PURSUE WHAT S IMPORTANT TO YOU.

Transcription

1 PURSUE WHAT S IMPORTANT TO YOU. Get ready for tomorrow with the University of Chicago Retirement Plans. Human Resources

2 Dear Faculty and Staff, The University of Chicago is introducing several changes to the Contributory Retirement Plan (CRP), the Retirement Income Plan for Employees (ERIP), the Supplemental Retirement Plan (SRP), and the 457(b) Deferred Compensation Plan (each a Plan and collectively the Retirement Plans ). These changes align with our objective to provide Retirement Plans that give you the tools to pursue your financial goals and prepare for retirement. Specifically, effective April 2, 2018, TIAA will serve as the single recordkeeper for participant Retirement Plan accounts. In addition, the Retirement Plans will replace the existing investment lineup with a narrowed set of investment options, which participants can begin accessing February 1. In connection with these changes, the Retirement Plans are lowering some investment management fees and simplifying the way you can track and manage your investments. How to use this guide This Transition Guide provides you with the details and key dates for the upcoming changes to the Retirement Plans we recommend you read it carefully, including the sections listed below. Key dates for directing future contributions and transferring existing balances into the new investment lineup options prior to April 2 (page 5) The Blackout Period for participants with Retirement Plan accounts at Vanguard (page 14) Instructions for accessing your new TIAA account, including your new investment options and beneficiary information (page 22) Resources and information to help you (pages 21 29) If you have questions, you can: Call TIAA at , Monday Friday, 7 a.m. to 9 p.m. (CT), Saturday, 8 a.m. to 5 p.m. (CT) Review Frequently Asked Questions available at humanresources.uchicago.edu/benefits/singlerecordkeeper The University of Chicago is dedicated to helping you through this transition process and helping you prepare for retirement. Sincerely, Ronn Kolbash Interim Associate Vice President Human Resources The University of Chicago Maria Garcia Director, Health & Welfare and Retirement Human Resources The University of Chicago 2 The University of Chicago Retirement Plans

3 TABLE OF CONTENTS Making it easier for you to plan and invest...4 Key dates...5 The choice is yours: Optional investment election period...7 New tiered investment options...8 If you currently have an account with: TIAA...10 Vanguard...13 Additional information for retirees and former employees...16 Retirement Plan fees...17 New investment option fees...19 Resources and information to help you Instructions to manage your entire account at TIAA Real-time answers to your questions...23 Retirement Plan investment advice TIAA Brokerage...26 Appendix Transfer strategy TIAA investment options...32 Transfer strategy Vanguard investment options...34 Vanguard Target Retirement Funds Birth Chart...39 Questions? Call or visit TIAA.org/uchicago 3

4 MAKING IT EASIER FOR YOU TO PLAN AND INVEST As of April 2, 2018, the Retirement Plans will use TIAA as the Plans single recordkeeper. This transition, or move, solely to TIAA as recordkeeper is intended to provide improved service and lower certain costs. While the Retirement Plans contribution rates, eligibility, and vesting requirements will remain the same, the following changes are being introduced: Simplified investing and account access Having a single recordkeeper allows you access to all of your Retirement Plan account information in one place. With your new account, you will be able to conveniently view all of your investment options and make transactions through TIAA. There will be one website, one participant services phone number, and one consolidated statement each quarter. Narrowed investment options with lower fees for certain options The Retirement Plans will offer a narrowed investment lineup that provides a mix of investment options that are intended to fit your financial goals and preferences. This new investment lineup will be monitored by investment professionals in the University s Investment Office. In addition, these changes will allow the Retirement Plans to reduce investment fees for certain options in the investment lineup. The new investment lineup can be found on page 9. New TIAA Brokerage option The Retirement Plans will make available a TIAA Brokerage option that provides access to over 7,000 mutual fund investments for experienced investors and those who desire more investment choices. Additionally, if you are currently invested in certain TIAA or Vanguard mutual funds that will no longer be offered in the new investment lineup, you can elect to retain those investments by opening a Brokerage account with TIAA during the investment election period beginning February 1, Additional fees generally apply to the Brokerage account. Please note: If you do not open a Brokerage account by March 5, 2018, it may not be possible to invest in the same share classes for the TIAA and Vanguard investments that were previously available in the lineup. The TIAA Brokerage account mutual funds will not be reviewed by the University s Investment Office for the purpose of evaluating performance or fund expenses. What you will learn from this guide After reading this guide, you should understand: The new investment options available to you in the Retirement Plans How your existing retirement account balances at TIAA and/or Vanguard will transfer How to change your existing investment allocations within your retirement account(s) How your future contributions will be allocated across the new investment options How to update your beneficiaries in the Retirement Plans Key dates for learning more and taking action If you have any questions, please call TIAA at , Monday Friday, 7 a.m. to 9 p.m. (CT), Saturday, 8 a.m. to 5 p.m. (CT). 4 The University of Chicago Retirement Plans

5 KEY DATES Learn more about the changes to the Retirement Plans Date December 14, 2017 March 29, 2018 Each Thursday from 10 a.m. to 11 a.m. (CT) Event Retirement Plan education sessions will be held at 6054 S. Drexel in Room 144. These sessions are designed to answer your questions about the changes to the Retirement Plans. Access your new TIAA account February 1, 2018 End dates for the investment election period differ based on the type of changes you d like to make. You can now access your new account and update your beneficiaries. You can open a TIAA Brokerage account to take advantage of an in-kind Brokerage transfer for certain investments that are being discontinued from the investment lineup. The investment election period begins, which means you can access the new investment lineup and: o Direct your investment allocation for future contributions. o Make participant-directed transfers of your existing balances to the new investment options. You may want to consider this option if you do not want your existing mutual fund balances to transfer to the new investment options during the week of April 2, as outlined in the investment lineup transfer strategy on pages If you want to direct the transfer of your existing mutual fund balance into the new investment options before the April 2 transition, you must act by the dates shown below. For Vanguard participant-directed transfers March 22, 2018, 3 p.m. (CT) For TIAA participant-directed transfers April 2, 2018, 3 p.m. (CT) If you want to choose how your March 30 payroll contributions will be allocated across the new investment options, you must make the allocations by March 29, If you want to take advantage of the TIAA Brokerage option s in-kind transfer, you must set up a TIAA Brokerage account by March 5, Transfer of your existing balances If you do not take action by these dates, your investment allocations for future contributions will be directed, and existing mutual fund balances will be transferred, to the new investment options at TIAA as the single recordkeeper on April 2, and as detailed on pages March 22, 2018, at 3 p.m. (CT) April 13, 2018 Week of April 2, 2018 Week of April 2, 2018 During the Blackout Period for Vanguard participants, you will not be able to: Modify your Vanguard account Obtain a distribution or hardship withdrawal from your Vanguard account At the end of the Blackout Period, you can access and update your new account with TIAA, including balances transferred from Vanguard. All Vanguard balances in the Retirement Plans will transfer to accounts with TIAA. If you are currently invested with TIAA, mutual fund balances from your existing TIAA accounts will be transferred to the new TIAA Retirement Choice (RC) and/or Retirement Choice Plus (RCP) account(s). 1 Once the transition is complete, you can change how your account balances and contributions are allocated across the investment options at any time. Please note: The dates of the changes to the Retirement Plans and the end of the Blackout Period depend on a number of factors, including the accurate, timely transfer of data. Accordingly, the end of the Blackout Period, as well as the changes to the Retirement Plans, could be delayed. Questions? Call or visit TIAA.org/uchicago 5

