THE GEORGE WASHINGTON UNIVERSITY DEFERRED COMPENSATION ENROLLMENT BOOK FOR EMPLOYEES OF PRIVATE INSITUTIONS

Transcription

1 THE GEORGE WASHINGTON UNIVERSITY DEFERRED COMPENSATION ENROLLMENT BOOK FOR EMPLOYEES OF PRIVATE INSITUTIONS

2

3 WHAT S INSIDE? Why Choose TIAA-CREF?... An Opportunity for Select Employees to Accumulate More for Retirement... SECTION 1: How To Enroll... SECTION 2: Your Investment Choices... SECTION 3: Building Your Retirement Portfolio... SECTION 4: Important Information... You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to for a prospectus that contains this and other information. Please read the prospectus carefully before investing.

4

5 AN OPPORTUNITY FOR SELECT EMPLOYEES TO ACCUMULATE MORE FOR RETIREMENT If you re among the select group of executive level or highly compensated employees eligible to participate in your employer s 457(b) private deferred compensation plan, give the opportunity serious consideration even if you are fully invested in your employer-sponsored and supplemental retirement plans. Given that people are living longer these days, when you retire you may need your income to last 30 years maybe more. And while these other retirement plans and Social Security benefits may help cover many expenses during your retirement, they may not be enough to finance the desired comfortable retirement lifestyle that you ve worked hard to earn. That s why you may wish to consider taking advantage of your employer s 457(b) private deferred compensation retirement plan funded through TIAA-CREF, which enables you to earn tax-deferred investment income on your pretax earnings. A SMART COMPLEMENT TO YOUR RETIREMENT PLANS Provided you are eligible to participate, you can contribute up to 100% of your gross annual compensation, generally not to exceed $16,500 in 2009, to your 457(b) plan. This is in addition to the amount you may contribute to another plan. This means you potentially may be able to double the amount you save on a tax-deferred basis. And participants within three years of normal retirement age may be able to take advantage of an enhanced catch-up provision to contribute even more if they do not contribute the maximum in previous years (see table on Page 5). Furthermore, if you take a distribution from the 457(b) account prior to age 59 1 /2 you will not be assessed a 10% early withdrawal penalty. However, in-service distributions at age 59 1 /2 are not permitted. You must terminate employment to be entitled to receive a distribution. Consider a 457(b) plan today because by saving more now during your working years, you can put yourself in a better financial position during your golden years. HOW A 457(b) PLAN WORKS A 457(b) plan with TIAA-CREF allows eligible employees the opportunity to invest in a taxdeferred guaranteed annuity, variable annuities, and mutual funds. The assets in the plan are owned by the employer, subject to the claims of the employer s creditors in the event of the employer s bankruptcy. Provided that you are eligible to participate, your contributions into the plan are automatically deducted from your salary before you receive your paycheck and prior to your paying taxes on that income. Because you report less current income, you pay less taxes on your earnings. All of your contributions go directly into your employer s 457(b) deferred compensation plan at TIAA-CREF. Federal income taxes are deferred until you begin taking withdrawals later on (in most cases, state and local income taxes are also deferred). This means that your money could grow more quickly in a 457(b) plan than it would in a taxable account. Note: Individuals who participate in a 457(b) plan and another plan [such as a 403(b) plan] in the same calendar year may contribute the maximum amount permissible to both plans. In 2009, that means a participant in a 457(b) plan and a 403(b) plan may generally contribute up to $33,000. Maximum deferrals are limited to 100% of compensation.

6 CONTRIBUTIONS AND ANY EARNINGS GROW TAX DEFERRED The chart illustrates the difference that participating in a 457(b) deferred compensation plan can make over the long term. John and Sheila both earn $200,000 annually, are in the 35% federal marginal tax bracket and the effective rate of return is 6%. Let s say John puts $1,000 per month on a before-tax basis into a 457(b) plan, where earnings are not taxed annually. Because John is putting money into the 457(b) plan before taxes are withheld, the $1,000 monthly contribution actually costs him only $650. The difference of $350 is what he would have paid now in federal income taxes without the 457(b) plan. Sheila also sets aside $1,000 a month, but after paying $350 in taxes, she puts a net amount of $650 into a savings account where earnings are taxed annually. Thirty years down the line, John s tax-deferred savings, based on an effective annual rate of return of 6%, could have grown to $979,256, and as the accompanying chart shows, he would receive $636,517 after taxes are taken out at retirement. Meanwhile, Sheila s annually taxed savings, based on an effective rate of return of 6%, could have grown to only $439,262. John accumulated over 30% more than Sheila in this example because: Saving on a pretax basis may have allowed John to contribute additional money that he would otherwise have paid in taxes, and John s contributions grew tax deferred over time he will not pay federal income taxes on any amounts until he takes a distribution. On the other hand, Sheila had to pay federal taxes on her contributions and earnings each year. Note: This is a hypothetical example. Your actual rate of return may be more or less than 6%. Taxes are payable when income is taken. The chart does not reflect expenses, which if shown, would result in lower returns. There are inherent risks to investing in securities. Past performance is no guarantee of future results. Investment returns and principal value will fluctuate so an investment share, when redeemed, may be worth more or less than the original cost. Withdrawals from a retirement account or annuity are subject to ordinary income tax. $800, , ,000 $636, ,000 $439, , , , ,000 0 $95,172 $106, YEARS $296,170 $234, YEARS 30 YEARS JOHN SHEILA Assumptions: Both people earn $200,000 annually, are in the 35% federal marginal tax bracket and the effective rate of return is 6%. The chart does not reflect expenses for the TIAA-CREF fixed and variable annuities. If these expenses were included, the tax-deferred performance would have been lower. Check current prospectuses for details. The information in this example is provided only as an illustration of the effects of interest compounding and is not intended to represent future performance of the TIAA-CREF fixed annuities, variable annuities, and mutual funds. The fixed rate shown in these examples may differ from that of the TIAA Traditional Annuity, and the values of the TIAA- CREF variable annuities will fluctuate with changes in the market.

