the single service provider for the retirement plan. Blackout Period for Mutual of America transferred assets is expected to end. You can now access and update your entire retirement account at TIAA, including balances transferred from Mutual of America. IMPORTANT: If you have a foreign mailing address on file, there may be restrictions on investing in the new options. Please call TIAA for more information at , weekdays, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m. (ET). Questions? Call or visit TIAA.org/anselm 1

4 Action plan for the changes Investment Election Period All plan participants will have the option to select investment options from the new menu during an investment election period once you have been enrolled in your new account at TIAA, which will take place on or around March 10, While changes to your investment elections can be made at any time, the investment election window allows you to select from the new investment options prior to April, when the changes go into effect. If you do not provide investment instructions during the Investment Election Period, they will be invested in an age-appropriate American Funds Target Date Retirement Fund. This default option was selected by Saint Anselm College to be the most appropriate; however, you can always make changes after the new menu is in effect. Starting on March 10 you can: Access your account online at TIAA.org/anselm. Update your investment allocations for future contributions and for any balances that will be transferred to your new account. Review your beneficiary designation and update if needed. To update your account online, go to TIAA.org/anselm and select Log In. If you re new to TIAA, select Log In, then Register for Access and follow the on-screen instructions to set up online access to your account. No longer employed by Saint Anselm College? You are receiving this guide because you have investments in one or more of the Saint Anselm College retirement plans. Even though you are not actively contributing, you should review this information carefully to learn how your account could be affected. Have questions? Attend a seminar to get a guided tour of the plan changes or stop by an information desk to get quick answers to your questions (page 10). You can use the online Retirement Advisor tool. It provides investment advice based on your goals and risk tolerance. You can access this tool after logging in to your new account and under WHAT WE OFFER select the Retirement planning tab (page 8). You can schedule an advice session with a financial consultant to get personalized retirement plan advice. To schedule your advice session, call , weekdays, 8 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow (page 8). 2 Questions? Call or visit TIAA.org/anselm

5 Your new options These new choices offer you flexibility to create a diversified retirement portfolio. Below are your new options, which include the following asset classes: Guaranteed, Money Market, Fixed Income (Bonds), Multi-Asset, Real Estate and Equities (Stocks). To learn more about the new investment options, go to TIAA.org and enter the ticker symbol in the site s search feature. Your Guaranteed option is a fixed annuity that pays you interest at competitive crediting rates that are announced in advance. There is no explicit expense ratio because this is a fixed annuity. Fund Ticker Annual Fund Operating Expenses Gross Expense Ratio Net Expense Ratio A. Revenue Sharing** Plan Servicing Fee Calculations (A + B = C) B. Plan Servicing Fee C. Total Administrative Fee GUARANTEED* TIAA Traditional Annuity* Guaranteed Annuity* MONEY MARKET Vanguard Treasury Money Market Investor VUSXX FIXED INCOME BlackRock High Yield Bond Institutional BHYIX Metropolitan West Total Return Bond I MWTIX Templeton Global Bond R6 FBNRX Vanguard Inflation-Protected Securities Admiral VAIPX Vanguard Total Bond Market Index Admiral VBTLX MULTI-ASSET American Funds 2010 Target Date Retirement Fund R5 REATX American Funds 2015 Target Date Retirement Fund R5 REJTX American Funds 2020 Target Date Retirement Fund R5 RECTX American Funds 2025 Target Date Retirement Fund R5 REDTX American Funds 2030 Target Date Retirement Fund R5 REETX American Funds 2035 Target Date Retirement Fund R5 REFTX American Funds 2040 Target Date Retirement Fund R5 REGTX American Funds 2045 Target Date Retirement Fund R5 REHTX American Funds 2050 Target Date Retirement Fund R5 REITX American Funds 2055 Target Date Retirement Fund R5 REKTX American Funds 2060 Target Date Retirement Fund R5 REMTX CREF Social Choice R2 QCSCPX REAL ESTATE TIAA Real Estate Account (variable annuity) QREARX EQUITIES CREF Stock Account R2 (variable annuity) QCSTPX JPMorgan Equity Income R5 OIERX MassMutual Select Mid Cap Growth Equity II R5 MGRFX Oppenheimer International Diversified I OIDIX T. Rowe Price Blue Chip Growth TRBCX T. Rowe Price QM U.S. Small Cap Growth Equity PRDSX T. Rowe Price Real Estate TRREX Vanguard 500 Index Admiral VFIAX Vanguard Developed Markets Index Admiral VTMGX Vanguard Emerging Mkts Stock Index Admiral VEMAX Vanguard Mid Cap Index Admiral VIMAX Vanguard Small Cap Index Admiral VSMAX Wells Fargo Special Mid Cap Value Institutional WFMIX Wells Fargo Special Small Cap Value Instl ESPNX * TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. Interest credited includes a guaranteed rate, plus additional amounts as may be established by the TIAA Board of Trustees. Such additional amounts, when declared, remain in effect for the declaration year which begins each March 1 for accumulating annuities and January 1 for payout annuities. Additional amounts are not guaranteed for periods other than the period for which they were declared. 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. ** Revenue Sharing is a term that describes the practice when investment providers share in the cost of Plan administration. Please note that TIAA Traditional, TIAA Real Estate, and all CREF Annuity accounts do not have an explicit revenue share. Rather they have a plan services offset that is applied to your Plan s administrative and recordkeeping costs. Questions? Call or visit TIAA.org/anselm 3

