300 The Fenway Boston, Massachusetts simmons.edu

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1 300 The Fenway Boston, Massachusetts simmons.edu T Dear Plan Participant or Eligible Plan Participant, We are pleased to share the enclosed brochure about some exciting changes coming to the Simmons College Retirement Plan in January This brochure is a follow up to an we sent a few weeks ago, notifying you of changes that will apply to the Simmons College Retirement Plan, including the Defined Contribution, Tax Deferred Annuity and the 457 Deferred Compensation Plan(s). The changes update the Retirement Plan and most importantly give the Retirement Oversight Committee the ability to offer plan participants more choices to address your retirement goals. You will see in the brochure that some investment options in the current Plan will be eliminated and some new investment options will be added. Because the changes will be made automatically, there is no action required on your part. In January, TIAA will automatically establish an election into a target-date fund based on your age for new contributions. However, if you want to direct future contributions into one of the new investment choices, you will need to visit the plan website between Monday, November 20, 2017 and Friday, January 12, 2018 to let us know. You can read more about how to make a change on page 5 in the brochure. It s important to note that you can make changes to your investment options any time during the year as often as you want to. That said, it s a good idea to periodically review your investment strategy, and now that Simmons will offer new funds, it s the perfect time to think about your options. Next Steps Read the enclosed transition guide and notices carefully. Attend a retirement seminar. (See page 7 of the transition guide for a schedule of on-campus education opportunities.) Schedule a one-on-one investment consultant meeting with TIAA by calling Retirement planning is an important step towards financial security. We understand that it can feel confusing at times. If you have any questions, call TIAA at Financial Consultants are available Monday through Friday, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET). Sincerely, The Simmons College Retirement Oversight Committee CNA (10/17)

2 The road to retirement Announcing updates to the Simmons College Retirement Plans

3 Table of contents A new chapter is about to start 1 Action plan 2 Changes to retirement plan contracts new accounts 3 Changes to retirement plan investment lineup new accounts 4 New investment options menu 5 Personalized retirement plan investment advice 6 On-campus events 7 What s your investment style? 8 Changes to retirement plan contracts current accounts 9 Changes to retirement plan investment lineup current accounts 10 Q&A We re here to help 2 Questions? Call or visit TIAA.org/simmons

4 A new chapter is about to start Retirement plan updates start in January Helping you plan and save for the future is important to us here at Simmons College. That s why we re pleased to announce the following updates to the Simmons College Retirement Plans coming in January What you need to know New investment options. The new investments, carefully selected by Simmons College for its employees, may give you the ability to create a diversified retirement portfolio. New Retirement Choice (RC) and Retirement Choice Plus (RCP) contracts will be issued. The new accounts allow Simmons College, as a fiduciary, to have more flexibility for future updates to the plan. You can receive personalized advice on the plan s investment options from a TIAA financial consultant. This service is available as part of your retirement plan at no additional cost to you. Investment advice is available online, by phone or through a one-on-one advice session. Learn more about your options to receive personalized retirement plan advice on page 6. Choosing new investments options. Beginning November 20, 2017 through January 12, 2018, you may change the way future contributions are directed before the new investment menu takes effect with your first paycheck of If you do not provide investment instructions during this period, you can always make changes after the new lineup is in effect. While you are not required to take any action as part of the upcoming changes, it s important to carefully consider the options available to you. If you do not make investment elections prior to 4 p.m. (ET), January 12, 2018, your first 2018 payroll contributions will be deposited into the default investment. Please review the default investment information on page 4 to understand how your 2018 contributions will be handled. No longer employed by Simmons College? You are receiving this guide because you have investments in one or more of the Simmons College Retirement Plans. Even though you are not actively contributing, you should review this information carefully to learn how your account could be affected. Please note: If you have a balance in the Vanguard funds, you will be enrolled in new accounts. Are you employed at Simmons College but not participating? You are receiving this guide because you are eligible for the TDA/Retirement Plan and we want to make sure you have the most up-to-date information. To learn about enrolling in the retirement plans, please contact benefits@simmons.edu. Key dates Beginning the week of November 8, 2017 Beginning the week of November 20, 2017 November 20, 2017 through January 12, 2018, 4 p.m. (ET) The week ending January 12, 2018 Starting with your first paycheck in 2018 Starting January 16, 2018 and after Event On-campus seminars begin. See page 7 for a schedule of events. You will be enrolled in your new accounts and receive a confirmation kit with important information on making the most of your participation with TIAA. Election period for your future contributions begins for the changes that will start with your first 2018 payroll contribution. Retirement plan investment advice is now available online, by phone or in person through a one-on-one advice session. See page 6 for the advice resources available. Any mutual fund balances in the Vanguard funds will transfer over to the same fund in the new accounts. See the chart on the bottom of page 10 for details. Any annuity account balance(s) you have with TIAA will remain in your existing contracts. You will not be able to make new contributions into the existing contracts, but transfers can be made within the current contracts among the ten core annuities. Assets within the existing contracts may be moved out at any time. Once assets are transferred out of the current contracts, they cannot be moved back. For those on biweekly and semimonthly payroll: Your new account receives the 2018 payroll contribution. All contributions will be funded to your new account contracts in the new investment lineup shown on page 5, as of January 16, Future contributions will be directed to your new accounts and invested in the age-appropriate target-date funds as indicated in the chart on page 4, unless you have already made an investment selection. Questions? Call or visit TIAA.org/simmons 1

