The road to retirement. Announcing changes to the Salve Regina University Retirement Plans

The road to retirement Announcing changes to the Salve Regina University Retirement Plans

A new chapter is about to start Helping you plan and save for the future is important to us here at Salve Regina University. That s why we re pleased to announce the following updates to the Salve Regina University Retirement Plans. Retirement plan changes start November 29, 2017. What you need to know New investment options. The new investments, carefully selected by Salve Regina University for its employees, may give you the ability to create a diversified retirement portfolio. Increased transparency on fees. A new fee structure to plan 406371 will make it easier to see the cost of each investment option as well as fees paid for plan administration. 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. No longer employed by Salve Regina University? You are receiving this guide because you have investments in one or more of the Salve Regina University Retirement Plans. Even though you are not actively contributing, you should review this information carefully to learn how your account could be affected. Important Note: If you have a foreign mailing address on file, there may be restrictions due to international securities laws on investing in the new options. If you have a legitimate U.S. mailing address in Puerto Rico, or an Army Post Office (APO), Diplomatic Post Office (DPO), or Fleet Post Office (FPO) box, the restrictions may not apply to you. Please call TIAA for more information at 800-842-2252, weekdays, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET). Table of contents A new chapter is about to start Action plan for the changes Transfer chart Understanding retirement plan fees Your updated investment menu Q&A We re here to help Questions? Call 800-842-2252 or visit TIAA.org/salve Inside Cover 1 2 3 4 5 Back Cover

In detail Changes to the current 403(b) Retirement Plan s (406371) investment lineup Salve Regina University is taking this opportunity to change the investment options available through the plan. The new investments, carefully selected by Salve Regina University for its employees, may give you the ability to create a diversified retirement portfolio that matches your investment goals and preferences. Please refer to the updated investment menu on page 4. New options are listed in bold. How your future contributions and current account balances will be affected Starting November 29, 2017, your future contributions will be directed to the new investment options. Your current account balances will also be transferred as shown below. Salve Regina University selected investment options that are similar to those in the prior lineup but in a lower share class. Please note: Several investment options remain unchanged. See page 4 of this guide for the full investment lineup. Replaced Investment Options Current Option Ticker Replacement Option Ticker American Beacon Mid Cap Value Y ACMYX American Beacon Mid Cap Value Institutional AACIX BlackRock Inflation Protected Bond Investor A BPRAX Vanguard Inflation-Protected Securities Admiral VAIPX Delaware Value Institutional DDVIX Delaware Value R6 DDZRX Virtus Vontobel Emerging Markets Opportunities I HIEMX Virtus Vontobel Emerging Markets Opps R6 VREMX Lord Abbett Developing Growth A LAGWX Vanguard Small Cap Index Admiral VSMAX Metropolitan West Total Return Bond I MWTIX Metropolitan West Total Return Bond Plan MWTSX Oakmark International I OAKIX Oakmark International Institutional OANIX Prudential High-Yield A PBHAX Prudential High-Yield Q PHYQX T. Rowe Price Blue Chip Growth TRBCX T. Rowe Price Blue Chip Growth I TBCIX T. Rowe Price Retirement 2005 Advisor PARGX Putnam RetirementReady 2020 R6 PMRGX T. Rowe Price Retirement 2010 Advisor PARAX Putnam RetirementReady 2020 R6 PMRGX T. Rowe Price Retirement 2015 Advisor PARHX Putnam RetirementReady 2020 R6 PMRGX T. Rowe Price Retirement 2020 Advisor PARBX Putnam RetirementReady 2020 R6 PMRGX T. Rowe Price Retirement 2025 Advisor PARJX Putnam RetirementReady 2025 R6 PRMFX T. Rowe Price Retirement 2030 Advisor PARCX Putnam RetirementReady 2030 R6 PREZX T. Rowe Price Retirement 2035 Advisor PARKX Putnam RetirementReady 2035 R6 PREGX T. Rowe Price Retirement 2040 Advisor PARDX Putnam RetirementReady 2040 R6 PREHX T. Rowe Price Retirement 2045 Advisor PARLX Putnam RetirementReady 2045 R6 PREKX T. Rowe Price Retirement 2050 Advisor PARFX Putnam RetirementReady 2050 R6 PREUX T. Rowe Price Retirement 2055 Advisor PAROX Putnam RetirementReady 2055 R6 PREVX Templeton Global Bond A TPINX Templeton Global Bond R6 FBNRX TIAA-CREF Social Choice Equity Retirement TRSCX TIAA-CREF Social Choice Equity Institutional TISCX Questions? Call 800-842-2252 or visit TIAA.org/salve 1