6 For all plan participants: Changes to the retirement plan s investment lineup Saint Anselm College is taking this opportunity to change the investment options available through the DC Plan. The new investments, carefully selected by Saint Anselm College for its employees, may give you the ability to create a diversified retirement portfolio that matches your investment goals and preferences. Saint Anselm College will remove several investment options from the lineup and replace them with new options. In addition, Saint Anselm College has decided to create a default investment option for the DC Plan. The new default option is a targetdate fund. Each target-date fund provides a diversified retirement portfolio in a single fund. Providing you with a new TIAA account All participants will be enrolled in a new TIAA account on March 10, 2017, and receive a confirmation kit with important information on making the most of your participation with TIAA. If you don t have an existing TIAA account in the Saint Anselm College plans, your beneficiary designation will be set to Estate. We encourage you to update your beneficiary online at TIAA.org/anselm at your earliest convenience. How your future contributions will be directed to the new investment options Starting April 1, your future contributions will be directed to the new investment options in your TIAA account, unless you direct otherwise during the Investment Election Period. Your future contributions will be transferred as shown on pages 5 and 6. Investment Election Period Beginning March 10, through April 10, 2017, at market close, you may change the way future contributions are directed before the new investment menu takes effect. If you do not provide investment instructions during this period, you can always make changes after the new menu is in effect. For Mutual of America participants only: Please note that your retirement plan assets at Mutual of America, cannot be transferred to the new investment menu at TIAA without your consent. To provide such consent, you will need to complete the Consent to Transfer form and submit it to the Saint Anselm College Office of Human Resources prior to March 31, If you do not complete and submit the form by March 31, 2017, your assets will remain at Mutual of America until you elect to transfer them individually. By submitting your Consent to Transfer form now, TIAA will handle the transition of your assets quickly and with minimal effort on your part. You can also meet with a TIAA financial consultant during this transition period so that you can evaluate the new investment options and make an informed decision. Asset transfer from Mutual of America to TIAA for those who submit their form by March 31, 2017 If you submit your Consent to Transfer form by March 31, 2017, your current account balance with Mutual of America will be transferred to your new TIAA account on April 10, To facilitate a smooth transfer of current investment assets to TIAA, a brief Blackout Period will take place. During this time, you will not be able to change your investment choices, make withdrawals or transfer funds. The Blackout Period only applies to assets currently invested at Mutual of America. Please review the enclosed Blackout Notice for additional details. Additionally, all account balances at Mutual of America that are to be transferred on April 10, will be directed to your current allocation strategy on file at TIAA at time of transfer. If you do not provide investment instructions during the Investment Election Period, they will be invested in an age-appropriate American Funds Target Date Retirement Fund as identified on page 7. However, you can always make changes after the new menu is in effect. All assets to be transferred will follow a two-step transfer process. TIAA will receive proceeds from Mutual of America and apply them to the Vanguard Treasury Money Market Investor Fund (VUSXX). Once participant data is received from Mutual of America, TIAA will transfer assets from the Vanguard Treasury Money Market Investor Fund to the allocation on file for each participant. You will receive two confirmations from TIAA: One for the transfer to the Vanguard Treasury Money Market Investor Fund and a second for the transfer from the Vanguard Treasury Money Market Investor Fund to your allocation on file. 4 Questions? Call or visit TIAA.org/anselm