7 HERE IS A COMPARISON OF THE 403(b) AND 457(b) PLANS TO HELP YOU UNDERSTAND WHICH PLAN IS BEST FOR YOU. ADDITIONAL FEATURES 403(b) PLAN 457(b) PRIVATE PLAN CONSIDERATIONS Eligibility and Participation All employees are generally immediately eligible upon employment. Only a select group of executives or highly compensated employees. Fees No sales charges or transaction fees. No sales charges or transaction fees. Annuity account options are available through contracts issued by TIAA or CREF. These contracts 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.mutual funds do not offer the income options available through the variable annuity accounts, such as the lifetime or fixed-period options. Taxability Amounts are taxable when distributed. Amounts are taxable when paid or made available. Employee Salary Reduction (before-tax) Contributions Contribution Coordination Age 50 Catch-Up Amounts In 2009, generally limited to the lesser of $16,500 or 100% of compensation.governed by Sections 415 and 402(g). Age 50 catchup is available. There is no coordination between 403(b) and 457(b) plans. Employees can contribute the maximum to both. In 2009, an additional $5,500 elective salary deferral is permitted for those age 50 and older. Can use higher limit at age 50 for 403(b) and 457(b) in the same year. In 2009, generally limited to the lesser of $16,500 or 100% of compensation. Governed by Section 457(b). There is no coordination between 403(b) and 457(b) plans. Employees can contribute the maximum to both. Not available. Employees might consider contribution to both plans especially those who are highly compensated. Employees can contribute the maximum to each plan in the same year. Other Catch-Up Amounts For those with 15 or more consecutive years of service (with the same eligible employer), up to an additional $3,000 elective salary deferral per year ($15,000 lifetime maximum). Prior year contributions may limit this amount. Employees are eligible for both age-50 and 15-year catch-up contributions. For those within three years of plan s normal retirement age, additional amount up to twice the applicable limit or unused amounts from prior years, whichever is less. The 457(b) plan might work better for participants who think they might be able to contribute substantially more as they near retirement, because of the more generous catch-up provisions.

8 ADDITIONAL FEATURES 403(b) PLAN 457(b) PRIVATE PLAN CONSIDERATIONS Triggering Events Separation from employment, age 59 1 /2, retirement, disability or death. Hardship distributions may also be available. Employer contributions will generally be restricted under the terms of the plan. Severance employment, age 70 1 /2, or death. Distributions due to unforeseeable financial emergency may also be available. Early Withdrawal Penalty Yes. 10% before 59 1 /2, or before separation from service at age 55 and over, unless due to death or disability. None. For participants considering early retirement who want to take early distributions without penalty, the 457(b) plan might be better. However, under a 403(b) plan, employees who separate from service after age 55 do not pay the early withdrawal penalty. Rollovers Out Permitted to IRA, 401(a), 401(k), 457(b) public, and other 403(b) plans. Not permitted to 457(b) private plans. Not permitted. Direct transfers to other private 457(b) plans only if both plans allow. Loans Available. Subject to plan rules. Not available. For more detailed information about payment options available through our fixed and variable annuities, call our Telephone Counseling Center toll-free at 800 TIAA-CREF ( ).

9 SECTION 1 HOW TO ENROLL

10

11 HOW TO ENROLL 1. FIRST DECIDE: WHICH INVESTMENT STRATEGY IS RIGHT FOR YOU? OPTION A: SIMPLIFIED ONE-DECISION STRATEGY If you like to keep things simple and would feel most comfortable knowing that professional managers are automatically adjusting your portfolio to keep it on track with your retirement time horizon, then a TIAA-CREF Lifecycle Fund may be right for you. Funds are available for target retirement years in five-year increments. All you need to do is pick a single Lifecycle Fund that s closest to your estimated year of retirement. Each Lifecycle Fund s investments automatically adjust from a more aggressive to a more conservative allocation as the target retirement date approaches. Each Lifecycle Fund provides a ready-made diversified portfolio using TIAA-CREF mutual funds as underlying investments, which include stocks and fixed income. Please keep in mind that Lifecycle Funds share the risks associated with their underlying investments. Please review the prospectus for a complete discussion of those risks. OPTION B: BUILD YOUR OWN PORTFOLIO STRATEGY If you prefer to choose among investments in different asset classes and develop your own portfolio to match your time horizon and tolerance for assuming risk, consider Option B. Your plan offers a broad selection of investment choices that follow. You can also get objective retirement planning advice, including fund-specific portfolio recommendations, through an independent service. See Section 3, Building Your Retirement Portfolio for details. TO BUILD YOUR OWN PORTFOLIO, please turn to the enrollment instructions on the next page. To read more about building your own portfolio, turn to Section 3, Building Your Retirement Portfolio. TO CHOOSE A LIFECYCLE FUND, please turn to the enrollment instructions on the next page. To read more about Lifecycle Funds, turn to Section 3, Building Your Retirement Portfolio.