5 Action plan Investment election period: Participants will have the option to select investment options from the new lineup during an investment election period, starting November 20, While changes to your investment elections can be made at any time, the investment election period allows you to select from the new investment options prior to the January 12, 2018 election deadline, when the changes go into effect. Starting on November 20, 2017, you can: Access your new account online at TIAA.org/simmons. Update your investment allocations for future contributions. Review your beneficiary designation and update if needed. 1 Once the transition is complete, you will be able to make changes to your existing balances. For details on how existing balances will transfer, refer to page 10. Have questions? Attend a seminar to get a guided tour of the plan changes (schedule on page 7). Use the online Retirement Advisor tool. It provides investment advice based on your goals and risk tolerance. You can access this tool after logging in to your new account, under the What We Offer tab, then under Insights, select Retirement Advisor. Schedule an advice session with a financial consultant to get personalized retirement plan advice (details on page 6). Call TIAA at , weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET). 1 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 contract. 2 Questions? Call or visit TIAA.org/simmons

6 Changes to the retirement plan s contracts New accounts You will be enrolled in new Retirement Choice (RC) and Retirement Choice Plus (RCP) accounts on November 20, 2017, and sent an enrollment confirmation. Your current beneficiary designation(s) will be applied to your new account(s). New accounts Simmons College DC Retirement Plan/TIAA Retirement Choice Annuity (RC) (including employee match and Simmons employer contributions) Simmons College TDA Retirement Plan/TIAA Retirement Choice Plus Annuity (RCP) (including employee Tax-Deferred Annuity contributions) Understanding your new contracts and account(s). A detailed contract comparison chart is enclosed in this package. There are a number of differences between your current Retirement Annuity (RA), Annuity (SRA), Group Annuity (GSRA) contracts and the new Retirement Choice and Retirement Choice Plus contracts in your new accounts. Most of the differences apply to the TIAA Traditional Annuity and are highlighted below. If you re thinking about transferring some or all of your account balances to your new contracts in your new accounts, make sure you understand the differences before you initiate a transfer. 1 Under the new Retirement Choice and Retirement Choice Plus contracts, TIAA Traditional has a rate guarantee that is between 1% and 3%, determined annually, which may be lower than the guaranteed rate in your current contract. 2 The adjustable rate guarantee in the new contracts allows TIAA to be more responsive to the prevailing interest rate environment, and provides the potential for higher credited rates through the crediting of additional amounts. 3 When TIAA Traditional balances are transferred out of an existing contract, you risk giving up a favorable crediting rate(s) on older contributions. TIAA Traditional balances in the new Retirement Choice contract can be liquidated within a shorter time frame than under the existing Retirement Annuity contract. Moving money from an existing contract to a new contract is a permanent decision. Money cannot be moved back into a legacy contract. In other words, once assets are transferred out of the current contracts, they cannot be moved back. For details, see the contract comparison chart enclosed and located at TIAA.org/contractcomparison. If you have questions, call Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment. Speak with a TIAA consultant and your tax advisor regarding your situation. 2 Guarantees are subject to TIAA s claims-paying ability. 3 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 January 1 for payout annuities. Additional amounts are not guaranteed for periods other than the period for which they were declared. Questions? Call or visit TIAA.org/simmons 3

7 Changes to the retirement plan s investment lineup new accounts How your future contributions will be affected Starting with your first payroll in 2018, if you do not make an investment selection, your future contributions will be directed to your new account contracts and invested in the target-date fund that corresponds to the year you turn 65, as shown in the birthdate chart below. Choosing different investments Beginning November 20, 2017, you may change the way future contributions are directed before the new investment lineup takes effect. If you do not provide investment instructions during the election period (November 20, 2017 through January 12, 2018), your contributions will default to the age-related target-date fund, as shown below. You can always make changes for future contributions after the new lineup is in effect. Target-date funds birthdate chart These are the plan s default investment options selected by Simmons College. For example, if you will turn 65 in 2044, contributions will be directed to the Vanguard Target Retirement 2045 Fund. Birth year New investment option Ticker Prior 1948 Vanguard Target Retirement Income Fund Investor Class VTINX Vanguard Target Retirement 2015 Fund Investor Class VTXVX Vanguard Target Retirement 2020 Fund Investor Class VTWNX Vanguard Target Retirement 2025 Fund Investor Class VTTVX Vanguard Target Retirement 2030 Fund Investor Class VTHRX Vanguard Target Retirement 2035 Fund Investor Class VTTHX Vanguard Target Retirement 2040 Fund Investor Class VFORX Vanguard Target Retirement 2045 Fund Investor Class VTIVX Vanguard Target Retirement 2050 Fund Investor Class VFIFX Vanguard Target Retirement 2055 Fund Investor Class VFFVX Vanguard Target Retirement 2060 Fund Investor Class VTTSX 1998 present Vanguard Target Retirement 2065 Fund Investor Class VLXVX As with all mutual funds, the principal value of a target-date fund isn t guaranteed at any time and will fluctuate with market changes. The target date approximates when investors may plan to start making withdrawals. However, you are not required to withdraw the funds at that target date. After the target date has been reached, some of your money may be merged into a fund with a more stable asset allocation. 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. 4 Questions? Call or visit TIAA.org/simmons