7 Transfer chart for TIAA participants The chart below shows how Saint Anselm College will direct future contributions to the new investment options. See the target-date fund birth chart for more information on which fund you will be invested in, based on the year of your birth. Current Option Ticker Replacement Option Ticker CREF Bond Market R2 QCBMPX American Funds Target Date Retirement Fund R5 (age based) various CREF Equity Index R2 QCEQPX American Funds Target Date Retirement Fund R5 (age based) various CREF Global Equities R2 QCGLPX American Funds Target Date Retirement Fund R5 (age based) various CREF Growth R2 QCGRPX American Funds Target Date Retirement Fund R5 (age based) various CREF Inflation-Linked Bond R2 QCILPX American Funds Target Date Retirement Fund R5 (age based) various CREF Money Market R2 QCMMPX American Funds Target Date Retirement Fund R5 (age based) various CREF Social Choice R2 QCSCPX American Funds Target Date Retirement Fund R5 (age based) various CREF Stock R2 QCSTPX American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Bond Plus T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Equity Index T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Growth & Income T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access International Equity T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Large-Cap Growth T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Large-Cap Value T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle Retirement Income T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2010 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2015 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2020 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2025 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2030 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2035 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2040 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2045 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Lifecycle 2050 T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Mid-Cap Growth T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Mid-Cap Value T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Real Estate Securities T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Small-Cap Blend Index T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Small-Cap Equity T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Access Social Choice Equity T3 n/a American Funds Target Date Retirement Fund R5 (age based) various TIAA Real Estate Account QREARX American Funds Target Date Retirement Fund R5 (age based) various TIAA Traditional Annuity n/a American Funds Target Date Retirement Fund R5 (age based) various Questions? Call or visit TIAA.org/anselm 5

8 Transfer chart for Mutual of America participants The chart below shows how Saint Anselm College will direct future contributions to the new investment options. See the target-date fund birth chart for more information on which fund you will be invested in, based on the year of your birth. Current Option Ticker Replacement Option Ticker American Century VP Capital Appreciation Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various American Funds Insurance Series New World Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Calvert VP SRI Balanced Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various Deutsche Variable Series I Capital Growth VIP n/a American Funds Target Date Retirement Fund R5 (age based) Various Fidelity VIP Asset Manager Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various Fidelity VIP Contrafund Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various Fidelity VIP Equity-Income Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various Fidelity VIP Mid Cap Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2010 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2015 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2020 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2025 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2030 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2035 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2040 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2045 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America 2050 Retirement Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Aggressive Allocation Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America All America Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Bond Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Composite Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Conservative Allocation Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Equity Index Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Interest Accumulation Account n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America International Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Mid Cap Value Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Mid-Cap Equity Index Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Mid-Term Bond Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Moderate Allocation Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Money Market Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Retirement Income Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Small Cap Growth Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Mutual of America Small Cap Value Fund n/a American Funds Target Date Retirement Fund R5 (age based) Various Oppenheimer Main Street Fund /VA n/a American Funds Target Date Retirement Fund R5 (age based) Various PIMCO VIT Real Return Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various T. Rowe Price Blue Chip Growth Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various Vanguard VIF Diversified Value Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various Vanguard VIF International Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various Vanguard VIF REIT Index Portfolio n/a American Funds Target Date Retirement Fund R5 (age based) Various 6 Questions? Call or visit TIAA.org/anselm

