New opportunities for your retirement strategy. Announcing updates to the Saint Peter s Healthcare System Retirement Plan

Transcription

1 New opportunities for your retirement strategy Announcing updates to the Saint Peter s Healthcare System Retirement Plan

2 Table of contents A new chapter is about to start 1 Action steps to take during the investment election period 2 Your new investment menu 3 Transfer chart for TIAA participants 4 Understanding your options for existing retirement plan balances 5 Retirement plan enhancements 6 You can retire from constantly managing your retirement account 7 Retirement plan investment advice 8 On-site events 9 About TIAA 10 Understanding retirement plan fees 11 Q&A We re here to help Back cover

3 A new chapter is about to start Helping you plan and save for the future is important to us here at Saint Peter s Healthcare System. That s why we re pleased to announce the following updates to the retirement program. What you need to know TIAA will become the single service provider for the retirement program. TIAA was selected by Saint Peter s Healthcare System to deliver comprehensive retirement services at a reasonable cost. As a result of this change, if you were participating with MetLife, no new contributions will be remitted to MetLife on your behalf on or about April 1, See page 5 for additional details. New investment options. The new investments, carefully selected by Saint Peter s Healthcare System for its employees, may give you greater ability to create a diversified retirement portfolio. New Retirement Choice (RC) contracts will be issued. Current employees will receive new contracts from TIAA in order to begin participating in the Saint Peter s Healthcare System 401(k) Plan. For details on how your TIAA and CREF annuity accounts and/or mutual fund balances will be affected by this change, please see page 2. New online salary deferral arrangement. Beginning April 2019, you will be able to update your salary deferral agreement online. Please note, with this change you may only elect a deferral percentage of pay rather than a flat dollar amount. If you are currently contributing a deferral percentage to another plan, it will carry over to the new Saint Peter s Healthcare System 401(k) Plan. If you are currently contributing a flat dollar amount, it will be converted to a percentage of your pay beginning with the first payroll of New Automatic Enrollment and Automatic Increase features. Saint Peter s Healthcare System recognizes the importance of providing you with ways to plan for your financial future. Your retirement program is an important part of your overall benefits. Beginning in April, we will take the first step for you as we install Auto Enroll and Auto Increase features. This means, beginning with the first payroll in April, if you are eligible to participate in the retirement plan, but not yet enrolled, you will be automatically enrolled. See page 6 for details. New Retirement Plan Portfolio Manager (RPPM) feature. Retirement Plan Portfolio Manager provides investment advice based on your goals and needs. Also known as a managed account, the service gives you professional oversight and a systematic, disciplined approach to managing your money. Instead of wondering if your portfolio needs adjusting every few months, this new service, available on or about April 1, 2019, lets you delegate the job. Retirement plan updates begin on or about March 1, 2019 Key dates February 27, 2019 Week of March 1, 2019 March 25 April 8, 2019 April 5, 2019 April 11, 2019 Events Seminars and TIAA information desk begin. You will be enrolled in a new TIAA Retirement Choice (RC) contract and receive a confirmation kit with important information on making the most of your participation in the retirement program. On or about March 1, the investment election period will begin. You will be able to update your allocation and beneficiary information in your new contracts as of this date. No new contract enrollments or changes to the salary reduction agreement will be accepted during this time. On or about this date, mutual fund assets in the Saint Peter s Healthcare System Defined Contribution Plan are transferred to the new fund lineup. On or about this date, retirement plan investment advice using the new investment lineup is available online, by phone or in person through a one-on-one advice session. On or about this date, all contributions will be directed to your new account. Questions? Call or visit TIAA.org/spuh 1