12 2. THEN: COMPLETE THE PAPER ENROLLMENT FORM STEP 1 Complete the TIAA-CREF Enrollment Form (following pages). STEP 2 Complete your employer s salary reduction form, which is available via your employer s HR/Benefits office. STEP 3 Return all of your completed forms to your HR/Benefits office. REMEMBER It s important to return all the required forms or TIAA-CREF cannot begin your enrollment process. NEXT STEPS TO CONSIDER: SIMPLIFY YOUR FINANCIAL LIFE. You might want to consider consolidating your retirement assets currently at other financial institutions with TIAA-CREF. Think about it: When you consolidate retirement assets, you get one statement and can better monitor your investment progress. If you (or your spouse or partner) would like to move existing retirement assets to TIAA-CREF, complete the TIAA-CREF Transfer or Rollover Authorization form in this book behind the Enrollment Form, then detach and return the transfer form to TIAA-CREF in the envelope provided at the very back of the book. Before making a transfer, be sure to consider any charges the other company may deduct. Consult your own advisors regarding your particular situation. Note: There may be tax consequences associated with the transfer of assets. Non-direct transfers may be subject to mandatory withholding. Please be aware that withdrawals from your retirement plan may be subject to ordinary income tax prior to age 59 1 /2.

13 4 YOUR TIAA-CREF ENROLLMENT FORM FIRST: Make your contribution allocations We have included information about the accounts or funds that you should refer to when you complete the Plan Contribution Allocation Administrative Form. The transfer and withdrawal restrictions of the accounts and funds differ and should be taken into consideration. You may change your allocation at any time. Option A: Choose a TIAA-CREF Lifecycle Fund Pick the Lifecycle Fund closest to your estimated year of retirement. Option B: Build your own portfolio Using whole numbers, choose the percentage you want to allocate to each account or fund. The three-digit account and fund numbers and descriptions are provided with your enrollment form. Write the account or fund number and percentage allocated to each in the appropriate columns. If you are allocating to more than 10 accounts or funds, use a separate page and include your name and Social Security number on it. If your allocation is invalid in any way, your contributions will be automatically invested for you. Upon receiving clarification from you, we will apply all future contributions according to your instructions. If you need help choosing an allocation, speak to a TIAA-CREF consultant at 800 TIAA-CREF ( ) Monday to Friday from 8 a.m. to 10 p.m. (ET) and Saturday from 9 a.m. to 6 p.m. (ET). 1 THEN: Provide your personal information Be sure to provide all the information requested. If you do not have a Social Security number, please provide your taxpayer identification number. Important information about procedures for opening a new account To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including us, to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, Social Security number and other information that will allow us to identify you, such as your home telephone number. Until you provide the information we need, we may not be able to open an account or effect any transactions for you. 3 Indicate any existing contracts We are complying with a regulatory requirement in asking that you provide information on existing contracts. Indicate your agreement by signing Return your enrollment form Return your enrollment form to your employer s benefits office. You may need to complete a salary reduction agreement with your employer. 2 Designate your beneficiary(ies) Your primary beneficiary(ies) will be paid any survivor benefit existing under the contract at your death. If there are no surviving primary beneficiaries, your contingent beneficiary(ies) will receive these benefits. If you are married, provisions under your employer s plan may require you to name your spouse as primary beneficiary for at least a portion of the benefit. You can call a consultant at 800 TIAA-CREF ( ) for further information about choosing your beneficiaries. 10_A_2_1107

14 YOUR INVESTMENT CHOICES FOR MORE detailed descriptions, expenses and performance information for each of these annuity accounts and mutual funds go to The information about the annuity accounts and mutual funds listed here may change. Consult the prospectus for the most up-todate information. OPTION A: To select the simplified One Decision strategy, simply choose the Lifecycle Fund listed below that s closest to your estimated year of retirement. RETIREMENT ACCOUNTS AND FUNDS ASSET CLASS TYPE ACCOUNTS/FUNDS MULTI-ASSET MUTUAL FUND TIAA-CREF Lifecycle Fund 2010 TIAA-CREF Lifecycle Fund 2015 TIAA-CREF Lifecycle Fund 2020 TIAA-CREF Lifecycle Fund 2025 TIAA-CREF Lifecycle Fund 2030 TIAA-CREF Lifecycle Fund 2035 TIAA-CREF Lifecycle Fund 2040 TIAA-CREF Lifecycle Fund 2045 TIAA-CREF Lifecycle Fund 2050 TIAA-CREF Lifecycle Retirement Income Fund OPTION B: If you prefer to build your own portfolio, the choices listed below are offered in your retirement plan. RETIREMENT ACCOUNTS AND FUNDS ASSET CLASS TYPE ACCOUNTS/FUNDS (Account/Fund Number) EQUITIES VARIABLE ANNUITY CREF Equity Index Account (008) 90, , 105 CREF Global Equities Account (006) CREF Growth Account (007) 90, , 105 CREF Stock Account (002) MUTUAL FUND TIAA-CREF Growth and Income Fund (011) TIAA-CREF International Equity Fund (013) TIAA-CREF International Equity Index Fund (027) TIAA-CREF Large-Cap Growth Fund (348) TIAA-CREF Large-Cap Growth Index Fund (019) TIAA-CREF Large-Cap Value Fund (014) TIAA-CREF Large-Cap Value Index Fund (020) TIAA-CREF Mid-Cap Growth Fund (015) TIAA-CREF Mid-Cap Value Fund (016) TIAA-CREF Real Estate Securities Fund (017) TIAA-CREF S&P 500 Index Fund (018) TIAA-CREF Small-Cap Equity Fund (028) TIAA-CREF Social Choice Equity Fund (012) 90, 105 REAL ESTATE VARIABLE ANNUITY TIAA Real Estate Account (009) FIXED INCOME VARIABLE ANNUITY CREF Bond Market Account (005) 90, , 105 CREF Inflation-Linked Bond Account (010) MUTUAL FUND TIAA-CREF Bond Fund (368) TIAA-CREF Bond Plus Fund (358) TIAA-CREF High Yield Fund (355) TIAA-CREF Inflation-Linked Bond Fund (367) TIAA-CREF Short-Term Bond Fund (361) 78, 90, 105 MONEY MARKET VARIABLE ANNUITY CREF Money Market Account (003) MUTUAL FUND TIAA-CREF Money Market Fund (370) 77 90, 105 GUARANTEED GUARANTEED ANNUITY TIAA Traditional Account (001) 90, 105 MULTI-ASSET VARIABLE ANNUITY CREF Social Choice Account (004) MUTUAL FUND TIAA-CREF Lifecycle Fund 2010 (135) TIAA-CREF Lifecycle Fund 2015 (136) TIAA-CREF Lifecycle Fund 2020 (137) TIAA-CREF Lifecycle Fund 2025 (138) TIAA-CREF Lifecycle Fund 2030 (139) TIAA-CREF Lifecycle Fund 2035 (140) TIAA-CREF Lifecycle Fund 2040 (141) TIAA-CREF Lifecycle Fund 2045 (522) TIAA-CREF Lifecycle Fund 2050 (525) TIAA-CREF Lifecycle Retirement Income Fund (528) TIAA-CREF Managed Allocation Fund (352) IMPORTANT: If the asset allocation you choose on the following page is invalid in any way, your contributions will be automatically invested for you in the Lifecycle Fund. 77 An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The fund will attempt to maintain a stable net asset value of $1.00 per share, but it is possible to lose money by investing in the fund. 78 An investment in the CREF Money Market Account is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. 90 Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. 105 Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from TIAA and CREF variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns. Mutual funds do not offer the range of income options available through annuities.