9 Target-date fund* birth chart These are the plan s default investment options selected by Saint Anselm College. Birth Year New Investment Option Ticker before 1947 American Funds 2010 Target Date Retirement Fund R5 REATX American Funds 2015 Target Date Retirement Fund R5 REJTX American Funds 2020 Target Date Retirement Fund R5 RECTX American Funds 2025 Target Date Retirement Fund R5 REDTX American Funds 2030 Target Date Retirement Fund R5 REETX American Funds 2035 Target Date Retirement Fund R5 REFTX American Funds 2040 Target Date Retirement Fund R5 REGTX American Funds 2045 Target Date Retirement Fund R5 REHTX American Funds 2050 Target Date Retirement Fund R5 REITX American Funds 2055 Target Date Retirement Fund R5 REKTX after 1993 American Funds 2060 Target Date Retirement Fund R5 REMTX * 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. Questions? Call or visit TIAA.org/anselm 7

10 Retirement plan investment advice How to access TIAA s advice Online You can get quick, convenient answers via the Retirement Advisor online tool. Visit TIAA.org/anselm, click Log In and under WHAT WE OFFER select the Retirement planning tab. By phone or in person You can receive personalized retirement plan investment advice either over the phone or in person. To schedule your advice session, call , weekdays, 8 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow. As a participant in the plan, you have access to personalized retirement plan 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. TIAA s advice is designed to help you answer key questions including: 1. Am I on track to reach my retirement savings goals? We ll help you analyze how your investments are performing and determine if you re saving enough to help meet your needs. 2. Which combination of retirement plan investments is right for me? You can get assistance picking the right investments, based on your plan s investment options, diversifying properly and allocating contributions to balance your need for growth potential with your tolerance for risk. 3. How can I meet my income needs in retirement? You can get help determining the amount you ll need to meet your retirement income goals. IMPORTANT: The projections or other information generated by the Retirement Advisor tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. 8 Questions? Call or visit TIAA.org/anselm

11 The Roth contribution option will be available starting April 1, 2017 Is the Roth contribution savings option right for you? Now that the Saint Anselm College DC Plan offers a new way to save for retirement, we can provide you with information to help you decide whether the Roth contribution option is the right savings choice for your situation. You may be familiar with how pretax contributions work through your current DC Plan, since your current contributions are made on a pretax basis. This means the money comes out of your paycheck before your income is taxed, which lowers your taxable income. With the Roth contribution option, your contribution is taken out of your paycheck after your income is taxed, which does not lower your current taxable income. You might be wondering why contributing after-tax income would be to your advantage? Your contributions, and the earnings on them, are tax free upon withdrawal in retirement provided certain conditions discussed below are met. When you withdraw funds from your DC Plan, you won t pay taxes on any earnings on the Roth contributions, as long as you have separated from service, or attained age 70½, and your withdrawal is made at least five years after making your first Roth contribution. Withdrawals of Roth contributions in all cases are always tax free since you have already paid the taxes when the contribution was made. You often hear about the importance of diversification when investing: spread your funds across asset classes and don t put all your eggs in one basket. Well, Roth contributions are another way of diversifying your investments, but on an after-tax basis. It s difficult to say what your tax situation will be at retirement and what changes the government will make. The Roth contribution option savings feature could potentially reduce the amount of tax you pay in retirement by balancing out other sources of taxable income. How to start making Roth contributions to the DC Plan after April 1, 2017 The Roth contribution option will be available to all participants in the DC Plan. To take advantage of the Roth contribution option, you will need to submit a new Salary Reduction Agreement online at TIAA.org/anselm after the change takes effect on April 1, For more information regarding Roth, go to TIAA.org/anselm. If you prefer, you can speak with a TIAA financial consultant by calling , weekdays, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m. (ET). You may wish to consider Roth if you: Are just starting out and are currently in a lower tax bracket than you expect to be at retirement. Want to make Roth contributions that are greater than the Roth IRA contribution limit. Are not eligible to make Roth IRA contributions because your income exceeds the limits. Believe your income tax rates are likely to rise in the future. Want to hedge against the uncertainty of future tax rates by having both pretax and after-tax assets in your retirement account. Are interested in passing a portion of your retirement assets tax free to your heirs. Questions? Call or visit TIAA.org/anselm 9