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7 THE CHOICE IS YOURS Optional investment election period The Retirement Plans are providing an optional investment election period to give you the opportunity to decide how and when your existing mutual fund balances will transfer to the new investment options, and how your future contributions will be allocated to the new investment options. If you take no action during this investment election period during the week of April 2, 2018, your existing mutual fund balances will move to the new investment options based on the investment lineup transfer strategy on pages If you do not want your existing mutual fund balances to transfer to the new investment options, or you do not want your future contributions invested in those new options, each as described in the transfer strategy, you should take action to make your own elections (see instructions on page 22) during the investment election period beginning February 1, Beginning February 1, 2018, you can: c Access your new account online at TIAA.org/uchicago. c Review your beneficiary designation and update if needed. c Transfer your existing Vanguard balances to any of the new investment options. Participant-directed transfers must be completed prior to the Blackout Period, which begins March 22, 2018, at 3 p.m. (CT). c Transfer your existing TIAA balances to any of the new investment options. Participant-directed transfers must be completed prior to the automatic transfer, which starts the week of April 2, Have questions? c Attend a one-hour session (page 23). c Review Frequently Asked Questions online at humanresources.uchicago.edu/benefits/ singlerecordkeeper. c Use the online Retirement Advisor tool it provides investment advice based on your goals and risk tolerance (page 24). c Schedule an advice session with a financial consultant to get personalized Retirement Plan advice (page 24). c Choose from the new investment options for future contributions. For selections to be reflected in your March 30 payroll contribution, you will need to complete this action by March 29, 2018 (for both biweekly and monthly payroll). c Decide whether to open a TIAA Brokerage account to remain invested in the investments that will be discontinued and are eligible to transfer (pages 26 29). A Brokerage account must be opened by March 5, 2018, to be eligible for an in-kind Brokerage transfer. Please note that after March 5, 2018, it may not be possible to invest in the same share classes of mutual funds that are being discontinued under the new investment lineup. Instructions to access your new account and make changes are found on page 22. Questions? Call or visit TIAA.org/uchicago 7

8 NEW TIERED INVESTMENT OPTIONS Investment tiers The Retirement Plans new investment options will be arranged in a four-tiered structure, offering a variety of investments from several mutual fund families. You can create a tailored retirement strategy by investing in options from any of the following tiers: target-date funds, index funds, actively managed investments, and/or the TIAA Brokerage option. Tier 1: TARGET-DATE FUNDS 1,2 Target-date funds are professionally managed investments designed for individuals who prefer a single diversified option. 3 Selecting a target-date fund may be a good choice if you prefer a hands-off approach to managing your retirement savings. Each of these investments creates a diversified portfolio within one fund, based on your expected retirement year. The target date indicates when you may plan to begin making withdrawals, and the fund s investments become more conservative as the target date approaches. After the target date, the fund may be merged into a fund designed for investors already in retirement. Tier 2: INDEX FUNDS Index funds aim to replicate the performance of an index of a specific financial market by investing in all, or almost all, of the investments within a selected index (e.g., S&P 500). Tier 3: ACTIVELY MANAGED INVESTMENTS Actively managed investments are managed by a fund manager who buys and sells investments within the portfolio in an attempt to outperform a market benchmark. Tier 4: BROKERAGE ACCOUNT The TIAA Brokerage option provides access to thousands of mutual funds from many well-known fund families. While the new investment lineup in Tiers 1 through 3 is designed to meet the majority of needs, the Brokerage option may appeal to active, experienced investors or those investors who desire more investment choices. There are no fees to open a Brokerage account, and trading fees will be waived through July 16, Please note, the University of Chicago does not monitor investments offered through the Brokerage option. For more information, see pages 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 As with all mutual funds, the principal value of a target-date fund isn t guaranteed at any time, even at the target date. The target date represents an approximate date when investors may plan to begin withdrawing from the fund. 3 Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss. 4 Trading fees will be reinstated without written notification. After July 16, 2018, you will be charged a commission only on applicable transactions and other account-related fees in accordance with the TIAA Commission and Fee Schedule, available at TIAA.org/SDA_CAA. Other fees and expenses apply to a continued investment in the funds and are described in each fund s current prospectus. TIAA fee waivers do not include mutual funds with transaction fees. 8 The University of Chicago Retirement Plans

9 New investment options These new choices offer you flexibility to create a retirement portfolio that matches your investment preferences and goals. To learn more about the new investment options, go to TIAA.org, and enter the ticker symbol in the site s search feature. Asset Class Investment Option Multi-Asset Vanguard Institutional Target Retirement Institutional VITRX Multi-Asset Vanguard Institutional Target Retirement Institutional VITVX Multi-Asset Vanguard Institutional Target Retirement Institutional VITWX Multi-Asset Vanguard Institutional Target Retirement Institutional VRIVX Tier 1: TARGET-DATE FUNDS Multi-Asset Vanguard Institutional Target Retirement Institutional VTTWX Multi-Asset Vanguard Institutional Target Retirement Institutional VITFX Multi-Asset Vanguard Institutional Target Retirement Institutional VIRSX Multi-Asset Vanguard Institutional Target Retirement Institutional VITLX Multi-Asset Vanguard Institutional Target Retirement Institutional VTRLX Multi-Asset Vanguard Institutional Target Retirement Institutional VIVLX Multi-Asset Vanguard Institutional Target Retirement Institutional VILVX Multi-Asset Vanguard Institutional Target Retirement Institutional VSXFX Fixed Income Vanguard Total Bond Market Index - VBMPX Equities Vanguard Emerging Markets Index - Institutional VEMIX Tier 2: INDEX FUNDS Equities Vanguard Extended Market Index - VEMPX Equities Vanguard FTSE Social Index - Institutional VFTNX Equities VIIIX Equities Vanguard REIT Index - Institutional 1 VGSNX Equities Vanguard Small-Cap Value Index - Institutional VSIIX Equities Vanguard Total International Stock Index - VTPSX Guaranteed TIAA Traditional 2 (Guaranteed Annuity) N/A Money Market Vanguard Federal Money Market VMFXX Tier 3: ACTIVELY MANAGED INVESTMENTS Fixed Income BlackRock Total Return 3 MAHQX Fixed Income Vanguard Inflation-Protected Securities - Institutional VIPIX Multi-Asset CREF Social Choice R3 (Variable Annuity) QCSCIX Real Estate TIAA Real Estate (Variable Annuity) QREARX Equities Cardinal Small Cap Value CCMSX Equities Dodge & Cox Global Stock DODWX Equities Harding Loevner International Equity - Institutional 2 HLMIX Equities Vanguard PRIMECAP - Admiral VPMAX Tier 4: BROKERAGE ACCOUNT See previous page Details on fees can be found in the transfer strategy on pages and fund prospectuses. TIAA prospectuses are currently available at TIAA.org. 1 Effective February 1, 2018, the Vanguard REIT Index Fund will be renamed the Vanguard Real Estate Index Fund. 2 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. 3 A contractual or voluntary fee waiver applies. See prospectus for the fee waiver expiration date. 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. Questions? Call or visit TIAA.org/uchicago 9