8 Your new 2018 Simmons College investment lineup These new choices may offer you more flexibility to create a diversified 1 retirement portfolio. GUARANTEED TICKER SYMBOL EXPENSE RATIO TIAA Traditional (Guaranteed Annuity) 2 N/A N/A MONEY MARKET TICKER SYMBOL EXPENSE RATIO Vanguard Federal Money Market Inv VMFXX 0.11 FIXED INCOME (BONDS) TICKER SYMBOL EXPENSE RATIO CREF Bond Market Account R2 (Variable Annuity) QCBMPX 0.40 CREF Inflation-Linked Bond Account R2 (Variable Annuity) QCILPX 0.35 You can see details about the new investment options online at TIAA.org/simmons. Click on Investment Options, then select View All Investments to view the individual investment information. To learn more about the new investment options, go to TIAA.org and enter the ticker symbol in the site s search feature. Note: Investment options in bold are new to the Simmons College Retirement Plans. Vanguard Total Bond Market Index Admiral VBTLX 0.05 MULTI-ASSET TICKER SYMBOL EXPENSE RATIO Vanguard Target Retirement Income Inv VTINX 0.13 Vanguard Target Retirement 2015 Inv VTXVX 0.14 Vanguard Target Retirement 2020 Inv VTWNX 0.14 Vanguard Target Retirement 2025 Inv VTTVX 0.14 Vanguard Target Retirement 2030 Inv VTHRX 0.15 Vanguard Target Retirement 2035 Inv VTTHX 0.15 Vanguard Target Retirement 2040 Inv VFORX 0.16 Vanguard Target Retirement 2045 Inv VTIVX 0.16 Vanguard Target Retirement 2050 Inv VFIFX 0.16 Vanguard Target Retirement 2055 Inv VFFVX 0.16 Vanguard Target Retirement 2060 Inv VTTSX 0.16 Vanguard Target Retirement 2065 Fund VLXVX 0.16 EQUITIES (STOCKS) TICKER SYMBOL EXPENSE RATIO AllianzGI Global Sustainability Institutional ASTNX 0.84 Hartford International Opportunities R6 IHOVX 0.74 Pacific Funds Small/Mid-Cap Advisor PFMDX 1.05 T. Rowe Price Capital Opportunity I PCCOX 0.54 Vanguard 500 Index Admiral VFIAX 0.04 Vanguard Extended Market Index Admiral VEXAX 0.08 Vanguard Total Intl Stock Index Admiral VTIAX Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss. 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. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org/simmons for details. Annuity account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other longterm 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. As with all mutual funds, the principal value of a target-date fund isn t guaranteed at any time and will fluctuate with market changes. The target date approximates when investors may plan to start making withdrawals. However, you are not required to withdraw the funds at that target date. After the target date has been reached, some of your money may be merged into a fund with a more stable asset allocation. Target-date funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. In addition to the fees and expenses associated with the target-date funds, there is exposure to the fees and expenses associated with the underlying mutual funds. Questions? Call or visit TIAA.org/simmons 5

9 Personalized retirement plan investment advice How you can access TIAA s advice Online You can 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 You can receive personalized retirement plan investment advice either over the phone or in person. You can schedule your advice session by calling , 8 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow. As a participant in the plan, you have access to personalized retirement plan advice on the plan s investment options from a TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you. Together we ll create a plan that adapts to your needs in every stage of life, to and through retirement. 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. 6 Questions? Call or visit TIAA.org/simmons