12 On-site events Get real-time answers to your questions. Seminars You can attend a one-hour seminar presented by a TIAA financial consultant to learn more about the changes to the Saint Anselm College Retirement Plans at the dates and times noted below. A TIAA financial consultant will also be available before and after most group meetings for follow-up questions. Date Time Location Monday, March 13, 2017 Tuesday, March 14, 2017 Wednesday, March 15, 2017 Thursday, March 16, 2017 Friday, March 17, :30 a.m. to 10:30 a.m. 11:30 a.m. to 12:30 p.m. 1:30 p.m. to 2:30 p.m. 3:30 p.m. to 4:30 p.m. 8:30 a.m. to 9:30 a.m. 10:30 a.m. to 11:30 a.m. 12:30 p.m. to 1:30 p.m. 2:30 p.m. to 3:30 p.m. 9:30 a.m. to 10:30 a.m. 11:30 a.m. to 12:30 p.m. 12:30 p.m. to 1:30 p.m. 2:30 p.m. to 3:30 p.m. Gadbois Hall, Room #102 Davison Hall, President s Dining Room Dana Center, Room #1D Davison Hall, President s Dining Room Dana Center, Room #1D One-on-one advice session You can get personalized retirement plan advice on the plan s investment options from a TIAA financial consultant. This service is available as part of your retirement plan at no additional cost to you. Financial consultants will be on-site for one-on-one appointments starting Tuesday, March 21. To schedule an advice session with TIAA, call , weekdays, 8 a.m. to 8 p.m. (ET) or visit TIAA.org/anselm. 10 Questions? Call or visit TIAA.org/anselm

13 About TIAA Providing strong support on the road to retirement no matter where you are today TIAA s purpose has remained constant since TIAA was established nearly 100 years ago: We re here to help you save for and generate income during retirement. Over the years, we ve regularly enhanced the ways we deliver on our purpose. As an organization with deep roots among nonprofits in higher education, government, hospital/medical, research, religious institutions and K-12 TIAA is committed to continuous learning. And when we see opportunities to enhance our retirement plan services, we share them with the institutions we serve TIAA Teachers Insurance and Annuity Association of America created Not sure where to begin? Meet with us to help you take the next step! You can get personalized retirement plan 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 a session, call , weekdays, 8 a.m. to 8 p.m. (ET). You can also visit TIAA.org/schedulenow. Questions? Call or visit TIAA.org/anselm 11

14 Q&A 1. Why is Saint Anselm College updating the retirement plan? Saint Anselm College is committed to providing you with competitive retirement benefits and recently conducted a review of the retirement plan. The resulting changes are intended to give you the investments, services and tools you need to pursue your retirement savings goals. 2. How can I learn about the new investment options? A list of the new investment options is included in this guide. You can visit the dedicated retirement plan website at TIAA.org/anselm for additional information. 3. 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 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow. 4. What should I expect from an advice session? You can expect a thorough review of your account and an action plan for moving forward. Advice sessions last approximately one hour. Bring all your investment account statements, including any retirement investments outside of the retirement plan and your most recent Social Security statement, if available. A TIAA financial consultant will use this information to understand your current financial situation and develop an action plan. You may bring anyone you like to your session with you. 5. What happens to my current outstanding loan, systematic withdrawal, TPA (transfer payout annuity), or required minimum distribution? You will receive separate communications if any actions are required on your part. 6. Will I pay any fees to invest in the retirement plan(s)? All investment options have expenses and other fees that can be found by entering the investment s ticker symbol into the search feature at TIAA.org. Some investment options may also have redemption and other fees. Saint Anselm College is making some changes to the plans fee structure. Currently, the plan s cost for administrative services is offset through the asset-based fees of the plan s investment options. This approach is sometimes referred to as revenue sharing because the investment-related services and the administrative services are bundled together and provided in exchange for the revenue received with respect to the funds in which the plans invest. While using revenue sharing to offset the plan s administrative costs is a common approach to allocating these expenses to retirement plan participants, the actual fees are not directly deducted from your account, and, therefore, it is not easy to identify the exact amount being paid, nor will this amount be reflected on your account statement. continued 12 Questions? Call or visit TIAA.org/anselm