15 SELECT YOUR ALLOCATION PLAN CONTRIBUTION ALLOCATION ADMINISTRATIVE FORM For information about the investments available in your plan, please review Your Investment Choices. If you need help creating an allocation, you can use our Asset Allocation Evaluator at You can also have a custom portfolio prepared for you by calling us at 800 TIAA-CREF ( ). If you select Option B and your allocation choice does not equal 100%, your contributions will be allocated according to your employer s plan rules. You can make changes to this allocation at any time and we will apply all future contributions according to your instructions. Choose Option A or Option B.* OPTION A Choose a TIAA-CREF Lifecycle Fund Choose the Lifecycle Fund closest to your estimated year of retirement. TIAA-CREF Lifecycle 2010 Fund % Equities Target: 48% Non-equities OPTION B Build Your Own Portfolio Please refer to Your Investment Choices for the names and account/ fund numbers of your investment choices, and enter in the spaces provided. Please use only whole numbers and make sure your total allocation equals 100%. If the number and name don t match, we will use the number for your allocation choice. TIAA-CREF Lifecycle 2015 Fund % Equities Target: 40% Non-equities TIAA-CREF Lifecycle 2020 Fund % Equities Target: 32% Non-equities TIAA-CREF Lifecycle 2025 Fund % Equities Target: 24% Non-equities TIAA-CREF Lifecycle 2030 Fund % Equities Target: 16% Non-equities TIAA-CREF Lifecycle 2035 Fund % Equities Target: 10% Non-equities TIAA-CREF Lifecycle 2040 Fund % Equities Target: 10% Non-equities TIAA-CREF Lifecycle 2045 Fund % Equities Target: 10% Non-equities TIAA-CREF Lifecycle 2050 Fund % Equities Target: 10% Non-equities Account/ Fund Account/Fund Allocation Number Name Percent 1. % 2. % 3. % 4. % 5. % 6. % 7. % 8. % 9. % 10. % 100% TIAA-CREF Lifecycle Retirement Income Fund % Equities Target: 60% Non-equities Your right to make a premium allocation is subject to the rules of your employer s plan. * Please note that investments in the TIAA-CREF Institutional Mutual Funds, including the Lifecycle Funds, are in the Retirement Class. For more information, please see the prospectuses. 10_C_6_708

16 INFORMATION FORM FOR TIAA AND CREF 457(b) Deferred Compensation Plans Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY Please print in upper case using black or dark blue ink and provide all information requested. 1 Provide your personal information Title: Mr, Mrs, Dr, other First Name Middle Name Last Name Suffix: Jr, Sr, other Social Security Number Date of Birth (mm/dd/yyyy) Gender Spouse s Name / / F M Daytime Telephone Number Extension Evening Telephone Number Address Residence Address (no P.O. boxes) City State Zip Code Mailing Address (if different) City State Zip Code Employer Plan ID (4-6 digits, if available) Job Title/Position Campus/Branch 2 Important information about your allocation of plan contributions All contributions will be allocated in accordance with instructions from your plan sponsor unless you complete the Plan Contribution Allocation Administrative Form. F10536-IS-605

17 2 Designate your beneficiary(ies) Make sure that the percentage allotted to all beneficiaries in each class totals 100%. Your right to designate a beneficiary(ies) is subject to the rules of your employer s plan. Name(s) of primary beneficiary(ies) 1. Name (First, Middle Initial, Last) Percentage Social Security Number* Date of Birth (mm/dd/yyyy) Relationship to you 2. Name (First, Middle Initial, Last) Percentage Social Security Number* Date of Birth (mm/dd/yyyy) Relationship to you 3. Name (First, Middle Initial, Last) Percentage Social Security Number* Date of Birth (mm/dd/yyyy) Relationship to you 4. Name (First, Middle Initial, Last) Percentage Social Security Number* Date of Birth (mm/dd/yyyy) Relationship to you Name(s) of contingent beneficiary(ies) 1. Name (First, Middle Initial, Last) Percentage Social Security Number* Date of Birth (mm/dd/yyyy) Relationship to you 2. Name (First, Middle Initial, Last) Percentage Social Security Number* Date of Birth (mm/dd/yyyy) Relationship to you 3. Name (First, Middle Initial, Last) Percentage Social Security Number* Date of Birth (mm/dd/yyyy) Relationship to you 4. Name (First, Middle Initial, Last) Percentage Social Security Number* Date of Birth (mm/dd/yyyy) Relationship to you / / / / / / / / / / / / / / / / % % % % % % % % *(if unavailable, provide later) F10536-IS-605