10 IF YOU CURRENTLY HAVE AN ACCOUNT WITH TIAA Automatic changes to your account(s) New account(s): Effective February 1, 2018, if you have existing balances in the following plans, you will be assigned new account(s) with TIAA as follows: Contributory Retirement Plan (CRP) Retirement Income Plan for Employees (ERIP) 457(b) Deferred Compensation Plan Supplemental Retirement Plan (SRP) Retirement Choice (RC) account Retirement Choice (RC) account Retirement Choice Plus (RCP) account Retirement Choice Plus (RCP) account Note: All references to RC and RCP accounts include your interest in all mutual funds and the RC and RCP contracts that govern the accounts. You will receive further documentation that will confirm each new account. Beneficiary designation(s): Your current beneficiary designation(s) will be applied to your new RC and/or RCP account(s) if you currently have an account with TIAA only. If you have accounts with both TIAA and Vanguard, please refer to page 15 for information as to how your beneficiary designations will be applied. Steps you can take beginning on February 1, 2018, for your existing mutual fund balances If you take no action during the investment election period, your existing mutual fund balances will transfer to the new investment options during the week of April 2, 2018, per the transfer strategy for TIAA investments shown on pages Carefully review the transfer strategy to make sure you understand how your existing mutual fund balances will move to the new investment options during the week of April 2, If you do not want your existing mutual fund balances to transfer to the new investment options in accordance with the transfer strategy, you have the following options: Participant-directed transfers: During the investment election period beginning on February 1, 2018, you can direct a transfer of your existing mutual fund balances into investment options offered under the new lineup (see page 9) by completing a participant-directed transfer. These directions must be completed with TIAA by April 2, 2018, 3 p.m. (CT). TIAA Brokerage account: You can open a Brokerage account and transfer all or a portion of your existing mutual fund balances into that account. See pages for information on how those funds will transfer. TIAA Brokerage accounts must be opened by March 5, 2018, to be eligible for an in-kind Brokerage transfer. Please note that after March 5, 2018, it may not be possible to invest in the same share classes of funds that are being discontinued. Annuity investments If you have TIAA and/or CREF annuities (shown below), any balance(s) you have in these annuities will remain in your existing legacy account(s). No new contributions, rollovers, or participant-directed transfers may be made to restricted annuity options. If you would like to make a participant-directed transfer of existing balances to other investment options in your new RC and/or RCP account(s) and/or a TIAA Brokerage account, contact TIAA. Annuity Options on the New Lineup CREF Social Choice R3* (Variable Annuity) QCSCIX TIAA Real Estate* (Variable Annuity) QREARX TIAA Traditional* (Guaranteed Annuity) N/A * These annuity options allow internal transfers, which means you can transfer these options within your existing legacy account or contract. 10 The University of Chicago Retirement Plans Restricted Annuity Options CREF Bond Market R3 (Variable Annuity) CREF Equity Index R3 (Variable Annuity) CREF Global Equities R3 (Variable Annuity) CREF Growth R3 (Variable Annuity) CREF Inflation-Linked Bond R3 (Variable Annuity) CREF Money Market R3* (Variable Annuity) CREF Stock R3* (Variable Annuity) QCBMIX QCEQIX QCGLIX QCGRIX QCILIX QCMMIX QCSTIX

11 Steps you can take beginning on February 1, 2018, for your future contributions Carefully review the new investment options and transfer strategy described on pages to make sure you understand how your future contributions will be directed to the new investment options if you take no action during the investment election period. If you do not want your future contributions directed to the new investment options based on the transfer strategy described on pages 32 33, you can update your investment allocations for future contributions in your new RC and/or RCP account(s). Updates to allocations for future contributions must be completed by March 29, 2018 (for the March 30 payroll), when contributions will be directed to your new account at TIAA based on the investment options offered under the new lineup shown on page 9. If you take no action during the investment election period If you take no action during the investment election period, your existing mutual fund balances will be transferred to your new RC and/or RCP account(s) and the new investment options, as shown on pages This transfer is expected to occur during the week of April 2, If you do not update your investment allocations by March 29, 2018 (for the March 30 payroll), your future contributions will be directed to the new investment options in your new RC and/or RCP account(s) per the transfer strategy. Carefully review the transfer strategy to make sure you understand how your existing mutual fund balances will move to the new investment options if you take no action during the investment election period. Please note that changes can also be made any time after the investment election period and Blackout Period. Instructions to access your new account and make changes are found on page 22. Questions? Call or visit TIAA.org/uchicago 11

12 Understanding the new RC and RCP accounts for participants invested in TIAA Traditional Annuity There are a number of differences between your Retirement Annuity (RA), Supplemental Retirement Annuity (SRA), Group Retirement Annuity (GRA), and/or Group Supplemental Retirement Annuity (GRSA) contracts (hereafter the existing legacy contracts) and the new RC and/or RCP account(s). Most of the differences apply to the TIAA Traditional Annuity ( TIAA Traditional ) and are highlighted below. If you are considering transferring some or all of your existing account balances under your existing legacy contract(s) to your new RC and/or RCP account(s), make sure you understand the differences before you initiate a participant-directed transfer. Minimum rate guarantee for your existing TIAA Traditional account in a legacy contract: Any balances you have in TIAA Traditional in your existing legacy contract will continue to earn at least 3%, which is the minimum guaranteed rate, and any additional amounts, if declared, will be credited for as long as the balances remain in those contracts. To check the current crediting rates for TIAA Traditional, go to TIAA.org/TIAAtraditional. If TIAA Traditional balances are transferred out of an existing legacy contract, you risk giving up a favorable crediting rate(s) (and will lose vintage treatment) on older contributions. To view your vintage interest rates, log in to your TIAA account, select your plan, and then select View Interest Rates under the Guaranteed option. Minimum rate guarantee for TIAA Traditional under the new RC and/or RCP account(s): TIAA Traditional has a minimum rate guarantee that is between 1% and 3%, determined annually, which may be lower than the minimum guaranteed rate in your existing legacy contracts. 1 While the minimum guaranteed rate might be lower than the rate for your existing account, the adjustable rate guarantee in the new RC and RCP accounts allows TIAA the opportunity to declare higher interest rates although they are not guaranteed. Like your existing legacy contract, additional amounts, if declared, will also be credited to your balances in TIAA Traditional. 2 Direct transfers and distributions: TIAA Traditional balances in the new RC account can be liquidated for transfers to other mutual funds or for distributions within a shorter time frame than under the existing RA and/or GRA legacy contracts. Please note that transfers and distributions are subject to plan and IRS distribution requirements. TIAA Traditional balances in the new RCP account, like your legacy SRA/GSRA contract, can be liquidated for transfers to other investments or for distributions at any time. Permanent decision: If you transfer money from an account tied to an existing legacy contract to a new RC and/or RCP account and/or to a Brokerage account, it is a permanent decision. Money cannot be moved back into accounts tied to your existing legacy contracts. For details, see the Contract Comparison chart located at TIAA.org/contractcomparison. If you have questions, call TIAA at Guarantees are subject to TIAA s claims-paying ability. 2 TIAA s Board of Trustees declares whether additional amounts will be paid in March of each year. Additional amounts are not guaranteed. 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. 12 The University of Chicago Retirement Plans

13 IF YOU CURRENTLY HAVE AN ACCOUNT WITH VANGUARD New TIAA account beginning on February 1, 2018 New accounts: Effective February 1, 2018, if you have existing balances in the following plans, you will be assigned new accounts as follows: Contributory Retirement Plan (CRP) Retirement Income Plan for Employees (ERIP) 457(b) Deferred Compensation Plan Supplemental Retirement Plan (SRP) Retirement Choice (RC) account Retirement Choice (RC) account Retirement Choice Plus (RCP) account Retirement Choice Plus (RCP) account Note: All references to RC and RCP accounts include your interest in all mutual funds and the RC and RCP contracts that govern the accounts. You will receive further documentation that will confirm each new account. Beneficiary designation(s): Your Vanguard beneficiary designation(s) will automatically transfer to TIAA. 1 If you have accounts with both TIAA and Vanguard, see page 15 for how your beneficiaries will transfer. Steps you can take beginning on February 1, 2018, with your existing balances Carefully review the transfer strategy on pages to make sure you understand how existing account balances will transfer to the new investments. If you do not want your existing mutual fund balances to transfer to the new investment options based on the transfer strategy, you have the following options: Participant-directed transfers: During the investment election period beginning on February 1, 2018, you can direct a transfer of your existing balances into investment options offered under the new lineup (see page 9) at TIAA by completing a participant-directed transfer. These transfers must be completed with Vanguard by March 22, 2018, at 3 p.m. TIAA Brokerage account: You can open a TIAA Brokerage account and direct a transfer of all or a portion of your mutual fund balances into that account. See pages for information on how those funds will transfer. TIAA Brokerage accounts must be opened by March 5, 2018, to be eligible for an in-kind Brokerage transfer. Please note that after March 5, 2018, it may not be possible to invest in the same share classes of funds that are being discontinued. Steps you can take beginning on February 1, 2018, for your future contributions Carefully review the transfer strategy on pages to make sure you understand how your future contributions will be directed. If you do not want your future contributions directed to the new investment options based on the transfer strategy described on pages 34 39, you can update your investment allocations for future contributions during the investment election period. Updates to allocations for future contributions must be completed by March 29, 2018 (for the March 30 payroll), when contributions will begin to be directed to your new account at TIAA based on the investment options offered under the new lineup shown on page 9. Instructions to access your new account and make changes are found on page For married participants: Under many retirement plans, spouses are entitled to receive 50% of the participant s retirement plan assets. If you would like to direct less than 50% to your spouse, you and your spouse will need to complete a spousal waiver form for each affected account. You can obtain a spousal waiver form online at TIAA.org or call TIAA at Questions? Call or visit TIAA.org/uchicago 13