4 Action steps to take during the investment election period All eligible employees may select investments from the new menu beginning March 1, While changes to your investment elections can be made at any time, the investment election period allows you to select investments from the new menu prior to April 11, when the first payroll contribution goes into your new account. Contributions to your new Retirement Choice (RC) contract will be directed to the TIAA-CREF Lifecycle Fund closest to the year you turn 65, unless you change your investment election by April 11. Starting on March 1: Access your new account online at TIAA.org/spuh. Select Login from the upper right hand corner. If you have not previously created a username and password, select Register for Access from the login screen. Update your investment allocations for future contributions. Please go online to make your new beneficiary elections. 1 Your beneficiary will be listed as Estate in the newly issued contracts. For details on how the balances and future contributions will transfer, refer to page 4. Have questions? Attend a seminar to get a guided tour of the plan changes, or stop by a TIAA Information Desk to get quick answers to your questions (page 9). Use the online Retirement Advisor tool. It provides investment advice based on your goals and risk tolerance. Visit TIAA.org/retirementadvisor and log in to your account. Schedule an advice session with a financial consultant to get personalized retirement plan advice (page 8). 1 For married participants: Under many retirement plans, spouses are entitled to receive at least 50% of the participant s retirement plan death benefits. 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 contract. If such a spousal consent is not executed, your spouse will be entitled to receive at least 50% of your preretirement survivor benefits (or more if required under your employer s plan), regardless of your beneficiary designation. 2 Questions? Call or visit TIAA.org/spuh

5 Your new investment menu Your updated investment menu, listed below, details each investment option in the plan and any associated plan servicing credit. You may find additional details about the investment options online at TIAA.org/spuh after March 1 by clicking on Investment Options and then select View All Investments to view the individual investment information. Money Market Ticker Gross Expense Ratio 1 % Net Expense Ratio 1 % Revenue Sharing 2 % Plan Servicing Credit% TIAA-CREF Money Market Institutional 3 TCIXX Fixed Income (Bonds) Amana Income Institutional AMINX (0.10) PIMCO Total Return Institutional PTTRX Vanguard Total Bond Market Index Admiral VBTLX Equities (Stocks) AB Discovery Value Z ABSZX American Century Equity Income R6 AEUDX Lazard International Strategic Eq R6 RLITX Oppenheimer Developing Markets I ODVIX T. Rowe Price Growth Stock I PRUFX Vanguard 500 Index Admiral VFIAX Vanguard Extended Market Index Admiral VEXAX Vanguard Inflation-Protected Securities Admiral VAIPX Vanguard Total Intl Stock Index Admiral VTIAX William Blair Small-Mid Cap Gr I 3,4 WSMDX (0.15) Multi-Asset TIAA-CREF Lifecycle 2010 Institutional 3 TCTIX TIAA-CREF Lifecycle 2015 Institutional 3 TCNIX TIAA-CREF Lifecycle 2020 Institutional 3 TCWIX TIAA-CREF Lifecycle 2025 Institutional 3 TCYIX TIAA-CREF Lifecycle 2030 Institutional 3 TCRIX TIAA-CREF Lifecycle 2035 Institutional 3 TCIIX TIAA-CREF Lifecycle 2040 Institutional 3 TCOIX TIAA-CREF Lifecycle 2045 Institutional 3 TTFIX TIAA-CREF Lifecycle 2050 Institutional 3 TFTIX TIAA-CREF Lifecycle 2055 Institutional 3 TTRIX TIAA-CREF Lifecycle 2060 Institutional 3 TLXNX TIAA-CREF Lifecycle Retire Inc Institutional 3 TLRIX Gross expense ratio includes all of an investment s expenses. Net expense ratio takes into account any investment fee waivers and expense reductions, giving an indication of what is currently being charged. 2 Revenue sharing is a term that describes the practice when investment providers share in the cost of plan administration. 3 A contractual or voluntary fee waiver may apply. See the fund prospectus for details. 4 A redemption fee may apply. See the fund prospectus for details. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org/spuh and enter a ticker symbol in the site s search feature for details. Questions? Call or visit TIAA.org/spuh 3