18 3 Indicate any existing contracts Will these annuity certificates replace an existing annuity contract/certificate or life insurance policy from another company? If so, from what company? Contract Number 4 Indicate your agreement by signing The accumulations in and benefit payments from the CREF accounts, the TIAA Real Estate Account, and the mutual funds are variable and not guaranteed; they depend on the investment performance of these accounts. Your beneficiary designation will apply to your TIAA and CREF annuity certificates and to the mutual fund accounts. I have read and acknowledge all provisions of this form. Under penalties of perjury, you certify that the taxpayer identification number shown on this form is your correct Social Security number. The Internal Revenue Service does not require your consent to any provision of this document. Signed Date (mm/dd/yyyy) / / If you would like to receive CREF s Statement of Additional Information, which supplements the CREF prospectus, check here Teachers Insurance and Annuity Association of America College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY F10536-IS-605

19 CONSENT TO ELECTRONIC DELIVERY Please check the box below acknowledging your receipt of the following documents: Prospectuses for the investment options available to you TIAA-CREF Privacy Policy TIAA-CREF Business Continuity Policy I acknowledge that I consent to receiving and have received the above-referenced documents through either TIAA-CREF s website ( the website from which this form was downloaded, or by means of the CD accompanying my enrollment form. I further acknowledge that I am able to access these documents on the website or the CD. I understand that this acknowledgment applies only to this initial enrollment. In order to sign this acknowledgment, you must either have access to the website noted above or a computer with a CD drive. In either case, you must also be able to download, view and print the documents. You understand and acknowledge that accessing documents electronically may involve additional costs including, but not limited to, subscription access fees from an Internet service provider and printing costs. Paper versions of the above documents can be ordered, both now and in the future, by calling toll-free or by going to If you are unable to acknowledge that you have received and accessed the documents on the website or CD, please call us toll-free at to request paper versions at no charge. Note: Unless indicated above, I acknowledge that I have received paper copies of the above-referenced documents. Signature (Applicant) Date (mm/dd/yyyy) / / You should consider the investment objectives, risks, charges and expenses carefully before investing. Please read the prospectuses for the accounts and funds carefully before you invest. This form must be accompanied or preceded by current prospectuses. For additional copies, call or visit TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. TIAA (Teachers Insurance and Annuity Association of America), 730 Third Avenue, New York, NY issues annuities. TIAA-CREF Individual & Institutional Services, LLC is a member of the Securities Investor Protection Corporation (SIPC). For information about SIPC, and to request the free SIPC brochure, visit or call Teachers Insurance and Annuity Association of America College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY _J_2_708 EISBACK10

20 This page is intentionally left blank.

21 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF For account information, or to check the status of your request or any questions: Call Monday Friday 8 a.m. 10 p.m. (ET) Saturday 9 a.m. 6 p.m. (ET) Or visit us online at tiaa-cref.org 24 hours a day. Have your user ID and password ready. WHEN DO I USE THIS FORM? Complete this form to authorize the transfer or rollover of funds to TIAA-CREF. A separate form with an original signature must be completed and returned to TIAA-CREF for each carrier or fund provider from which you are transferring/rolling over funds. You may photocopy this form if you want to transfer or roll over funds from multiple accounts or fund carriers/providers. Contract Exchange: If you have not experienced a qualifying event (separation of service, disability or attainment of age ) you may move your 403(b) assets within your current employer s plan from one carrier to another carrier, via a contract exchange, if permitted by the plan. Direct Transfer: If permitted by your employer s plan, you may transfer your retirement assets from one carrier directly to another approved carrier within the same plan. Plan-to-Plan Transfer: Upon separation of service you may move your 403(b) assets to a 403(b) plan with your new employer. Both your prior employer and your new employer must allow for plan-to-plan transfers. Rollover: Separation from service, disability or attainment of age , may qualify you for a roll over of assets from one account to another account. A direct rollover may be to any eligible retirement plan that agrees to accept the rollover and that includes qualified plans under 401(a)/403(a) (including 401(k) plans), 403(b) plans, governmental 457(b) plans, and IRAs. An indirect rollover is a distribution to an employee who rolls it over to another tax-qualified plan or IRA within 60 days from distribution. YOUR CHECKLIST In Section 3A, 3B and 3C, tell us if you are transferring 100% of account or if partial, how much. Tell us if you re transferring/rolling over Roth 403(b)/401(k) contributions. Additional information must be provided by your carrier or fund provider. (Section 3D) Remember to sign and date this form. (Section 8) Attach a copy of your most recent statement for the account(s) you are transferring to TIAA-CREF. Complete a separate form for each carrier or fund provider or account. If all of the assets are with the same carrier and you are transferring/rolling over from multiple accounts, then a separate form is required for each account in sections 3A, 3B and 3C and section 5. Mail all pages of your completed form to: TIAA-CREF, ATTN: Transfer/Rollover Department, P.O. Box 1260, Charlotte, NC If you are mailing a check to TIAA-CREF and intend to send it via overnight mail, please use the following address: TIAA-CREF, ATTN: Transfer/Rollover Department, 8500 Andrew Carnegie Boulevard, Charlotte, NC KEY INFORMATION TO CONSIDER If your request includes securities held in brokerage accounts or mutual funds, you must liquidate them before TIAA-CREF contacts your current carrier. If you re transferring/rolling over funds to a new TIAA-CREF account, please include the enrollment form with this form. INCXFRFRM/TA TDI F10462 (09/09) Contact your current carrier or fund provider for their transfer/rollover requirements, including their forms and whether a medallion signature is required.