14 If you take no action during the investment election period If you take no action during the investment election period, your existing mutual fund balances will be transferred to your new RC and/or RCP account(s) and the new investment options, as shown on pages This transfer is expected to occur during the week of April 2, If you do not update your investment allocations by March 29, 2018 (for the March 30 payroll), your future contributions will be directed to the new investment options as shown in the transfer strategy on pages Carefully review the transfer strategy to make sure you understand how your existing mutual fund balances will move to the new investment options. How your account balance(s) will transfer from Vanguard to TIAA To help ensure a smooth transfer of account balance(s) from Vanguard, there will be a Blackout Period, expected to begin on or around March 22, 2018, at 3 p.m. (CT), and end on or before April 13, During this time, you will not be able to perform transactions (e.g., change investments, make withdrawals, transfer funds, etc.). Payroll contributions to the Retirement Plans will continue to be withheld from your paycheck during the Blackout Period. Please note: The date of the changes to the Retirement Plans and the end of the Blackout Period depend on a number of factors, including the accurate, timely transfer of data. Accordingly, the end of the Blackout Period, as well as the changes to the Retirement Plans, could be delayed. If there is a delay, you will be notified by mail. Investments with Vanguard will transfer in one of four ways: 1. Existing fund-to-replacement-fund: 1 Your existing account balance will move from Vanguard to TIAA following a fund-to-fund transfer process. This process transfers existing balances and directs future contributions from each of your existing fund choices to a replacement fund in the new investment lineup, as shown on pages Account balances from Vanguard will be applied to the new investment option(s) as of 3 p.m. (CT) on the date the balance(s) are received in good order by TIAA. In certain cases, transfers will not be invested in the new replacement funds for one business day. 2 Upon the completion of the transfer from your Vanguard account to TIAA, you will receive two confirmations: one from Vanguard showing the transfer out of your Vanguard account; and a second from TIAA showing the balance applied to your new TIAA account. 2. Lower-cost share class: 1 Some Vanguard investment options will be directed to lower-cost share class versions of the same funds, which will reduce your investment expenses. These funds will be transferred in-kind in the current share class and will remain fully invested during this period. The transfer to the lower-share class will occur after the initial in-kind transfer. 3. In-kind fund-to-fund transfer: 1 The Retirement Plans investment options that are being retained in the new investment lineup will transfer in-kind. An in-kind balance transfer means your holdings will not be sold and repurchased; your holdings will simply transfer from Vanguard to your new account with TIAA, and will remain fully invested during this period. 4. In-kind Brokerage transfer: If you elect to open a Brokerage account and transfer your balances in-kind to this account, see pages for a detailed explanation of how those funds will transfer. 1 For the first three types of transfer methods, certain investment options will be transferred to the target-date fund that corresponds to the year you turn 65. For example, if you will turn 65 in 2044, contributions will be directed and balance(s) will be transferred to the Vanguard Institutional Target Retirement 2045 Fund. To see which Vanguard investments will transfer to target-date funds (i.e., Age-based Vanguard Retirement Funds ), please see the Vanguard investment transfer strategy on pages A listing of the specific Vanguard target-date funds is provided in the Vanguard Target Retirement Funds Birth Chart on page The date of the transfer depends on the accurate, timely transfer of data and assets from Vanguard to TIAA. If this does not occur, the transfer could take longer than one business day. 14 The University of Chicago Retirement Plans

15 Additional information if you have accounts with both TIAA and Vanguard Beneficiary designation. If you have accounts with both TIAA and Vanguard, your beneficiary will be set to the default per the applicable Retirement Plan s terms (e.g., Estate, or surviving spouse, as applicable). Starting on February 1, 2018, you can log in to your new TIAA account and update/review your beneficiary designation(s). Investment allocations. If you are currently contributing to accounts with both TIAA and Vanguard, your investment allocation will be blended to replicate your current allocation across your TIAA and Vanguard accounts. The blended allocation for each investment is calculated according to the following formula: Current contribution allocation by provider (percentage to each investment) X Current deferral percentage to each provider = Future TIAA blended allocation If your current salary deferral has 60% going to Vanguard and 40% going to TIAA, the example below shows how your allocation will be blended based on a sample contribution allocation: Current deferral percentage to each provider Current contribution allocations by provider 60% to Vanguard Federal Money Market (VMFXX) 40% to Vanguard PRIMECAP Admiral (VPMAX) 100% to TIAA Traditional Future TIAA blended allocation Future deferral percentage to TIAA 60% to Vanguard X X = = 36% to Vanguard Federal Money Market (VMFXX) 24% to Vanguard PRIMECAP Admiral (VPMAX) 100% to TIAA 40% to TIAA X = 40% to TIAA Traditional If you have existing balances with both TIAA and Vanguard, but are not currently contributing, any future investment allocations will default to the Vanguard Institutional Target Retirement Fund offered under the new lineup that most closely corresponds to the year you turn 65. Please see page 39 for the specific Target Retirement Fund that applies to you. Questions? Call or visit TIAA.org/uchicago 15

16 ADDITIONAL INFORMATION FOR RETIREES AND FORMER EMPLOYEES If you are a former employee with an account in one or more of the Retirement Plans, it is important for you to review any information you receive regarding the investment and service updates. Please note: If you are invested in TIAA and/or CREF annuities, starting the first week of April 2018, several of the annuities will no longer accept rollovers or transfers, so you will no longer be able to transfer any of your investment balances into those annuities. If you currently receive income or distribution payments from Vanguard and/or TIAA, there should be no change or interruption to your payments or payment schedule as administration of the plans moves to TIAA. If you receive income or distribution payments from Vanguard by direct deposit into your bank account, you will need to provide your banking information to TIAA. In mid-january 2018, you will receive specific instructions by mail from TIAA for providing direct deposit information. If TIAA does not receive your banking information by April 2, 2018, TIAA will mail you a check to the address on file with Vanguard according to your payment schedule. Advantages of staying in the Retirement Plans Investment oversight. The University of Chicago provides ongoing oversight of investments offered through the Retirement Plans (other than through the Brokerage option). This oversight entails review of the investment lineup on a regular basis and making changes as appropriate based on the Retirement Plans investment criteria. 1 Lower-cost investments. Most investments are offered at the lowest cost available share class. Minimizing investment expenses helps keep more of your current savings invested and working for you. Help when you need it. When you have questions or need information, TIAA financial consultants are available to assist you. One-on-one financial counseling appointments may be scheduled so you can receive the retirement planning information, help, and resources you need at no additional cost to you. Call , Monday Friday, 7 a.m. to 7 p.m. (CT), to schedule an appointment. Please note that you are not obligated to use a TIAA financial consultant, and can engage or continue to work with a personal financial advisor at your own expense. 1 Please note, participants in the Retirement Plans will bear the risk of investing through the Brokerage account. 16 The University of Chicago Retirement Plans