6 Transfer chart for TIAA participants The chart below shows how Saint Peter s Healthcare System has instructed TIAA to transfer your current investments in the Saint Peter s University 403(b) Defined Contribution Plan and the 457(b) Deferred Compensation Plan to the new investment menu. 1 Current option Ticker Replacement option Ticker American Century Equity Income Fund Class A TWEAX American Century Equity Income R6 AEUDX CREF Bond Market Account R2 (variable annuity) QCBMPX PIMCO Total Return Institutional PTTRX CREF Stock Account R2 (variable annuity) QCSTPX TIAA-CREF Lifecycle Institutional Varies Lazard International Strategic Equity Portfolio Institutional LISIX Lazard International Strategic Equity R6 RLITX Nuveen Real Estate Securities Fund A FREAX TIAA-CREF Lifecycle Institutional Varies Oppenheimer Developing Markets Fund A ODMAX Oppenheimer Developing Markets I ODVIX PIMCO Total Return Fund A PTTAX PIMCO Total Return Institutional PTTRX Principal Mid Cap Fund R3 PMBMX William Blair Small/Mid Cap Growth I WSMDX T. Rowe Price Growth Stock Fund PRGFX T. Rowe Price Growth Stock I PRUFX Templeton Global Bond Class A TPINX PIMCO Total Return Institutional PTTRX TIAA-CREF High-Yield Fund Retirement TIHRX PIMCO Total Return Institutional PTTRX TIAA-CREF Lifecycle 2010 Fund Retirement TCLEX TIAA-CREF Lifecycle 2010 Institutional TCTIX TIAA-CREF Lifecycle 2015 Fund Retirement TCLIX TIAA-CREF Lifecycle 2015 Institutional TCNIX TIAA-CREF Lifecycle 2020 Fund Retirement TCLTX TIAA-CREF Lifecycle 2020 Institutional TCWIX TIAA-CREF Lifecycle 2025 Fund Retirement TCLFX TIAA-CREF Lifecycle 2025 Institutional TCYIX TIAA-CREF Lifecycle 2030 Fund Retirement TCLNX TIAA-CREF Lifecycle 2030 Institutional TCRIX TIAA-CREF Lifecycle 2035 Fund Retirement TCLRX TIAA-CREF Lifecycle 2035 Institutional TCIIX TIAA-CREF Lifecycle 2040 Fund Retirement TCLOX TIAA-CREF Lifecycle 2040 Institutional TCOIX TIAA-CREF Lifecycle 2045 Fund Retirement TTFRX TIAA-CREF Lifecycle 2045 Institutional TTFIX TIAA-CREF Lifecycle 2050 Fund Retirement TLFRX TIAA-CREF Lifecycle 2050 Institutional TFTIX TIAA-CREF Lifecycle 2055 Fund Retirement TTRLX TIAA-CREF Lifecycle 2055 Institutional TTRIX TIAA-CREF Lifecycle 2060 Fund Retirement TLXRX TIAA-CREF Lifecycle 2060 Institutional TLXNX TIAA-CREF Lifecycle Retirement Income Fund Retirement TLIRX TIAA-CREF Lifecycle Retire Inc Institutional TLRIX Vanguard Small Cap Value Index Fund Admiral VSIAX AB Discovery Value Z ABSZX 1 The 457(b) is only available to eligible physicians. Lifecycle fund 1 birth chart These are the plan s default investment options selected by Saint Peter s Healthcare System for Auto Enrollment and/or in cases where your investment allocation does not total 100%. Birth year New investment option Ticker Prior to 1949 TIAA-CREF Lifecycle 2010 Fund Institutional TCTIX TIAA-CREF Lifecycle 2015 Fund Institutional TCNIX TIAA-CREF Lifecycle 2020 Fund Institutional TCWIX TIAA-CREF Lifecycle 2025 Fund Institutional TCYIX TIAA-CREF Lifecycle 2030 Fund Institutional TCRIX TIAA-CREF Lifecycle 2035 Fund Institutional TCIIX TIAA-CREF Lifecycle 2040 Fund Institutional TCOIX TIAA-CREF Lifecycle 2045 Fund Institutional TTFIX TIAA-CREF Lifecycle 2050 Fund Institutional TFTIX TIAA-CREF Lifecycle 2055 Fund Institutional TTRIX 1994 to present TIAA-CREF Lifecycle 2060 Fund Institutional TLXNX 1 Lifecycle 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 lifecycle funds, there is exposure to the fees and expenses associated with the underlying mutual funds. 4 Questions? Call or visit TIAA.org/spuh