10 On-campus events Real-time answers to your questions Seminars Consider attending a one-hour seminar presented by Laura Adamski, a TIAA financial consultant, to learn more about the updates to the Simmons College Retirement Plans, at the following dates and times: Date Time Location Wednesday, November 8, a.m. 11 a.m., 12 p.m. 1 p.m. 2 p.m. 3 p.m. Special Function Room MCB, C124 Tuesday, November 14, 2017 Tuesday, November 28, 2017 Thursday, December 7, 2017 Wednesday, January 24, a.m. 12 p.m., 1 p.m. 2 p.m. 3:30 p.m. 4:30 p.m. 9:30 a.m. 10:30 a.m., 11:30 a.m. 12:30 p.m. 2:30 p.m. 3:30 p.m., 4:30 p.m. 5:30 p.m. 10 a.m. 11 a.m., 12 p.m. 1 p.m. 2 p.m. 3 p.m. 10 a.m. 11 a.m., 12 p.m. 1 p.m. 2 p.m. 3 p.m., 4:30 p.m. 5:30 p.m. Special Function Room MCB, C124 Special Function Room MCB, C124 Kotzen 1 and 2 Kotzen 1 and 2 One-on-one advice sessions A TIAA financial consultant will be on campus for one-on-one advice sessions. Registration required. Call , 8 a.m. to 8 p.m. (ET) to schedule. Date Wednesday, November 29, 2017 Thursday, November 30, 2017 Monday, December 11, 2017 Tuesday, December 19, 2017 Tuesday, January 9, 2018 Wednesday, January 17, 2018 Thursday, January 25, 2018 Tuesday, January 30, 2018 Friday, February 16, 2018 Monday, February 26, 2018 Time 10 a.m. 4 p.m. 10 a.m. 4 p.m. 10 a.m. 4 p.m. 10 a.m. 4 p.m. 10 a.m. 4 p.m. 10 a.m. 4 p.m. 10 a.m. 4 p.m. 10 a.m. 4 p.m. 10 a.m. 4 p.m. 10 a.m. 4 p.m. Call or visit TIAA.org/schedulenow to schedule your preferred time. One-on-one sessions last approximately 45 minutes. Ongoing one-on-one advice sessions You can get personalized retirement plan advice on the plan s investment options from a TIAA financial consultant. This service is available as part of your retirement plan at no additional cost to you. You can schedule an advice session with TIAA by calling , weekdays, 8 a.m. to 8 p.m. (ET), or visit TIAA.org/schedulenow. Questions? Call or visit TIAA.org/simmons 7

11 If you are not going to request advice, there are two paths to selecting your investment options Option 1: Selecting a target-date fund A diversified retirement portfolio in a single fund of funds How do target-date funds work? Each target-date fund is a fund of funds, primarily invested in shares of other mutual funds. 1 The fund s investments are adjusted from more aggressive to more conservative over time, as the target date approaches. What are some other considerations? As with all mutual funds, the principal value of a target-date fund isn t guaranteed at any time and will fluctuate. The target date indicates when investors may plan to start making withdrawals. However, you are not required to withdraw funds at the target date. After the target date, your money may be merged into a fund with a more stable asset allocation. A TIAA financial consultant can help you decide whether a target-date fund is right for you. Option 2: Building your own portfolio A retirement portfolio of your own design What types of investments are included? The new investment menu offers you a wide range of investment options. These options cover the major asset classes, including: equities, fixed income, guaranteed, money market, and multi-asset, and give you the flexibility to create a diversified retirement portfolio. What are some other considerations when choosing my own investments? Consider your risk tolerance when selecting investments. If you prefer to work with a financial professional, you may wish to have a TIAA financial consultant suggest a portfolio based on the options available in your retirement plan. This retirement plan investment advice is available at no extra cost. Please keep in mind that there are risks associated with investing in securities, including possible loss of principal. Your retirement plan is designed to work for both types of investment styles. To change your investment elections, log in to your account at TIAA.org, click My Account and choose Change Investments. If you are a new user, go to TIAA.org/simmons and click Ready to enroll. Choose the plan name(s) and follow the steps to register and enroll. Then follow the steps above to make changes. 1 Target-date funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. In addition to the fees and expenses associated with the target-date funds, there is exposure to the fees and expenses associated with the underlying mutual funds. 8 Questions? Call or visit TIAA.org/simmons

12 Changes to the retirement plan s contracts Current accounts All assets/balances will remain in your existing contracts please see the charts on page 10 for details. You can move any of your existing assets into the new contracts under the new investment lineup shown on page 5. However, once these assets have been moved to the new contracts, they cannot be moved back. Existing Contracts Simmons College DC Retirement Plan/TIAA Retirement Annuity (RA) Simmons College TDA Retirement Plan/TIAA Retirement Annuity (RA) Simmons College TDA Retirement Plan/TIAA Annuity (SRA) Simmons College TDA Retirement Plan/TIAA Group Annuity (GSRA) Understanding your existing contracts and account(s) and moves to the new contract. There are a number of differences between your current Retirement Annuity, Annuity, Group Annuity contracts and the new Retirement Choice and Retirement Choice Plus contracts in your new accounts. Most of the differences apply to the TIAA Traditional Annuity and are highlighted below. If you re thinking about transferring some or all of your account balances to your new contracts in your new accounts, make sure you understand the differences before you initiate a transfer. 1 Under the new Retirement Choice and Retirement Choice Plus contracts, TIAA Traditional has a rate guarantee that is between 1% and 3%, determined annually, which may be lower than the guaranteed rate in your current contract. 2 The adjustable rate guarantee in the new contracts allows TIAA to be more responsive to the prevailing interest rate environment, and provides the potential for higher credited rates through the crediting of additional amounts. 3 When TIAA Traditional balances are transferred out of an existing contract, you risk giving up a favorable crediting rate(s) on older contributions. TIAA Traditional balances in the new Retirement Choice contract can be liquidated within a shorter time frame than under the existing Retirement Annuity contract. Moving money from an existing contract to a new contract is a permanent decision. Money cannot be moved back into a legacy contract. In other words, once assets are transferred out of the current contracts, they cannot be moved back. For details, see the contract comparison chart enclosed and located at TIAA.org/contractcomparison. If you have questions, call Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment. Speak with a TIAA consultant and your tax advisor regarding your situation. 2 Guarantees are subject to TIAA s claims-paying ability. 3 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 January 1 for payout annuities. Additional amounts are not guaranteed for periods other than the period for which they were declared. Questions? Call or visit TIAA.org/simmons 9