17 RETIREMENT PLAN FEES Important update on your plan servicing fees The Retirement Plans include both administrative and investment-specific fees. Under the new changes to the Retirement Plans, if you have RC and/or RCP account(s), you will now see the fees for these services listed separately in your plan quarterly statements. Investment-specific services Each of the Retirement Plans investment options has a fee for investment management and associated services. You generally pay for these costs through what is called an expense ratio. ratios are displayed as a percentage of assets. For example, an expense ratio of 0.50% means a participant pays $5 annually for every $1,000 in assets. Knowing the expense ratio helps you to compare investment fees. In some cases, an investment provider may pay a portion of an investment s expense ratio to TIAA, the recordkeeper, to help offset the cost of retirement plan administration. This practice is called revenue sharing. Under the Retirement Plans, all revenue sharing generated by your investments will be credited back to you, less any plan servicing fees that may be deducted as described on the following pages. General administrative services Each of the Retirement Plans includes an annual plan servicing fee to cover TIAA services such as recordkeeping and other Retirement Plan and participant services. The chart on the next page (page 18) shows you the annual plan servicing fee amounts, effective April 1, The annual plan servicing fees will be assessed on a quarterly basis, with the first fee occurring on June 29, Questions? Call or visit TIAA.org/uchicago 17

18 Annual plan servicing fee Plan name Annual plan servicing fee Quarterly amount assessed Contributory Retirement Plan (CRP) $44 $11 Retirement Income Plan for Employees (ERIP) $21 $5.25 Supplemental Retirement Plan (SRP) $27 $ (b) Deferred Compensation Plan $64 $16 The following chart details how these fees will be applied to your account(s) on a quarterly basis. If you only have an RC and/or RCP account(s) The plan servicing fee quarterly amount will be deducted directly from your account. If you are invested in revenue sharing investments, those revenue sharing amounts will be credited back to you at the end of each quarter. 1,2 If you only have an existing legacy contract(s) The plan servicing fee quarterly amount will be deducted from the revenue sharing generated by your investments. If the revenue sharing amount your investments generate is equal to or less than the quarterly plan servicing fee, no revenue sharing will be credited back to you. 2 If you have both an RC and/or RCP account(s) and existing legacy contract(s) The plan servicing fee quarterly amount will be deducted first from your RC and/or RCP account, and if any unpaid balance remains, TIAA will collect the remaining balance from the revenue sharing generated by your legacy contract(s). Any remaining revenue sharing amount will be credited back to you at the end of the quarter. 2 If you invest solely through TIAA Brokerage and don t maintain a balance in an RC and/or RCP account(s) At this time, plan servicing fees cannot be deducted from Brokerage accounts. You will be notified once the capability is implemented and before any plan servicing fees are assessed. Calculating the quarterly revenue sharing that will be credited back to you if you have an existing legacy contract In some situations primarily if you have only an existing legacy TIAA contract the full plan servicing fee cannot be deducted from your plan account (e.g., you have a low RC or RCP balance, or have no such account because your investments are solely in legacy contracts). Therefore, the revenue sharing generated by your investments will first be reduced by the amount of the uncollected plan servicing fee and then any remaining revenue sharing net of this plan servicing fee will be returned back to you. For example, an ERIP participant with a $100,000 account is invested exclusively in the TIAA Real Estate Account in an existing legacy TIAA contract. Accordingly, no RC or RCP account is available to pay the TIAA plan servicing fee. In this case, the revenue sharing amount that would otherwise be credited to the participant s account is reduced first by the amount necessary to pay the plan servicing fee for that quarter. Calculating the quarterly revenue sharing amount credited after deduction of the plan servicing fee $100, x = $60 - $5.25 = $54.75 Asset 0.24% annual net Quarterly ERIP revenue share/4 Plan fee Total quarterly revenue share generated Net revenue sharing amount credited back to your account for the quarter This is a hypothetical example for illustrative purposes only. 1 If, after looking at the balances in your RC/RCP accounts and any revenue sharing generated by legacy contracts, as described in the chart, there remains an unpaid balance of the plan servicing fee quarterly amount, the unpaid balance will be waived and will not be assessed against your account in any subsequent quarterly cycle. 2 See pages for the revenue share attributable to each investment option. 18 The University of Chicago Retirement Plans

19 NEW INVESTMENT OPTION FEES The chart below, and continued on page 20, details each investment option in the Retirement Plans and any associated fees. The definitions below can help you understand these fees. Gross expense ratio includes all of an investment s expenses. Net expense ratio takes into account any current investment fee waivers and expense reductions, giving an indication of what is currently being charged. Revenue sharing is a term that describes the practice when investment providers share in the cost of plan administration. Any revenue shared by an investment provider is included as part of each of their investment s expense ratio (i.e., it is not in addition to the published expense ratios). Please note that TIAA Traditional, TIAA Real Estate, and all CREF Annuity accounts do not have revenue sharing; rather they have a plan services offset that is applied to your plan s administrative and recordkeeping costs. This offset is treated as revenue sharing in this section. In addition, revenue sharing is included in the net expense ratio shown in the following chart. Investment Option Gross Net Revenue Sharing BlackRock Total Return Institutional 1 MAHQX 0.62% 0.46% 0.15% Cardinal Small Cap Value CCMSX 1.00% 1.00% 0.00% CREF Social Choice R3 (Variable Annuity) QCSCIX 0.27% 0.27% 0.10% Dodge & Cox Global Stock DODWX 0.63% 0.63% 0.10% Harding Loevner International Equity - Institutional 1,2 HLMIX 0.83% 0.83% 0.15% TIAA Real Estate (Variable Annuity) QREARX 0.85% 0.85% 0.24% TIAA Traditional 3,4 (Guaranteed Annuity) N/A 0.00% 0.00% 0.15% Vanguard Emerging Markets Stock Index - Institutional VEMIX 0.11% 0.11% 0.00% Vanguard Extended Market Index - VEMPX 0.05% 0.05% 0.00% Vanguard Federal Money Market VMFXX 0.11% 0.11% 0.00% Vanguard FTSE Social Index - Institutional VFTNX 0.12% 0.12% 0.00% Vanguard Inflation-Protected Securities - Institutional VIPIX 0.07% 0.07% 0.00% VIIIX 0.02% 0.02% 0.00% Vanguard PRIMECAP Admiral VPMAX 0.33% 0.33% 0.00% Vanguard REIT Index - Institutional 5 VGSNX 0.10% 0.10% 0.00% Vanguard Small-Cap Value Index - Institutional VSIIX 0.06% 0.06% 0.00% Vanguard Institutional Target Retirement Institutional VITVX 0.09% 0.09% 0.00% Vanguard Institutional Target Retirement Institutional VITWX 0.10% 0.10% 0.00% Vanguard Institutional Target Retirement Institutional VRIVX 0.10% 0.10% 0.00% Vanguard Institutional Target Retirement Institutional VTTWX 0.10% 0.10% 0.00% Vanguard Institutional Target Retirement Institutional VITFX 0.10% 0.10% 0.00% Vanguard Institutional Target Retirement Institutional VIRSX 0.10% 0.10% 0.00% Vanguard Institutional Target Retirement Institutional VITLX 0.10% 0.10% 0.00% Questions? Call or visit TIAA.org/uchicago 19