15 Q&A With the change in fee structure, administrative fees will become more transparent for plan participants. The administrative fee, or plan servicing fee, will be equal to 16 basis points (bps), or 0.16% annually. However, if you invest in a fund that provides revenue sharing, the amount of any revenue share received by TIAA will be used to offset your 0.16% administrative expense. See page 3 for the actual plan servicing fee charged for each investment option. These deductions will be identified as TIAA Plan Servicing Fee on your statement and when you view your account online. These fees are deducted in quarterly installments beginning with quarterly statements issued in July 2017, for the quarter ending June 2017, and every quarter thereafter. If your account balance is less than $25 on the date that a quarterly fee is to be assessed, no fee will be charged. Using this method also allows Saint Anselm College to select less expensive mutual fund share classes available to the plans, reducing overall investment-related expenses. 7. I am currently contributing to TIAA. What happens to my current account balances and future contributions? Reference page 5 to see how your future contributions will be directed to the new investment menu. Starting March 10, 2017, you can direct any assets and future contributions to other options on the new investment menu. If no action is taken, Saint Anselm College has provided instructions to invest future contributions in the target-date fund closest to the year you turn Does it make sense to consolidate my Saint Anselm College Retirement Plan assets in my new TIAA account? Many people find it easier to manage their retirement money by working with only one provider. Consolidating your Mutual of America and current TIAA plan assets within your new TIAA account may be beneficial because Saint Anselm College has negotiated lower fees and selected investment options with a lower overall cost for you. You can meet with a TIAA financial consultant during this transition period so you can evaluate the new investment options and make an informed decision. 9. Can I move money from my existing TIAA account to my new one? Yes, but it s a move you ll want to weigh carefully. You may move money out of your existing TIAA contracts to the new contracts, subject to any restrictions that apply to the investments. However, any money that you move out of your existing contract(s) cannot be moved back into them. There are also major differences between your current and new account relating to the TIAA Traditional Annuity. Please note the following points: The TIAA Traditional Annuity in your new account has a guaranteed minimum interest rate of between 1% and 3%, which may be lower than the guaranteed rate in your existing contract. TIAA Traditional may receive a higher crediting rate in the new contract. When TIAA Traditional assets are transferred out of an existing contract, you risk giving up a favorable crediting rate(s) on older contributions. TIAA Traditional can be liquidated within a shorter time frame under your new account than under the existing contract. For additional details, see the Contract Comparison chart located at TIAA.org/contractcomparison. 10. What if I am splitting my contributions among TIAA and Mutual of America? Effective April 1, 2017, all future contributions will be directed to TIAA and invested according to the transfer chart for those assets, if applicable. You may change your allocation during the open election window starting March 10, How much can I contribute using the new Roth contribution option? You can make any combination of pretax and after-tax Roth contributions to your DC Plan as long as your total does not exceed the IRS limit. In 2017, you can contribute up to $18,000 to your DC Plan. In addition to regular contributions, in 2017 you also may contribute an additional $6,000 if you are age 50 or over. Questions? Call or visit TIAA.org/anselm 13

16 We re here to help Not sure where to begin? Let us help you take the next step! Online Phone In person To update your account online, go to TIAA.org/anselm and select Log In. If you re new to TIAA, click on Register for Access to set up online access to your account. If you have any questions or would like assistance selecting your new investment options, call TIAA at , weekdays, 8 a.m. to 10 p.m. or Saturday, 9 a.m. to 6 p.m. (ET). You can schedule a one-on-one advice session. To schedule an advice session with TIAA, call , weekdays, 8 a.m. to 8 p.m. (ET), or visit TIAA.org/schedulenow. There is no additional cost to you for this service. 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. 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. Please call or go to TIAA.org/anselm 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 (3/17)