13 Changes to the retirement plan s investment lineup current accounts Your Existing Assets/Balances Annuities Annuity account assets will be available for transfers as indicated below. As detailed on page 9, your existing contracts will no longer be open to future contributions as of January 16, However, you may transfer assets within these existing contracts. Please note: Once assets are transferred out of the existing contracts into the new contracts, they cannot be moved back. Current Investment Option / Current Accounts Ticker Symbol Action CREF Bond Market Account R2 (Variable Annuity) CREF Inflation-Linked Bond Account R2 (Variable Annuity) TIAA Traditional Annuity (Guaranteed Annuity) QCBMPX QCILPX N/A Available for transfer to new accounts. No action is required, as you may leave your existing assets in these investment options. CREF Equity Index Account R2 (Variable Annuity) QCEQPX CREF Global Equities Account R2 (Variable Annuity) CREF Growth Account R2 (Variable Annuity) CREF Money Market Account R2 (Variable Annuity) CREF Social Choice Account R2 (Variable Annuity) CREF Stock Account R2 (Variable Annuity) QCGLPX QCGRPX QCMMPX QCSCPX QCSTPX These existing investment options are not offered in the new fund lineup. Assets available for transfers within current contracts and into new accounts. No action is required, as you may leave your existing assets in these investment options. TIAA Real Estate Account (Variable Annuity) QREARX Existing Assets/Balances Mutual Funds Vanguard Mutual Fund assets will be directed to the same fund in the new accounts. If you have existing balances in the funds shown on the left side of the chart, those assets will transfer automatically to the same investment options in new accounts as of January 16, Current Investment Option Ticker Symbol Same Investment Option Ticker Symbol Vanguard 500 Index Admiral VFIAX Vanguard 500 Index Admiral VFIAX Vanguard Extended Market Idx Adm VEXAX Vanguard Extended Market Idx Adm VEXAX Vanguard Federal Money Market Inv VMFXX Vanguard Federal Money Market Inv VMFXX Vanguard Total Bond Market Index Adm VBTLX Vanguard Total Bond Market Index Adm VBTLX Vanguard Total Intl Stock Index Admiral VTIAX Vanguard Total Intl Stock Index Admiral VTIAX Vanguard Target Retirement 2010 Inv VTENX Vanguard Target Retirement 2010 Inv VTENX Vanguard Target Retirement 2015 Inv VTXVX Vanguard Target Retirement 2015 Inv VTXVX Vanguard Target Retirement 2020 Inv VTWNX Vanguard Target Retirement 2020 Inv VTWNX Vanguard Target Retirement 2025 Inv VTTVX Vanguard Target Retirement 2025 Inv VTTVX Vanguard Target Retirement 2030 Inv VTHRX Vanguard Target Retirement 2030 Inv VTHRX Vanguard Target Retirement 2035 Inv VTTHX Vanguard Target Retirement 2035 Inv VTTHX Vanguard Target Retirement 2040 Inv VFORX Vanguard Target Retirement 2040 Inv VFORX Vanguard Target Retirement 2045 Inv VTIVX Vanguard Target Retirement 2045 Inv VTIVX Vanguard Target Retirement 2050 Inv VFIFX Vanguard Target Retirement 2050 Inv VFIFX Vanguard Target Retirement 2055 Inv VFFVX Vanguard Target Retirement 2055 Inv VFFVX Vanguard Target Retirement 2060 Inv VTTSX Vanguard Target Retirement 2060 Inv VTTSX Vanguard Target Retirement Income Inv VTINX Vanguard Target Retirement Income Inv VTINX 10 Questions? Call or visit TIAA.org/simmons