20 Investment Option Gross Net Revenue Sharing Vanguard Institutional Target Retirement Institutional VTRLX 0.10% 0.10% 0.00% Vanguard Institutional Target Retirement Institutional VIVLX 0.10% 0.10% 0.00% Vanguard Institutional Target Retirement Institutional VILVX 0.10% 0.10% 0.00% Vanguard Institutional Target Retirement Institutional VSXFX 0.09% 0.09% 0.00% Vanguard Institutional Target Retirement Income - Institutional VITRX 0.09% 0.09% 0.00% Vanguard Total Bond Market Index - VBMPX 0.03% 0.03% 0.00% Vanguard Total International Stock Index - VTPSX 0.07% 0.07% 0.00% 1 A contractual or voluntary fee waiver may apply. See fund prospectus for details. 2 A redemption fee may apply. See fund prospectus for details. 3 This guaranteed option is a fixed annuity that pays you interest at competitive crediting rates that are announced in advance. There is no expense ratio because these are fixed annuities. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. 4 TIAA Traditional is a guaranteed insurance contract and not an investment for federal securities law purposes. 5 Effective February 1, 2018, the Vanguard REIT Index Fund will be renamed the Vanguard Real Estate Index Fund. Restricted annuity fees The following chart details the fees for restricted annuity options within your existing legacy contracts that are not available for contributions after April 2, Investment Option Gross Net Revenue Sharing CREF Bond Market R3 (Variable Annuity) QCBMIX 0.29% 0.29% 0.10% CREF Equity Index R3 (Variable Annuity) QCEQIX 0.23% 0.23% 0.10% CREF Global Equities R3 (Variable Annuity) QCGLIX 0.33% 0.33% 0.10% CREF Growth R3 (Variable Annuity) QCGRIX 0.27% 0.27% 0.10% CREF Inflation-Linked Bond R3 (Variable Annuity) QCILIX 0.24% 0.24% 0.10% CREF Money Market R3* (Variable Annuity) QCMMIX 0.23% 0.23% 0.10% CREF Stock R3* (Variable Annuity) QCSTIX 0.32% 0.32% 0.10% *These annuity options allow internal transfers, which means you can transfer these options within your existing legacy account or contract. 20 The University of Chicago Retirement Plans

21 RESOURCES AND INFORMATION TO HELP YOU Questions? Call or visit TIAA.org/uchicago 21

22 INSTRUCTIONS TO MANAGE YOUR ENTIRE ACCOUNT AT TIAA It s simple to access your entire account for each Retirement Plan at TIAA.org/uchicago starting February 1, You can access and update your account, and change investments or your beneficiary designation all in one convenient online location. Online Access your account at TIAA for the first time: 1. Go to TIAA.org/uchicago and click Log In. 2. S e l e c t Register for online access and follow the on-screen instructions to gain access to 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/uchicago and click Log In. 2. Enter your TIAA user ID and password. 3. In the My Account drop-down menu, select Change investments. (In mid-february 2018, My Account will change to Actions.) 4. S e l e c t Plan for the future and select each account you would like to update, then enter your investment instructions. Designate or change your beneficiary: 1. Go to TIAA.org/uchicago and click Log In. 2. Enter your TIAA user ID and password. 3. In the My Account drop-down menu, select Add/edit beneficiaries. (In mid-february 2018, My Account will change to Actions.) Start or change your salary deferral: 1. Go to Workday at workday.uchicago.edu and locate the Log in to Workday link in the upper-left side of the screen. 2. Follow the steps provided. Transfer TIAA funds between your Retirement Plans: 1. Go to TIAA.org/uchicago and click Log In. 2. Enter your TIAA user ID and password. 3. In the My Account drop-down menu, select Change investments. (In mid-february 2018, My Account will change to Actions.) 4. S e l e c t Change investments and select each account you would like to update, then enter your investment instructions. By phone If you have any questions or would like information about selecting your new investment options, you can call TIAA at , Monday Friday, 7 a.m. to 9 p.m. (CT), Saturday, 8 a.m. to 5 p.m. (CT). When you call TIAA, remember to identify yourself as a University of Chicago participant TIAA will then route you to the University of Chicago Priority Service Team. To transfer Vanguard funds within the Retirement Plans to TIAA, prior to the beginning of the Blackout Period you can: C a l l and elect to Direct Transfer, Monday Friday, 7 a.m. to 9 p.m. (CT), Saturday, 8 a.m. to 5 p.m. (CT). OR Make an appointment with a TIAA financial consultant. Visit TIAA.org/schedulenow or call , Monday Friday, 7 a.m. to 7 p.m. (CT). 22 The University of Chicago Retirement Plans

23 REAL-TIME ANSWERS TO YOUR QUESTIONS Retirement Plan education sessions These sessions are designed to answer questions on the changes to the Retirement Plans. Representatives from TIAA will be available to answer questions and schedule personal one-on-one financial counseling appointments. On campus Date Time Location Each Thursday from December 14, 2017, to March 29, a.m. to 11 a.m. (CT) 6054 S. Drexel in Room 144 Informational video Provides highlights of the changes to the Retirement Plans and where to go for further information. Visit the Benefits website: humanresources.uchicago.edu/benefits/singlerecordkeeper Webinars These webinars are designed to answer questions on the changes to the Retirement Plans. To join the meeting at the scheduled start time, go to humanresources. uchicago.edu/benefits/singlerecordkeeper. Click on Webinars and select the date you would like to join. You will then be able to add the selected date to your calendar. Online Date Monday, December 18, 2017 Monday, January 8, 2018 Monday, January 22, 2018 Monday, January 29, 2018 Monday, February 12, 2018 Monday, February 26, 2018 Monday, March 19, 2018 Monday, March 26, 2018 Time 12 p.m. to 1 p.m. (CT) 7 p.m. to 8 p.m. (CT) 7 p.m. to 8 p.m. (CT) 2 p.m. to 3 p.m. (CT) 12 p.m. to 1 p.m. (CT) 2 p.m. to 3 p.m. (CT) 7 p.m. to 8 p.m. (CT) 2 p.m. to 3 p.m. (CT) Phone TIAA Call , Monday Friday, 7 a.m. to 9 p.m. (CT), Saturday, 8 a.m. to 5 p.m. (CT). When you call TIAA, remember to identify yourself as a University of Chicago participant TIAA will then route you to the University of Chicago Priority Service Team. Please note that you are not obligated to use a TIAA financial consultant, and can engage or continue to work with a personal financial advisor at your own expense. Questions? Call or visit TIAA.org/uchicago 23

24 RETIREMENT PLAN INVESTMENT ADVICE You have access to personalized advice on the Retirement Plan investment options from a TIAA financial consultant at no additional cost to you, and no minimum balance is required. The 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 Which combination of investments is right for me? Am I on track to reach my savings goals? Please note that you are not obligated to use a TIAA financial consultant, and can engage a personal financial advisor at your own expense. ACCESSING TIAA ADVICE SERVICES By phone or in person Schedule a one-on-one counseling appointment to get answers to your financial questions or develop an action plan with clear steps that help address your retirement goals. Call , Monday Friday, 7 a.m. to 7 p.m. (CT), to schedule an appointment, or visit TIAA.org/schedulenow. If you schedule an appointment, bring your financial account statements (including statements for retirement investments outside of the Retirement Plans) and your most recent Social Security statement, if available. Online Use TIAA s Retirement Advisor tool 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. 24 The University of Chicago Retirement Plans

25 Questions? Call or visit TIAA.org/uchicago 25

26 TIAA BROKERAGE A Brokerage account offers additional investment options and flexibility The Retirement Plans are adding a Brokerage option for participants who would like investment choices beyond the new investment lineup. The TIAA Brokerage option for retirement plans gives participants additional investment options from across thousands of mutual funds and many well-known fund families. 1 There are no annual account maintenance fees to participate in the Brokerage account, and trading fees will be waived through July 16, Short-term redemption fees (for certain investments) may apply, if applicable. 2 Please note: It s important to understand the University will not monitor the performance of the funds offered through the Brokerage account, and TIAA does not offer investment advice for Brokerage balances. Participants in the Retirement Plans will bear the risk of investing through the Brokerage account. 26 The University of Chicago Retirement Plans