22 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF Print in upper case using black or dark blue ink and provide all information requested. 1. PROVIDE PERSONAL INFORMATION First Name Last Name Middle Initial Address City State Zip Code Daytime Telephone Number Date of Birth (mm/dd/yyyy) / / Extension Social Security Number/Taxpayer Identification Please attach a copy of your most recent statement for the account(s) you are transferring to TIAA-CREF. IMPORTANT NOTE TO CURRENT CARRIER OR FUND PROVIDER: Our client named above authorizes you, as the current carrier or fund provider, to forward to them immediately, any forms that are required to complete this transaction. 2. CURRENT CARRIER OR FUND PROVIDER INFORMATION Name of current carrier or fund provider Telephone Number Address City State Zip Code INCXFRFRM/TA TDI F10462 (09/09) Page 1 of 9

23 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF Explanations of transactions are provided on cover page. 3. PLEASE SELECT THE TYPE OF TRANSACTION YOU WISH TO INITIATE: A. Complete Section 3A for Contract Exchange, Direct Transfer, or Plan-to-Plan Transfer for 403(b) retirement plans. OR B. Complete Section 3B for Direct Transfer for non-403(b) plans. OR C. Complete Section 3C for Rollover of funds. Fill out section 3D to let us know if you re transferring/rolling over funds made as Roth 403(b) or Roth 401(k) contributions. Your carrier/fund provider must tell us the portion of funds that were invested prior to 1989, if applicable. 3A. EXCHANGE, DIRECT TRANSFER OR PLAN-TO-PLAN TRANSFER (403(b) ONLY) Select one. 403(b)(1) Annuity Contract 403(b)(7) Custodial Account These funds are: Employer Contributions Your (Employee) Contributions Were any of these funds invested prior to 1989? Yes No Name of Employer of the retirement plan from which the funds originated. Are you still employed at the employer named above? Yes No Account Number(s) How much are you transferring/rolling over to TIAA-CREF? (If no selection is made, the form will be considered invalid and returned to you.) 100% of the account OR Partial $ INCXFRFRM/TA TDI F10462 (09/09) Page 2 of 9

24 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF *Funds in 457(b) private plans can only be transferred to other 457(b) private plans that accept the transfer. **A Roth IRA can only be rolled over to another Roth IRA. ***SIMPLE IRA must have been established for at least two years. If your transfer is made prior to the 2-year holding period, the IRS will increase your tax from 10% to 25% of the amount distributed. ****Roth 403(b) and Roth 401(k) contributions can only be transferred/rolled over to a Roth IRA or to another 403(b)/401(k) plan that will accept the contributions. 3B. DIRECT TRANSFER (NON 403(b) LIKE-TO-LIKE PLANS) Select one. 401(a) 401(k) 401(a)/414(h) 457(b) Private* 457(b) Public SIMPLE IRA*** Roth 403(b)**** Roth 401(k)**** Roth IRA** Traditional IRA Keogh Profit Sharing Brokerage Account SEP IRA Keogh Money Purchase Name of Employer of the retirement plan from which the funds originated (Not applicable if IRA, Keogh or SEP) Are you still employed at the employer named above? Yes No Account Number(s) How much are you transferring to TIAA-CREF? (If no selection is made, the form will be considered invalid and returned to you.) 100% of the account OR Partial $ *Funds in 457(b) private plans can only be transferred to other 457(b) private plans that accept the transfer. **Roth 403(b) and Roth 401(k) contributions can only be transferred/rolled over to a Roth IRA or to another 403(b)/401(k) plan that will accept the contributions. ***SIMPLE IRA must have been established for at least two years. If your transfer is made prior to the 2-year holding period, the IRS will increase your tax from 10% to 25% of the amount distributed. 3C. ROLLOVER (CHANGE IN PLANS) Type of funds being rolled over. Select one. 401(a) 401(k) 401(a)/414(h) 403(b) 403(b)(7) 457(b) Private* 457(b) Public Traditional IRA SIMPLE IRA*** SEP IRA Roth 403(b)** Roth 401(k)** Keogh Profit Sharing Keogh Money Purchase Brokerage Account CONTINUED ON NEXT PAGE INCXFRFRM/TA TDI F10462 (09/09) Page 3 of 9

25 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF 3C. ROLLOVER (CHANGE IN PLANS) (CONTINUED) Name of Employer of the retirement plan from which the funds originated (Not applicable if IRA, Keogh or SEP) Are you still employed at the employer named above? Yes No Account Number(s) How much are you transferring/rolling over to TIAA-CREF? (If no selection is made, the form will be considered invalid and returned to you.) 100% of the account OR Partial $ Note: Roth 403(b)/401(k) contributions can only be transferred/rolled over to a Roth IRA or to another 403(b)/401(k) plan that will accept the contributions. 3D. ROTH CONTRIBUTIONS MADE TO A 403(b) PLAN OR 401(k) PLAN Were any of the funds that you re transferring/rolling over made as Roth 403(b) or Roth 401(k) contributions? No OR Yes, the contributions were made to a Roth 403(b) OR Roth 401(k) Your current carrier or fund provider must give us this information if you re transferring/rolling over Roth funds: Date of first Roth contribution (MM/DD/YYYY) Total life-to-date Roth contributions Total life-to-date Roth earnings This additional information must be provided if you re transferring Roth funds: Total year-to-date Roth contributions Total year-to-date Roth earnings If your current carrier or fund provider does not give us this information within five (5) business days of receiving the money we will refund it back to the carrier/fund provider that sent it. INCXFRFRM/TA TDI F10462 (09/09) Page 4 of 9