7 Understanding your options for existing retirement plan balances Please review the chart below to learn your options for your existing retirement plan balances with the Saint Peter s Healthcare System. If you are in the frozen Defined Benefit Plan, it will continue to be frozen for new entrants. However, vested benefits for those in the Defined Benefit Plan will not be affected by the new 401(k) plan. May I consolidate my retirement plan assets? Saint Peter s University Hospital 403(b) TDA 1 Plan with MetLife Saint Peter s University Hospital 403(b) TDA Plan with TIAA Saint Peter s Healthcare System Defined Contribution Plan with TIAA Saint Peter s Physician s Associates 401(k) with MetLife 2 Yes. You may consolidate 403(b) TDA assets into the TIAA 403(b) TDA plan prior to July 1, No. However, you will be able to keep and continue managing this account, although no new contributions will be made. Due to the Non-ERISA status of the Saint Peter s University Hospital 403(b) TDA Plan with TIAA, Saint Peter s is unable to make changes to this plan. As a result, this plan will not offer the new fund lineup. No. However, you will able to keep and continue managing this account, although no new contributions will be made. The new fund lineup will be added to this plan. This plan may be consolidated into the new TIAA 401(k) in the future. 1 TDA Tax-Deferred Annuity Plan 2 If you are in the 401(k) MetLife plan, no immediate action is needed. Questions? Call or visit TIAA.org/spuh 5

8 Retirement plan enhancements Auto Enrollment and Auto Increase Feature If you are not currently participating in the Saint Peter s University Healthcare System 403(b) Plan, beginning in April, you will be automatically enrolled in the new 401(k) plan. Your initial deferral percentage will be set to 3% and will increase by 1% each January 1, not to exceed a total/final deferral percentage of 10%. Unless you make a different allocation decision once you receive your Welcome Kit from TIAA, your contributions will be directed to the TIAA-CREF Lifecycle Fund closest to the year you turn 65. If you would like to make changes to your contribution amount beyond the auto increase scale, you may do so using the Online Salary Deferral Arrangement. For current retirement plan participants What if I am not contributing? What if I am contributing a set dollar amount? What if I am contributing less than 3%? What if I am contributing more than 3%? You will be automatically enrolled in the Saint Peter s Healthcare System 401(k) Plan at 3%. Each year, your deferral will increase by 1%. Not to exceed 10%. Your flat dollar contributions will be converted to a percentage beginning with the first payroll in April. Your contribution will be increased to 3% beginning with first payroll in April. You will continue your current contribution rate. Online Salary Deferral Arrangement Quick guide to managing your retirement account online on or after April 10, 2019 Important: Employees are eligible to change their deferral percentage as long as it is greater than the preset auto enroll, auto increase scale. The Salary Deferral Agreement is available on the Begin enrollment page. Log in to your account Go to TIAA.org/spuh and click Log in in the top right-hand corner. If you are a first time user, select Register for online access. Follow the on-screen directions to create your user ID and password. Review and update your profile information on file. Once logged in To change your contributions From the ACTIONS menu, select Change your contributions. Update the percentage for your contributions and the date to make your change effective. To change investments for future contributions Click theactions tab and select Change your investments. SelectPlan for the future and select the account/contract you would like to update and enter your investment instructions. To transfer funds In theactions menu, select Change your investments. SelectChange Investments and select the account/contract you would like to update and enter your investment instructions. To change your beneficiary designation In the ACTIONS menu, select Add/edit beneficiaries. 6 Questions? Call or visit TIAA.org/spuh

9 You can retire from constantly managing your retirement account Retirement Plan Portfolio Manager (RPPM) provides investment advice based on your goals and needs. Also known as a managed account, the service gives you professional oversight and a systematic, disciplined approach to managing your money. Your portfolio is reviewed on a quarterly basis and adjusted as needed to help keep it on track with your chosen allocations. Features include: Customized advice. Based on your goals, we ll help you decide how much to save, an appropriate asset mix and specific investment options. Ongoing monitoring and portfolio adjustments. We ll make adjustments based on market conditions and other factors that may affect your investments. These adjustments include quarterly asset reallocation and rebalancing. Modified direction as needed. You can update your preferences anytime and we ll fine-tune our recommendations. Quarterly statements. Show adjustments made to your portfolio so you can see your current investment mix. How much does it cost? If you enroll in this service, an annual fee of 0.30% will be deducted from your account on a quarterly basis. The fee is based on an average daily balance of your enrolled plan during the quarter. For example: If you had an average balance of $10,000 in your account, the annual fee would be $10,000 x.003 = $30. A quarterly fee of $7.50, would be deducted on a quarterly basis as long as the account is active. Additional information will be available after April 1, 2019, at TIAA.org/spuh. You can get started by contacting a TIAA financial consultant. Just call , weekdays, 8 a.m. to 7 p.m. (ET). Or if you prefer to enroll online, visit TIAA.org/retirementadvisor to log in to the secure site and access the Retirement Advisor online tool. Follow the steps in the tool to get your recommendations and sign up for Retirement Plan Portfolio Manager. Questions? Call or visit TIAA.org/spuh 7