27 Optional: Transfer balances in-kind to a Brokerage account Some of the funds no longer available in the new investment lineup after April 2, 2018, can be transferred in-kind to a Brokerage account. Pages provide a list of funds available/not available for in-kind transfers. To make an in-kind transfer, you will need to open a TIAA Brokerage account for each of your affected plan(s) by March 5, 2018, or your investments will transfer according to the transfer strategy on pages Please note: You will be allowed to open a Brokerage account at any time. However, if you open your Brokerage account after March 5, 2018, you may not be able to access these funds at the same share class (i.e., fund will be offered at retail share class instead of the institutional share class that was available under the prior lineup). Important note: If you elect to transfer an account balance in-kind to a Brokerage account, all eligible funds within that account will transfer. You cannot choose which funds will/will not transfer. How to open a TIAA Brokerage account 1. Go to TIAA.org and log in to your account. 2. Select My Account (in mid-february 2018, this will change to Actions). 3. From the drop-down menu, choose Change investment. To transfer your existing investments in-kind to a Brokerage account (set up by March 5, 2018): 4. Select Plan for the future and select the account. Complete and submit your application. 5. Choose the plan in which you would like to establish a Brokerage account and select the effective date. Your Brokerage account will open the next day. If you would like to direct future contributions to the funds being transferred in-kind, remember, you must meet the initial fund minimums through an individual transfer or wait until the in-kind transfer is completed on/or about April 2, Want to learn more or request assistance with TIAA Brokerage? Call , Monday Friday, 7 a.m. to 6 p.m. (CT). OR Access the online guide, which includes steps to open and trade in a TIAA Brokerage account, at humanresources.uchicago.edu/benefits/singlerecordkeeper. 1 The Brokerage account option is available to participants who maintain both a U.S. residential address and a U.S. mailing address. Certain securities may not be suitable for all investors. Securities are subject to investment risk, including possible loss of the principal amount invested. 2 Trading fees will be reinstated without written notification. After July 16, 2018, you will be charged a commission only on applicable transactions and other account-related fees in accordance with the TIAA Commission and Fee Schedule, available at TIAA.org/SDA_CAA. Other fees and expenses apply to a continued investment in the funds and are described in each fund s current prospectus. TIAA fee waivers do not include mutual funds with transaction fees. Questions? Call or visit TIAA.org/uchicago 27

28 Investments eligible for an in-kind Brokerage transfer Provided you open a TIAA Brokerage account within your Retirement Plans by March 5, 2018, any investments in the following mutual funds will be transferred in-kind to your TIAA Brokerage account. Investment Option Investment Option TIAA-CREF Equity Index - Institutional TIEIX Vanguard Equity Income Investor VEIPX TIAA-CREF Growth & Income - Institutional TIGRX Vanguard European Stock Index Investor VEURX TIAA-CREF International Equity Index - Institutional TIAA-CREF International Equity - Institutional TIAA-CREF Large-Cap Growth Index - Institutional TIAA-CREF Large-Cap Value Index - Institutional TIAA-CREF Large-Cap Value - Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Institutional TIAA-CREF Lifecycle Retirement Income - Institutional TIAA-CREF Mid-Cap Growth - Institutional TIAA-CREF Mid-Cap Value - Institutional TIAA-CREF Real Estate Securities - Institutional TIAA-CREF S&P 500 Index - Institutional TIAA-CREF Small-Cap Bl Index - Institutional TIAA-CREF Small-Cap Equity - Institutional TIAA-CREF Social Choice Equity - Institutional Vanguard Balanced Index Inv Vanguard Capital Opportunity Admiral Vanguard Capital Opportunity Investor Vanguard Capital Value Vanguard Convertible Securities Vanguard Developed Markets Index Investor TCIEX TIIEX TILIX TILVX TRLIX TCTIX TCNIX TCWIX TCYIX TCRIX TCIIX TCOIX TTFIX TFTIX TTRIX TLXNX TLRIX TRPWX TIMVX TIREX TISPX TISBX TISEX TISCX VBINX VHCAX VHCOX VCVLX VCVSX VDVIX Vanguard Explorer Admiral Vanguard Explorer Investor Vanguard FTSE All-World ex-us Index Investor Vanguard FTSE All-World ex-us Small-Cap Index Investor Vanguard Global Equity Vanguard GNMA Investor Vanguard Growth and Income Investor Vanguard Growth Index Admiral Vanguard Growth Index Investor Vanguard Health Care Admiral Vanguard Health Care Investor Vanguard High Dividend Yield Index Investor Vanguard High-Yield Corporate Investor Vanguard Intermediate-Term Bond Index Investor Vanguard Intermediate-Term Investment- Grade Investor Vanguard Intermediate-Term Treasury Investor Vanguard International Explorer Vanguard International Growth Admiral Vanguard International Growth Investor Vanguard International Value Vanguard Large-Cap Index Investor Vanguard LifeStrategy Conservative Growth Vanguard LifeStrategy Growth Vanguard LifeStrategy Income Vanguard LifeStrategy Moderate Growth Vanguard Long-Term Bond Index Vanguard Long-Term Investment-Grade Investor Vanguard Long-Term Treasury Investor Vanguard Mid-Cap Growth Vanguard Mid-Cap Growth Index Investor Vanguard Mid-Cap Index Investor VEXRX VEXPX VFWIX VFSVX VHGEX VFIIX VQNPX VIGAX VIGRX VGHAX VGHCX VHDYX VWEHX VBIIX VFICX VFITX VINEX VWILX VWIGX VTRIX VLACX VSCGX VASGX VASIX VSMGX VBLTX VWESX VUSTX VMGRX VMGIX VIMSX Vanguard Diversified Equity VDEQX Vanguard Mid-Cap Value Index Investor VMVIX Vanguard Dividend Appreciation Index Investor VDAIX Vanguard Morgan Growth Investor VMRGX Vanguard Dividend Growth VDIGX Vanguard Pacific Stock Index Investor VPACX Vanguard Energy Investor VGENX Vanguard Precious Metals and Mining VGPMX 28 The University of Chicago Retirement Plans