14 Q&A 1. Why is Simmons College updating Simmons College Retirement Plans? Simmons College is committed to providing you with retirement benefits that are up-to-date, reflect current best practices and continue to provide you with competitive investment choices. Simmons recently conducted a review of the retirement plan. The resulting updates are intended to give you the investments, services and tools you need to pursue your retirement savings goals. 2. Will loans continue to be available? Yes, the Simmons College Retirement Plan lets participants borrow against their retirement account. However, Simmons College will now limit the number of active loans to 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 45 minutes. Bring all your investment account statements, including any retirement investments outside of the retirement plan and your most recent Social Security statement, if available. A TIAA financial consultant will use this information to understand your current financial situation and develop an action plan. You may bring anyone you like to the 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. How do target-date funds work? Each target-date fund consists of underlying mutual funds that invest in a broad range of asset classes. The allocations and risk level depend on how many years remain until the fund s target date. To help reduce risk as the fund s target date approaches, the fund s mix of stocks, bonds and other types of investments is adjusted to a more conservative mix. 7. What else should I know about target-date funds? As with all mutual funds, the principal value of a target-date fund isn t guaranteed at any time and will fluctuate with market changes. The target date indicates when investors may plan to start making withdrawals. However, you are not required to withdraw your money at the target date. After the target date, some of your money may be merged into a fund with a more stable asset allocation. 1 A TIAA financial consultant can help you decide whether a target-date fund is right for you. continues 1 Target-date funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. In addition to the fees and expenses associated with the target-date funds, there is exposure to the fees and expenses associated with the underlying mutual funds. Questions? Call or visit TIAA.org/simmons 11

15 Q&A continued 8. I am currently contributing to TIAA. What happens to my existing account balances and future contributions? Starting January 8, 2018, you can direct any balance to other options on the new investment menu. Beginning November 20, 2017, you may change the way future contributions are directed before the new investment menu takes effect. If you do not provide investment instructions during this period, you can always make changes after the new menu is in effect. If no action is taken, Simmons College has provided instructions to invest future contributions in the target-date fund closest to the year you turn Can I move money from an existing TIAA account to a new one? Yes, but it s a move you ll want to weigh carefully. You may move money out of your existing TIAA contracts to the new contracts, subject to any restrictions that apply to the investments. However, any money that you move out of your existing contract(s) cannot be moved back into them. Money in the TIAA Traditional Annuity deserves special attention. For instance, money moved out of TIAA Traditional in the existing contracts will no longer receive the 3% minimum guaranteed rate. In short, the pros and cons are different for every participant. A TIAA financial consultant can help you explore your options 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, fixed annuities are the only retirement products that can guarantee to pay you (or you and a spouse or partner) income for life. There are two types of annuities: 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 that will fluctuate based on the performance of the investments in the accounts. In retirement, variable annuities can offer you income for life that varies based on the performance of the account. (It is possible to lose money in variable annuities.) For more information on annuities in employer-sponsored retirement plans, see: TIAA.org/public/offer/products/ annuities/retirement-plan-annuities. Guarantees are based on the claims-paying ability of the issuing company. To learn more about annuities, visit: TIAA.org/public/offer/products/ annuities/retirement-plan-annuities. 12 Questions? Call or visit TIAA.org/simmons

16 We re here to help Not sure where to begin? Let us help you take the next step! In person Phone Online You can 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, you can call TIAA at , weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET). You can update your account online by going to TIAA.org/simmons 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. Questions? Call or visit TIAA.org/simmons 13

17 This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor s personal advisor based on the investor s own objectives and circumstances. Distributions from 403(b) plans before age 59½, severance from employment, death or disability may be prohibited, limited and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to TIAA.org/simmons for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. Advisory services provided by Advice & Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment adviser. 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 _ (10/17)

18 TIAA and CREF contract comparison Retirement Annuity (RA)/Group Retirement Annuity (GRA) Annuity (SRA)/Group Annuity (GSRA) Group Annuity (GA)/ Institutionally Owned Group Annuity (IOGSRA) Retirement Choice Annuity (RC) Retirement Choice Plus Annuity (RCP) Overview Summary use WW The RA/GRA contracts have been the historical core retirement contracts for employer retirement plans. WW They are individually owned contracts or certificates that the plan participants control. WW The SRA/GSRA contracts have been the historical retirement contracts for supplemental retirement plans. WW They are individually owned contracts or certificates that the plan participants control. WW Designed specifically for executive compensation arrangements. WW These contracts do provide the plan sponsor with the option to discontinue the contract. WW The RC contract is a group contract controlled by the plan sponsor. It is generally used for employer retirement plans. WW Enables the institution to have full control over the funding options in the plan, add or delete options, and map assets to other funds. Availability Existing plans only Existing plans and new business prospects WW The RCP contract is a group contract controlled by the plan sponsor. It is generally used for supplemental retirement plans. WW Enables the institution to have full control over the funding options in the plan, add or delete options, and map assets to other funds. General plan type 1 403(b), 401(a), 401(k), 457(b) Public 457(b) Private, 457(f), 415(m) 403(b), 401(a), 401(k), 457(b) Public, 457(b) Private, 2 457(f), 2 415(m), 2 403(c), 2 church plans, 409A 2 Plan sponsor-directed plan level expense deductions N/A Offered since RA: 1918 GRA: 1984 SRA: 1973 GSRA: 1991 GA: 2002 IOGSRA: 1998 Allowed Private non-erisa safe harbor employee elective deferral 403(b) plans may only utilize SRA/GSRA contracts. 2. RCP is the standard contract for new plans of this type effective January 1, 2013 and later. However, if these plans wish to use TIAA Stable Value and any other TIAA or CREF annuities, then the RC contract must be used since TIAA Stable Value cannot be used in a plan that uses an RCP contract. In this situation the RC version of TIAA Traditional may or may not also be used at the election of the plan sponsor.