10 Retirement plan investment advice How to access TIAA s advice Online Get quick, convenient answers via the Retirement Advisor online tool. Visit TIAA.org/retirementadvisor and log in to your account. By phone or in person Receive personalized retirement plan investment advice either over the phone or in person. Schedule your advice session by calling , weekdays, 8 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow. As a participant in the Saint Peter s Healthcare System, you have access to personalized retirement plan advice on the plan s investment options from a TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you. TIAA s advice is designed to help you answer key questions, including: 1. Am I on track to reach my retirement savings goals? We ll help you analyze how your investments are performing, and determine if you re saving enough to help meet your needs. 2. Which combination of retirement plan investments is right for me? Get assistance picking the right investments, based on your plan s investment options, diversifying properly and allocating contributions to balance your need for growth potential with your tolerance for risk. 3. How can I meet my income needs in retirement? Get help determining the amount you ll need to meet your retirement income goals. IMPORTANT: The projections or other information generated by the Retirement Advisor tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. 8 Questions? Call or visit TIAA.org/spuh

11 On-site events Real-time answers to your questions Seminars Consider attending a one-hour seminar presented by a TIAA financial consultant to learn more about the updates to the Saint Peter s Healthcare System at the following dates and times: Date Time Location Wednesday, February 27, 2019 Monday, March 4, 2019 Wednesday, March 13, a.m. 8:30 a.m. Sister Marie de Pazzi Conference Room 12 p.m. 12:30 p.m. Center Medical Office Building 3 p.m. 3:30 p.m. Conference Room #3 8 a.m. 8:30 a.m. Sister Marie de Pazzi Conference Room 12 p.m. 12:30 p.m. Center Medical Office Building 3 p.m. 3:30 p.m. Conference Room #2 9 a.m. 9:30 a.m. Sister Marie de Pazzi Conference Room 1 p.m. 1:30 p.m. Center Medical Office Building 4 p.m. 4:30 p.m. Conference Room #3 TIAA information desk Have just one or two questions to ask? Consider stopping by the TIAA information desk where a TIAA financial consultant can address your questions prior to or immediately following a seminar (dates and times listed above) or during any of the times listed below. Date Time Location Wednesday, March 13, p.m. 4 p.m. Piscataway Finance Thursday, March 14, a.m. 11 a.m. Adult Day Care, Monroe Thursday, March 14, a.m. 3 p.m. How Lane site Main lobby Tuesday, March 19, a.m. 3 p.m. Wednesday, March 27, a.m. 4 p.m. Restaurant 254 (coffee shop) Thursday, March 28, a.m. 4 p.m. Thursday, March 28, a.m. 3 p.m. Diocese of Metuchen Room 2014 One-on-one advice session You can get personalized retirement plan advice on the plan s investment options from a TIAA financial consultant who is regularly on-site on Fridays for one-on-one counseling sessions. This service is available as part of your retirement plan at no additional cost to you. You can schedule an advice session with TIAA by calling , weekdays, 8 a.m. to 8 p.m. (ET), or visit TIAA.org/schedulenow. Webinar If you are unable to attend one of the seminars to learn more about the upcoming plan changes, please feel free to attend a plan change webinar on March 28. Date Time Instructions Thursday, March 28, p.m. 1 p.m. Dial-in instructions to come Questions? Call or visit TIAA.org/spuh 9

12 About TIAA Providing strong support on the road to retirement no matter where you are today 1918 TIAA Teachers Insurance and Annuity Association of America created TIAA s pur po se has rem emai aine ned constant sin ince TIA IAA was establ blis hed 100 ye ars ago: We re he re to help you sav ave for an d ge nera rate income duri ring r etir emen ent. Ove ver the years, we e ve reg ularly enh nhance d the ways we de live ver on our purpose. As an orga ni zation with deepep roots among nonprofits s in hos ospi tal/medical TIAA is co mmit itte ted to continu ous lear ni ng. And when we se e opportunities to enhan ance our reti tire reme ment plan servic ices es, we share them with the ins nsti titu tuti tion s we serve. Not sure where to begin? You can meet with us to help you take the next step! Pe rson al ized retir irem emen ent plan adv ice is available on the plan s inves tment options from a TIAA fin inan anci cial consult ltan ant. Thi s service is available as part of your retiremem ent program at no add itional cost to you. You can sche dule a ses essi sion by call llin ing , we ekda days, 8 a.m. to 8 p. m. (ET). You can also visi sit TIAA AA.o.org rg/s /sch ched edul ulen ow. Questions? Call or visit TIAA.org/spuh