26 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF Check the terms of your current investment. Certain surrender charges may apply. Please check the appropriate box(es) to authorize the liquidation of your Certificates of Deposit. 4. TELL US THE AMOUNT AND PROVIDE INSTRUCTIONS FOR CERTIFICATES OF DEPOSIT Account Number Maturity Date (mm/dd/yyyy) / / Please liquidate the CD IMMEDIATELY. I am aware of and acknowledge the penalty I will incur from any early withdrawal. Please liquidate the CD AT MATURITY. (Please submit this request no earlier than 30 days before the maturity date. TIAA-CREF is not liable if your CD term is renewed or if penalty fees are incurred as a result of transferring/rolling over funds from a CD.) Use this section to provide information about your other accounts such as mutual fund accounts and brokerage accounts. Please check the appropriate box(es) to authorize the liquidation of other types of investments you may have. 5. TELL US THE AMOUNT AND PROVIDE INSTRUCTIONS FOR OTHER ACCOUNTS THAT ARE NOT LISTED IN ANY OTHER SECTION Account Number Type of Account I wish to liquidate and transfer my entire account. I wish to liquidate only the following assets in my account, and transfer the proceeds in the form of a check to my TIAA-CREF account. I am not liquidating and transferring my entire account. # of shares OR Percent OR Dollar Amount % $ Account Number Type of Account I wish to liquidate and transfer my entire account. I wish to liquidate only the following assets in my account, and transfer the proceeds in the form of a check to my TIAA-CREF account. I am not liquidating and transferring my entire account. # of shares OR Percent OR Dollar Amount % $ INCXFRFRM/TA TDI F10462 (09/09) Page 5 of 9

27 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF *If your transfer/rollover to a Traditional IRA includes Roth 403(b)/401(k) contributions, the amount attributable to Roth 403(b)/401(k) contributions will be made to a Roth IRA since IRS regulations allow Traditional IRAs to receive only pre-tax funds. **For Rollovers into a Roth IRA: Please note that funds from an employer sponsored retirement plan will be converted. The conversion is considered a taxable event. If you are unable to do this conversion with your current carrier or fund provider, then you must first establish a Traditional IRA with TIAA-CREF. If the funds include Roth 403(b)/401(k) contributions, those contributions are not taxable. However, the Roth earnings may be taxable. ***For 457(b) private plans: These funds are going into a contract that is part of your employer s general assets and is subject to the claims of your employer s creditors. 6. TIAA-CREF ACCOUNT INFORMATION For rollovers to plans other than an IRA: Please provide the name of the employer to whose plan the transfer/rollover should be applied. If you do not identify an employer, your funds will be applied to the last known premium-remitting employer that accepts rollover funds to their plan. All rollovers are subject to the new plan s rules. Name of Employer To which TIAA-CREF accounts should we apply the funds? If you select apply the funds to my existing account below, the account must have been established under the employer s plan indicated. TIAA Number CREF Number Apply the funds to my existing account.* Apply the funds to my new TIAA-CREF account. Please enclose your completed enrollment application. RA GRA Traditional IRA* Simplified Employee Pension (SEP) IRA SRA Roth IRA** GSRA Keogh Money Purchase Plan RC 457(b) Private*** RCP 457(b) Public Keogh Profit Sharing Plan To open an IRA/Keogh account, go to tiaa-cref.org. Click Open an Account then click Keogh, or IRA or call INCXFRFRM/TA TDI F10462 (09/09) Page 6 of 9

28 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF If your allocation is invalid in any way, the funds being transferred will be allocated to the default account/fund specified by the employer s plan. 7. ALLOCATE YOUR FUNDS Use my current allocation on file for the plan/contract indicated. OR Use the allocation I ve indicated below. Select the investment allocation for the funds being transferred. You may change your allocation at any time in the future. If you need additional space for your allocation choices, please provide them on a separate page with your name and Social Security number. Fund Number Investments Allocation Percent % % % % % % % % % % % % 100 % INCXFRFRM/TA TDI F10462 (09/09) Page 7 of 9

29 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF If you are over the age , you may need to begin distributions on this amount during this calendar year. Please contact us at for more information. 8. AUTHORIZATION AND ROLLOVER WAIVER By signing in the Your Signature box below: I authorize the current carrier or fund provider to transfer/roll over the assets from my account(s) as stated on this form for immediate deposit into my TIAA-CREF funds. If necessary for the purpose of this transfer/rollover, I also authorize the current carrier or fund provider to liquidate immediately, and transfer the proceeds in the form of a check to my funds listed on this form, any mutual fund shares, company stocks, bonds, or other financial investments held in the account(s). The current carrier or fund provider may release information pertaining to the contributions and earnings attributable to the transfer/rollover amount, as requested by TIAA-CREF. I also authorize TIAA-CREF to contact my current carrier or fund provider on my behalf to arrange the transfer/rollover of these funds. I understand, for rollovers to plans other than an IRA, if I do not name an employer, my funds will be applied to the last known premium-remitting institution that accepts rollover funds into their plan and will be subject to the rules of that plan. I understand that if I roll over a distribution from another plan into a TIAA-CREF Retirement Annuity, Group Retirement Annuity, Retirement Choice, Retirement Choice Plus, Supplemental Retirement Annuity or Group Supplemental Retirement Annuity contract, my right to receive a distribution of these funds prior to or following my termination of employment from the employer sponsoring the plan that is accepting the rollover, will depend on the terms of that plan and the TIAA-CREF account to which the funds are being rolled over. I further understand that if I roll over a distribution from another plan into a TIAA-CREF Retirement Annuity, Group Retirement Annuity, Retirement Choice, Retirement Choice Plus, Supplemental Retirement Annuity, or Group Supplemental Retirement Annuity contract, to the extent the plan accepting the rollover is subject to the Employee Retirement Income Security Act (ERISA), spousal rights will apply to the funds and I may need a signed waiver from my spouse in order to receive a subsequent distribution of these funds to the extent the distribution is permitted by the new plan and receiving contract account. I understand that I am responsible for determining my eligibility to transfer, roll over, or exchange within the limits set forth by tax laws, related regulations, plan regulations and plan agreements. I assume responsibility for any tax consequences or penalties that apply to the requested transactions. I have read and understand the above conditions and I request that TIAA-CREF accept a transfer/rollover of funds to my TIAA-CREF account under a qualified plan. By signing below, I agree to be bound by these conditions. Your Signature (REQUIRED) Date (mm/dd/yyyy) / / Some carriers or fund providers may require a signature guarantee. If needed by your current carrier or fund provider, please complete this section and have it medallion-stamped by an authorized bank. A notary public is not an acceptable medallion signature guarantee. 9. MEDALLION SIGNATURE GUARANTEE (IF APPLICABLE) MEDALLION SIGNATURE GUARANTEE Signature of Guarantor Name of Institution Title Date (mm/dd/yyyy) / / INCXFRFRM/TA TDI F10462 (09/09) Page 8 of 9