19 TIAA and CREF contract comparison Retirement Annuity (RA)/Group Retirement Annuity (GRA) Annuity (SRA)/Group Annuity (GSRA) Group Annuity (GA)/ Institutionally Owned Group Annuity (IOGSRA) Retirement Choice Annuity (RC) Retirement Choice Plus Annuity (RCP) Funding options Funding options offered Fixed annuities: Minimum crediting rate during accumulation Fixed annuities: Creditingrate structure Fixed annuities: Creditingrate frequency Fixed annuities: Primary collateral account Fixed annuities: charges, expenses and fees TIAA fixed annuities (TIAA Traditional), 1 TIAA and CREF variable annuities, TIAA-CREF mutual funds (including the Lifecycle Funds), and nonproprietary mutual funds. 2 TIAA Traditional, CREF Stock and CREF Money Market must be available for both contributions and transfers. Please note that mutual funds are not offered under the terms of the contracts; they are recordkept beside them. TIAA fixed annuities (TIAA Traditional), 1 TIAA and CREF variable annuities, TIAA-CREF mutual funds (including the Lifecycle Funds), and nonproprietary mutual funds. 2 Please note that mutual funds are not offered under the terms of the contracts; they are recordkept beside them. 3.00% for all TIAA Traditional premiums remitted since Between 1.00% and 3.00%: Rate redetermined annually on January 1. Applies to premiums deposited to TIAA Traditional during the applicable calendar year and is guaranteed for 10 years, at which point the minimum rate for these premiums will be reset. TIAA Traditional vintage structure for both new money and old money. TIAA Traditional: New money: Generally monthly and guaranteed until the end of the following February. Old money: Reset on March 1 and guaranteed until the end of the following February. TIAA s General Account supports TIAA Traditional s guarantees. Between 1.00% and 3.00%: Rate redetermined annually on March 1. Applies to all accumulations and premiums deposited to TIAA Traditional during the period. Spread-based: Risk capital amounts and product costs (including amounts associated with managing and maintaining the general account collateral portfolio), liquidity charges and administrative expenses are implicit in the TIAA Traditional crediting-rate spread. 1. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. TIAA Traditional is a guaranteed insurance contract and not an investment for federal securities law purposes. Payments under CREF and the TIAA Real Estate Account are variable and will rise or fall based on investment performance. 2. Mutual funds are not available under the terms of the contract; rather, mutual funds are made available under the terms of an individual or group custodial agreement.

20 TIAA and CREF contract comparison Retirement Annuity (RA)/Group Retirement Annuity (GRA) Annuity (SRA)/Group Annuity (GSRA) Group Annuity (GA)/ Institutionally Owned Group Annuity (IOGSRA) Retirement Choice Annuity (RC) Retirement Choice Plus Annuity (RCP) Income options Transfers/withdrawals Fixed annuities: Participant-directed transfers and withdrawals 1 Range of distribution options (for annuity accounts) 1 Fixed annuities: Contractual minimum annuity payment amounts 2 Fixed period annuity payment options 1 RA: Lump-sum withdrawals are not available from TIAA Traditional. All withdrawals and transfers from the account must be paid in ten annual installments. GRA: Lump-sum withdrawals are available from TIAA Traditional only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and transfers must be paid in ten annual installments. Lifetime income, fixed-period annuities, systematic and lump-sum cash withdrawals (except RA TIAA Traditional) if allowed by the plan. Interest-only and required minimum-distribution payments. TIAA Traditional: Based on 2.50% interest and a fixed-mortality table. RA: Not available for TIAA Traditional years for TIAA and CREF variable annuities. GRA: 5-30 years for TIAA Traditional (after termination of employment) years for TIAA and CREF variable annuities. Lump-sum withdrawals and transfers are available from TIAA Traditional without any restrictions or charges. If you transfer out of TIAA Traditional and transfer back within 120 days, the amount up to the original transfer will be credited with the same interest rates that would have applied if the transfer out had not taken place. Lifetime income, fixed-period annuities, systematic and lump-sum cash withdrawals and required minimum-distribution payments. SRA: 2-30 years for all TIAA and CREF annuities. GSRA, GA, IOGSRA: 5-30 years for all TIAA and CREF annuities. Lump-sum withdrawals are available from TIAA Traditional only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and transfers from the account must be paid in 84 monthly installments (7 years). Lump-sum withdrawals and transfers are available from TIAA Traditional without any surrender charges. For certain RCP contracts, 90 day equity wash applies if competing funds exist (e.g., money market, short-term bond, self-directed brokerage accounts or the TIAA Real Estate Account). Transfers from TIAA Traditional can only be made to non-competing funds. Amount must remain in noncompeting funds for 90 days before transferring to competing funds, including transferring back to TIAA Traditional. (TIAA Contract form IGRSP-02-ACC / TIAA Certificate form IGRSP-CERT3-ACC). Irrespective of when your employer s RCP contract was issued, if you transfer out of TIAA Traditional and transfer back within 120 days, the amount up to the original transfer will be credited with the same interest rates that would have applied if the transfer out had not taken place. Lifetime income annuity, systematic and lump-sum cash withdrawals, interest-only (RC TIAA Traditional) and required minimum distribution payments. TIAA Traditional: Based on 2.00% interest and a mortality table that is updated each year. Not available. 1. Income and withdrawal options are subject to the terms of the employer plan. Withdrawals prior to age 59½ may be subject to a 10% federal tax penalty, in addition to ordinary income tax. 2. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability.