13 Understanding retirement plan fees When making decisions about your Saint Peter s Healthcare System retirement plan account, it s important to know there are fees associated with many of the plan s services and investments. Some fees may be paid by your employer; others may be paid by you based on the services and investments you choose. A recent change impacts how your plan administration costs will be assessed. The plan will move to an updated fee arrangement in an effort to keep the plan current and aligned with industry best practices. Participants in the plans have always paid for three categories of plan-related costs: recordkeeping fees paid to the plan s recordkeepers, such as TIAA; some administrative fees; and investment expenses (taken out of individual investments by the managers of the funds in which participants were invested). In the past, you did not see separate charges for these plan-related costs on your quarterly statements; the costs were netted against your investment balances. The recordkeeping and administrative fees were paid out of the investment expenses charged by the providers of the funds in which the participants were invested, and were based on the total assets in your account. Going forward, the recordkeeping and administrative fees will be assessed on a fixed per-participant basis and will be reported on your quarterly statements from TIAA. The investment expenses charged by the managers of the funds are listed in the investment menu on page 3. Recordkeeping and administrative fees Beginning April 1, 2019, any recordkeeping and administrative fees will be deducted proportionately from each investment in your account on the last business day of each quarter. Beginning April 1, 2019, your TIAA plan services fee will be assessed as a fixed per-participant recordkeeping fee and identified as TIAA Plan Servicing Fee, on your quarterly statement. See the Quarterly fee deductions and credits section for more details. Investment-specific expenses Each of the plan s investment options has an expense charge for investment management and associated services. These fees are measured by what is called an expense ratio. Expense ratios are reported as a percentage of assets. In some cases, investment providers share in the cost of plan administration. This practice is called revenue sharing. An investment manager, distribution company or transfer agent may pay a portion of a mutual fund s expense ratio from their revenues to a plan recordkeeper, such as TIAA, for keeping track of the ownership of the mutual fund s shares and other shareholder services. Any revenue shared by an investment provider is included as part of each investment s expense ratio (it is not in addition to the published expense ratios). In the past, the plan used revenue sharing to offset recordkeeping fees. Going forward, all revenue sharing generated by your investments will be credited back to you. If you are invested in any of the options that indicate revenue sharing, these credits will be listed on your quarterly statement as Plan Servicing Credits. You will see them on your statements beginning on June 30, 2019, if you are invested in funds that provide revenue sharing. For information on investment-specific expenses and fees, please refer to the investment table on page 3. You can also find the expense ratios and other fees and expenses at TIAA.org/spuh or in the prospectuses at TIAA.org/ performance. Quarterly fee deductions and credits Starting April 1, 2019, the per-participant recordkeeping fee will be $40 per year. The fee will be assessed at $10 per participant, per quarter, beginning April 1, 2019, and will be reflected in the June 30, 2019, quarterly statement. Participant Saint Peter s Healthcare System 401(k) Plan Annual plan servicing fee Quarterly plan servicing fee $40 $10 The plan servicing fee amounts 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. Questions? Call or visit TIAA.org/spuh 11