30 TRANSFER, ROLLOVER OR EXCHANGE INTO YOUR ACCOUNTS AT TIAA-CREF Employer authorization may be required to consolidate/transfer/rollover retirement assets. To determine if the employer you specified in section 6 needs to fill out this section, please contact your employer or call us at EMPLOYER AUTHORIZATION I am a representative of the Employer, Plan Sponsor, or Third Party Administrator. I certify that the participant is eligible for the requested transaction. Plan Representative Name (please print) Plan Representative Signature Title Date (mm/dd/yyyy) / Daytime Telephone Number / A fee may be imposed by your current carrier or fund provider for this service. Also, some firms may not provide this service. 11. WIRE TRANSFER REQUEST Are you requesting that the funds be sent to us as a wire transfer? Yes No When we receive your form, we ll send you a letter of acknowledgement and contact your current carrier or fund provider. 12. MAIL THIS FORM Mail this form in the envelope provided to: TIAA-CREF ATTN: Transfer/Rollover Department P.O. Box 1260 Charlotte, NC If you are mailing a check to TIAA-CREF and intend to send it via overnight mail, please use the following address: TIAA-CREF ATTN: Transfer/Rollover Department 8500 Andrew Carnegie Boulevard Charlotte, NC INCXFRFRM/TA TDI F10462 (09/09) Page 9 of 9

31 SECTION 2 YOUR INVESTMENT CHOICES

32

33 YOUR INVESTMENT CHOICES For more detailed descriptions, expenses and performance information for each of these annuity accounts and mutual funds go to The information about the annuity accounts and mutual funds listed here may change. Consult the prospectus for the most up-to-date information. GENERAL RISK BY ASSET CLASS LOWER RISK HIGHER GUARANTEED MONEY MARKET FIXED INCOME REAL ESTATE EQUITIES OPTION A: To select the simplified One Decision strategy, simply choose the Lifecycle Fund listed below that s closest to your estimated year of retirement. RETIREMENT ACCOUNTS AND FUNDS ASSET CLASS TYPE ACCOUNTS/FUNDS TICKER SHARE CLASS MULTI-ASSET MUTUAL FUND TIAA-CREF Lifecycle 2010 Fund TCLEX Retirement TIAA-CREF Lifecycle 2015 Fund TCLIX Retirement TIAA-CREF Lifecycle 2020 Fund TCLTX Retirement TIAA-CREF Lifecycle 2025 Fund TCLFX Retirement TIAA-CREF Lifecycle 2030 Fund TCLNX Retirement TIAA-CREF Lifecycle 2035 Fund TCLRX Retirement TIAA-CREF Lifecycle 2040 Fund TCLOX Retirement TIAA-CREF Lifecycle 2045 Fund TTFRX Retirement TIAA-CREF Lifecycle 2050 Fund TLFRX Retirement TIAA-CREF Lifecycle Retirement Income Fund TLIRX Retirement OPTION B: If you prefer to build your own portfolio, the choices listed below are offered in your retirement plan. RETIREMENT ACCOUNTS AND FUNDS ASSET CLASS TYPE ACCOUNTS/FUNDS TICKER SHARE CLASS EQUITIES VARIABLE ANNUITY CREF Equity Index Account (008) 90, 105 N/A N/A CREF Global Equities Account (006) 90, 105 N/A N/A CREF Growth Account (007) 90, 105 N/A N/A CREF Stock Account (002) 90, 105 N/A N/A MUTUAL FUND TIAA-CREF Growth and Income Fund (011) TRGIX Retirement TIAA-CREF International Equity Fund (013) TRERX Retirement TIAA-CREF International Equity Index Fund (027) TRIEX Retirement TIAA-CREF Large-Cap Growth Fund (348) TILRX Retirement TIAA-CREF Large-Cap Growth Index Fund (019) TRIRX Retirement TIAA-CREF Large-Cap Value Fund (014) TRLCX Retirement TIAA-CREF Large-Cap Value Index Fund (020) TRCVX Retirement TIAA-CREF Mid-Cap Growth Fund (015) TRGMX Retirement TIAA-CREF Mid-Cap Value Fund (016) TRVRX Retirement TIAA-CREF Real Estate Securities Fund (017) TRRSX Retirement TIAA-CREF S&P 500 Index Fund (018) TRSPX Retirement TIAA-CREF Small-Cap Equity Fund (028) TRSEX Retirement TIAA-CREF Social Choice Equity Fund (012) TRSCX Retirement REAL ESTATE VARIABLE ANNUITY TIAA Real Estate Account (009) 90, 105 N/A N/A FIXED INCOME VARIABLE ANNUITY CREF Bond Market Account (005) 90, 105 N/A N/A