21 TIAA and CREF contract comparison Retirement Annuity (RA)/Group Retirement Annuity (GRA) Annuity (SRA)/Group Annuity (GSRA) Group Annuity (GA)/ Institutionally Owned Group Annuity (IOGSRA) Retirement Choice Annuity (RC) Retirement Choice Plus Annuity (RCP) Institutional control Institutionally forced small-balance withdrawals Discontinuance/mapping Not available for RA. Available for GRA if total plan balance is $5,000 or less and participant has terminated employment and the contract has been endorsed to allow forced withdrawals. Not available for SRA. Available for GSRA if total plan balance is $5,000 or less and participant has terminated employment and the contract has been endorsed to allow forced withdrawals. Not available for annuity contracts. If mutual funds are available through a group custodial agreement, there is no restriction. Available if total plan balance is $5,000 or less and participant has terminated employment. TIAA Traditional GA: 3.50% surrender charge applies. Amounts in excess of $1 million may be paid in 5 annual installments, with first payment made one year after request. TIAA Traditional IOGSRA: Fully liquid at plan sponsor discretion. TIAA and CREF variable annuities and mutual funds: no restrictions. TIAA Traditional: Paid in 60 monthly installments without any surrender charge. 90 day advance notice required from institution. TIAA Real Estate: no restriction unless contract amount exceeds $10 million TIAA may defer deconversion for 6 months. CREF variable annuities and mutual funds: no restrictions. This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor s personal advisor based on the investor s own objectives and circumstances. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not 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 log on to TIAA.org 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. These guaranteed annuity contracts and accounts are not considered to be investments or securities under federal securities laws. Payment obligations and the fulfillment of the guarantees provided for in these annuity accounts and contracts are subject to TIAA s claims-paying ability. Lifetime annuity payments are provided by TIAA, are subject to TIAA s claims-paying ability. Past interest rates are not indicative of future interest rates. These products are not mutual funds, variable annuities or bank products. The obligations of TIAA are not insured by the FDIC or any other federal governmental agency. Annuity contracts contain exclusions, limitations, reductions of benefits and may contain terms for keeping them in force. Your financial consultant (or we) can provide you with costs and complete details. As provided for in the annuity contracts or certificates, restrictions may apply to certain plan sponsor and/or participant-initiated transactions. Please refer to these documents for details. Retirement Annuity (RA) TIAA Contract form series /CREF Certificate series C STD.1; Group Retirement Annuity (GRA) contract form series G or G ; G or G (not available in all states)/cref Certificate series CG ; Annuity (SRA) TIAA Contract form series /CREF Certificate series C1200.4; Group Supplemental Retirement Annuity (GSRA) TIAA Contract form series G1250.1/CREF Certificate series CG1250.1; Group Annuity (GA) TIAA Contract Form Series and ACC/CREF contract series C Retirement Choice (RC) TIAA Contract form Series - IGRS ACC and IGRS-02-ACC/ TIAA Certificate Series - IGRS-CERT2-84-ACC and IGRS-CERT3-ACC/ CREF Contract form series: CIGRS-01 and CIGRS-02/CREF Certificate series: CIGRS-CERT1 and CIGRS-CERT3; Retirement Choice Plus (RCP) TIAA Contract form Series - IGRSP ACC and IGRSP-02-ACC/ TIAA Certificate Series - IGRSP-CERT2-84-ACC and IGRSP-CERT3-ACC/CREF Contract form series: CIGRSP-01 and CIGRSP-02A/ CREF Certificate series: CIGRSP-CERT1 and CIGRSP-CERT3A Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY MT (03/17)