14 Q&A 1. Why is Saint Peter s Healthcare System updating the retirement program? Saint Peter s Healthcare System is committed to providing you with competitive retirement benefits and recently conducted a review of the retirement program. The resulting updates are intended to give you the investments, services and tools you need to pursue your retirement savings goals. 2. How can I learn about the new investment options? A list of the new investment options is provided on page 3. You may also visit the dedicated retirement program website at TIAA.org/spuh for additional information on the new investment menu after March 1, What if I would like help making investment choices? You can get personalized advice on the plan s investment options from a TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you. To schedule an advice session, call TIAA at , weekdays, 8 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow. 4. What should I expect from an advice session? You can expect a thorough review of your account and an action plan for moving forward. Advice sessions last approximately forty-five minutes. Bring all your investment account statements, including any retirement investments outside of the retirement program and your most recent Social Security statement, if available. A TIAA financial consultant will use this information to understand your current financial situation and develop an action plan. You may bring anyone you like to your session with you. 5. What happens to my current outstanding loan, systematic withdrawal, TPA (transfer payout annuity), or required minimum distribution? You will receive separate communications if any actions are required on your part. 6. Will loans continue to be available? No. 7. If I currently have an outstanding loan with TIAA and/ or MetLife, do I have to repay it by April 1? No. The terms and repayment schedule for your outstanding loan with TIAA or MetLife with remain the same. 8. What is the best number to call with questions regarding my MetLife account? You may access your MetLife account information or a MetLife representative by calling continued 12 Questions? Call or visit TIAA.org/spuh

15 Q&A continued 9. Will I pay any fees to invest in the retirement plan? All investment options have expenses and other fees that can be found by entering the investment s ticker symbol into the search feature at TIAA.org. Some investment options may also have redemption and other fees. See page 11 for more details. 10. I am currently contributing to TIAA. What happens to my current account balances and future contributions? Please review the Transfer Chart on page 4 to learn more about how your 403(b) Defined Contribution and 457(b) account balances will be transferred. Balances in other plans will remain as invested. 11. Does it make sense to consolidate my retirement accounts? Some individuals might find it easier to manage their retirement money by working with only one provider. Before consolidating outside retirement balances, you should carefully consider all your options. For instance, you may be able to leave money with a prior provider, roll over money to an IRA, or cash out all or part of the account value. Weigh the advantages and disadvantages of each option carefully, including investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment and your particular financial needs. You should seek the guidance of your financial professional and tax advisor before consolidating balances. 12. Can I move money from an existing TIAA account to a new one? Consolidating your current MetLIfe 403(b) Tax-Deferred Annuity Plan balances into TIAA may be permitted until July 1, However, consolidating 403(b) and 401(k) balances is not permitted. 13. What are annuities? There are different types of annuities, but they are typically designed to give you the opportunity to grow your money while you re working and provide you with the option to receive income for life when you retire. In fact, annuities are the only retirement products that can guarantee to pay you (or you and a spouse or partner) income for life. Guaranteed annuities (also known as fixed annuities): Earn a minimum guaranteed interest rate on your contributions, plus the potential for additional amounts of interest In retirement, guaranteed annuities can offer you income for life that will never fall below a certain guaranteed level and provide income that is guaranteed to last for your lifetime. 1 Variable annuities: Invest in a variety of asset classes and account values will fluctuate based on the performance of the investments in the accounts. It is possible to lose money in variable annuities. In retirement, variable annuities can provide an income stream that is guaranteed to last for your lifetime, but the actual amount will rise or fall based on investment performance. 1 Guarantees are based on the claims-paying ability of the issuing company. Questions? Call or visit TIAA.org/spuh 13

16 We re here to help Not sure where to begin? Let us help you take the next step! In person Phone Online Schedule a one-on-one advice session by calling TIAA at , weekdays, 8 a.m. to 8 p.m. (ET), or visit TIAA.org/schedulenow. There is no additional cost to you for this service. If you have any questions or would like assistance selecting your new investment options, call TIAA at , weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET). Manage your account online by going to TIAA.org/spuh and selecting Log in. If you re new to TIAA, select Log in, then click on Register for online access. Follow the on-screen directions to gain online access to your account. Retirement Plan Portfolio Manager Program (the Program ) is a discretionary fee-based asset allocation advisory program provided by TIAA, FSB. TIAA, FSB is an affiliate to TIAA-CREF Individual & Institutional Services, LLC ( Services, LLC ). The Program invests and manages Eligible Retirement Plan assets ( Retirement Assets ) on a discretionary basis. Retirement Assets are managed according to the advice provided by the Program s independent financial service. The financial service is an unaffiliated registered investment adviser that has been retained to provide us with independent third-party investment recommendations for the Program. This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor s own objectives and circumstances. Distributions from 403(b) plans before age 59½, severance from employment, death or disability may be prohibited, limited and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans. Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. You should consider the investment objectives, risks, charges, and expenses carefully before investing. Please call or go to TIAA.org/spuh for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY MT TGuide (02/19)