29 Investment Option Investment Option Vanguard Prime Money Market Admiral VMRXX Vanguard Total Stock Market Index Investor 1 VTSMX Vanguard Prime Money Market Investor VMMXX Vanguard Total World Stock Index Investor VTWSX Vanguard PRIMECAP Core VPCCX Vanguard Treasury Money Market VUSXX Vanguard Selected Value VASVX Vanguard U.S. Growth Investor VWUSX Vanguard Short-Term Bond Index Investor VBISX Vanguard U.S. Value VUVLX Vanguard Short-Term Federal Investor VSGBX Vanguard Value Index Investor VIVAX Vanguard Short-Term Investment-Grade Investor Vanguard Short-Term Treasury Investor Vanguard Small-Cap Growth Index Investor Vanguard Small-Cap Index Investor Vanguard STAR VFSTX VFISX VISGX NAESX VGSTX Vanguard Wellesley Income Admiral Vanguard Wellesley Income Investor Vanguard Wellington Admiral Vanguard Wellington Investor Vanguard Windsor Admiral Vanguard Windsor II Admiral VWIAX VWINX VWENX VWELX VWNEX VWNAX Vanguard Strategic Equity VSEQX Vanguard Windsor Investor VWNDX Vanguard Strategic Small-Cap Equity VSTCX Vanguard Windsor II Investor VWNFX Investments not eligible for an in-kind Brokerage transfer Existing balances in any of the investment options listed below are not eligible for an in-kind transfer. Those existing balances with Vanguard investment options will transfer to TIAA on or around April 2, The balances will transfer according to the automatic transfer option steps outlined in the transfer strategy on pages unless you choose to change how you invest them with TIAA and/or Vanguard prior to March 22, 2018 (Vanguard), or April 2, 2018 (TIAA). Investment Option CREF Bond Market R3 (Variable Annuity) CREF Equity Index R3 (Variable Annuity) CREF Global Equities R3 (Variable Annuity) CREF Growth R3 (Variable Annuity) CREF Inflation-Linked Bond R3 (Variable Annuity) CREF Money Market R3 (Variable Annuity) CREF Social Choice R3 (Variable Annuity) CREF Stock R3 (Variable Annuity) TIAA Real Estate (Variable Annuity) TIAA Traditional (Guaranteed Annuity) Vanguard 500 Index Investor QCBMIX QCEQIX QCGLIX QCGRIX QCILIX QCMMIX QCSCIX QCSTIX QREARX N/A VFINX Vanguard Emerging Markets Stock Index Investor VEIEX Vanguard Extended Market Index Investor Vanguard Federal Money Market Vanguard FTSE Social Index Investor Vanguard Inflation-Protected Securities Investor Vanguard Inst Index Institutional Vanguard PRIMECAP Admiral Vanguard PRIMECAP Investor VEXMX VMFXX VFTSX VIPSX VINIX VPMAX VPMCX Investment Option Vanguard REIT Index Investor 1 Vanguard Small-Cap Value Index Vanguard Target Retirement 2015 Vanguard Target Retirement 2020 Vanguard Target Retirement 2025 Vanguard Target Retirement 2030 Vanguard Target Retirement 2035 Vanguard Target Retirement 2040 Vanguard Target Retirement 2045 Vanguard Target Retirement 2050 Vanguard Target Retirement 2055 Vanguard Target Retirement 2060 Vanguard Target Retirement Income Vanguard Total Bond Market Index Institutional Vanguard Total Bond Market Index Investor Vanguard Total International Stock Index Institutional Vanguard Total International Stock Index Investor Vanguard Total Stock Market Index Institutional VGSIX VISVX VTXVX VTWNX VTTVX VTHRX VTTHX VFORX VTIVX VFIFX VFFVX VTTSX VTINX VBTIX VBMFX VTSNX VGTSX VITSX 1 Effective February 1, 2018, the Vanguard REIT Index Fund will be renamed the Vanguard Real Estate Index Fund. Questions? Call or visit TIAA.org/uchicago 29

30 30 The University of Chicago Retirement Plans

31 APPENDIX Questions? Call or visit TIAA.org/uchicago 31

32 TRANSFER STRATEGY TIAA INVESTMENT OPTIONS Current TIAA Investment Option CREF Bond Market R3 1 (Variable Annuity) QCBMIX 0.29% New Investment Option Vanguard Total Bond Market Index - Gross Net Revenue Sharing Plan Servicing Credit VBMPX 0.03% 0.03% 0.00% 0.00% CREF Equity Index R3 1 (Variable Annuity) QCEQIX 0.23% CREF Global Equities R3 1 (Variable Annuity) QCGLIX 0.33% Dodge & Cox Global Stock DODWX 0.63% 0.63% 0.10% (0.10%) CREF Growth R3 1 (Variable Annuity) QCGRIX 0.27% CREF Inflation-Linked Bond R3 1 (Variable Annuity) QCILIX 0.24% Vanguard Inflation-Protected Securities - Institutional VIPIX 0.07% 0.07% 0.00% 0.00% CREF Money Market R3 1 (Variable Annuity) QCMMIX 0.23% Vanguard Federal Money Market VMFXX 0.11% 0.11% 0.00% 0.00% CREF Social Choice R3 1 (Variable Annuity) QCSCIX 0.27% CREF Social Choice R3 (Variable Annuity) QCSCIX 0.27% 0.27% 0.10% (0.10%) CREF Stock R3 1 (Variable Annuity) QCSTIX 0.32% TIAA Real Estate 1 (Variable Annuity) QREARX 0.85% TIAA Real Estate (Variable Annuity) QREARX 0.85% 0.85% 0.24% (0.24%) TIAA Traditional 1 (Guaranteed Annuity) N/A N/A TIAA Traditional (Guaranteed Annuity) N/A N/A N/A 0.15% (0.15%) TIAA-CREF Equity Index - Institutional TIEIX 0.07% TIAA-CREF Growth & Income - Institutional TIGRX 0.45% TIAA-CREF International Equity Index - Institutional TCIEX 0.51% Vanguard Total International Stock Index - VTPSX 0.07% 0.07% 0.00% 0.00% TIAA-CREF International Equity - Institutional TIIEX 0.51% Vanguard Total International Stock Index - VTPSX 0.07% 0.07% 0.00% 0.00% TIAA-CREF Large-Cap Growth Index - Institutional TILIX 0.07% TIAA-CREF Large-Cap Value Index - Institutional TILVX 0.07% TIAA-CREF Large-Cap Value - Institutional TRLIX 0.45% TIAA-CREF Lifecycle Institutional TCTIX 0.39% Vanguard Institutional Target Retirement Income - Institutional VITRX 0.09% 0.09% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TCNIX 0.40% Vanguard Institutional Target Retirement Institutional VITVX 0.09% 0.09% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TCWIX 0.41% Vanguard Institutional Target Retirement Institutional VITWX 0.10% 0.10% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TCYIX 0.43% Vanguard Institutional Target Retirement Institutional VRIVX 0.10% 0.10% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TCRIX 0.44% Vanguard Institutional Target Retirement Institutional VTTWX 0.10% 0.10% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TCIIX 0.45% Vanguard Institutional Target Retirement Institutional VITFX 0.10% 0.10% 0.00% 0.00% 32 The University of Chicago Retirement Plans

33 Current TIAA Investment Option New Investment Option Gross Net Revenue Sharing Plan Servicing Credit TIAA-CREF Lifecycle Institutional TCOIX 0.46% Vanguard Institutional Target Retirement Institutional VIRSX 0.10% 0.10% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TTFIX 0.46% Vanguard Institutional Target Retirement Institutional VITLX 0.10% 0.10% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TFTIX 0.46% Vanguard Institutional Target Retirement Institutional VTRLX 0.10% 0.10% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TTRIX 0.46% Vanguard Institutional Target Retirement Institutional VIVLX 0.10% 0.10% 0.00% 0.00% TIAA-CREF Lifecycle Institutional TLXNX 0.46% Vanguard Institutional Target Retirement Institutional VILVX 0.10% 0.10% 0.00% 0.00% TIAA-CREF Lifecycle Retirement Income - Institutional TLRIX 0.38% Vanguard Institutional Target Retirement Income - Institutional VITRX 0.09% 0.09% 0.00% 0.00% TIAA-CREF Mid-Cap Growth - Institutional TRPWX 0.47% Vanguard Extended Market Index - VEMPX 0.05% 0.05% 0.00% 0.00% TIAA-CREF Mid-Cap Value - Institutional TIMVX 0.45% Vanguard Extended Market Index - VEMPX 0.05% 0.05% 0.00% 0.00% TIAA-CREF Real Estate Securities - Institutional TIREX 0.52% Vanguard REIT Index - Institutional 2 VGSNX 0.10% 0.10% 0.00% 0.00% TIAA-CREF S&P 500 Index - Institutional TISPX 0.06% TIAA-CREF Small-Cap Blend Index - Institutional TISBX 0.16% Vanguard Extended Market Index - VEMPX 0.05% 0.05% 0.00% 0.00% TIAA-CREF Small-Cap Equity - Institutional TISEX 0.55% Vanguard Extended Market Index - VEMPX 0.05% 0.05% 0.00% 0.00% TIAA-CREF Social Choice Equity - Institutional TISCX 0.18% Vanguard FTSE Social Index - Institutional VFTNX 0.12% 0.12% 0.00% 0.00% 1 Balances in these TIAA and CREF annuity accounts will remain in your existing legacy contract(s), although no new contributions, rollovers, or participant-directed transfers may be made to these contracts. 2 Effective February 1, 2018, the Vanguard REIT Index Fund will be renamed the Vanguard Real Estate Index Fund. Questions? Call or visit TIAA.org/uchicago 33