Transfer chart for participants with assets in Legacy Contracts How your account balances will be affected On or about November 29, 2017, your mutual fund balance(s) will be transferred to Putnam RetirementReady funds within the Retirement Choice (RC) and/or Retirement Choice Plus (RCP) contracts; as listed in the chart below. Any annuity balance(s) you have will remain in the current investment option and in the current contract. You can continue to transfer balances among or into these available annuity options: CREF Money Market R2 (Variable Annuity), CREF Stock Account (Variable Annuity) R2, and TIAA Traditional Annuity (Guaranteed Annuity). If you would like to transfer balances, contact a TIAA financial consultant for more information. An example for the investment options that will map to the age related funds is listed below: If you will turn 65 in 2044, your current balances will be directed to the target-date 2045 fund in the (RC) account. Current Option Ticker Replacement Option Ticker TIAA-CREF Lifecycle 2010 Retirement TCLEX Putnam RetirementReady 2020 Fund R6 PMRGX TIAA-CREF Lifecycle 2015 Retirement TCLIX Putnam RetirementReady 2020 Fund R6 PMRGX TIAA-CREF Lifecycle 2020 Retirement TCLTX Putnam RetirementReady 2020 Fund R6 PMRGX TIAA-CREF Lifecycle 2025 Retirement TCLFX Putnam RetirementReady 2025 Fund R6 PRMFX TIAA-CREF Lifecycle 2030 Retirement TCLNX Putnam RetirementReady 2030 Fund R6 PREZX TIAA-CREF Lifecycle 2035 Retirement TCLRX Putnam RetirementReady 2035 Fund R6 PREGX TIAA-CREF Lifecycle 2040 Retirement TCLOX Putnam RetirementReady 2040 Fund R6 PREHX TIAA-CREF Lifecycle 2045 Retirement TTFRX Putnam RetirementReady 2045 Fund R6 PREKX TIAA-CREF Lifecycle 2050 Retirement TLFRX Putnam RetirementReady 2050 Fund R6 PREUX TIAA-CREF International Eq Retirement TRERX Age-related Putnam Retirement Fund Various TIAA-CREF Large-Cap Value Retirement TRLCX Age-related Putnam Retirement Fund Various TIAA-CREF Mid-Cap Growth Retirement TRGMX Age-related Putnam Retirement Fund Various TIAA-CREF Mid-Cap Value Retirement TRVRX Age-related Putnam Retirement Fund Various TIAA-CREF Small-Cap Equity Retirement TRSEX Age-related Putnam Retirement Fund Various In keeping with its fiduciary duties and ongoing plan review, Salve Regina University has instructed TIAA to transfer any account balances in any investment option listed above to the Putnam RetirementReady Fund that corresponds to the year you turn age 65, as shown in the birth date chart below. Target-date fund birth chart Birth year New investment option Ticker Prior to 1958 Putnam RetirementReady 2020 R6 PMRGX 1958 1962 Putnam RetirementReady 2025 R6 PRMFX 1963 1967 Putnam RetirementReady 2030 R6 PREZX 1968 1972 Putnam RetirementReady 2035 R6 PREGX 1973 1977 Putnam RetirementReady 2040 R6 PREHX 1978 1982 Putnam RetirementReady 2045 R6 PREKX 1983 1987 Putnam RetirementReady 2050 R6 PREUX 1988 1992 Putnam RetirementReady 2055 R6 PREVX 1993 to Present Putnam RetirementReady 2060 R6 PEFGX 2 Questions? Call 800-842-2252 or visit TIAA.org/salve

Understanding retirement plan fees Salve Regina University strives to keep the Salve Regina University Retirement Plan current with industry best practices. Please know that there have always been costs to participate in the program. However, your cost to participate has been paid for by the plan investment options. You have not seen an explicit charge before because these charges are currently bundled within the annual operating expense ratios of the investments. Under the new arrangement, your fees will be transparent in plan 406371. General administrative services Your plan charges an annual Administrative Fee to cover services such as recordkeeping, legal, accounting, investment advisory and other plan and participant services.* Effective January 1, 2018, an annual Plan Servicing Fee of up to 0.163% will be deducted proportionally from each of your investments in plan 406371 on a quarterly basis. This amount will be realized by assessing a fee or credit to each investment you choose within the plan. Each fee or credit will be applied to your account on the last business day of each quarter and is identified as a TIAA Plan Servicing Fee or a Plan Servicing Credit on your quarterly statements. Your plan will also assess an annual fee of.070% for plan administration services, which will be divided into quarterly payments. This fee is deducted proportionally from each investment in your account on the last business day of each quarter and is identified as Non-TIAA Plan Servicing Fee on your quarterly statements. If your account balance is less than $25 on the date that a fee is to be assessed, no fee will be charged. Investment-specific services Each of the plan s investment options has a fee for investment management and associated services. Plan participants generally pay for these costs through what is called an expense ratio. Expense ratios are displayed as a percentage of assets. For example, an expense ratio of 0.50% means a plan participant pays $5 annually for every $1,000 in assets. Taking the expense ratio into consideration helps you to compare investment fees. In some cases, investment providers share in the cost of plan administration. This practice is called revenue sharing. An investment company may pay a portion of an investment option s expense ratio to TIAA, the recordkeeper, to help offset the cost of plan administration. The amount of any associated fee or credit is determined by comparing the Total Administration Cost to the Revenue Sharing amount. If the Revenue Sharing amount exceeds the Total Administration Cost, a credit is applied. If the Revenue Sharing amount is less than the Total Administration Cost, then a fee is applied. For information on investment-specific expenses and fees, please refer to the investment table(s) provided. You can also find the expense ratios and other fees and expenses at TIAA.org/salve or in the prospectuses at TIAA.org/performance. Redemption fee This fee is designed to discourage frequent trading activities by investors, which drive up fund operating costs and reduce returns for long-term investors in the funds. It s only charged when the mutual fund shares have not been held in an account for a specified period of time. Each mutual fund company imposes its own rules regarding the amount charged and the holding period, which are both detailed in the fund s prospectus. The Templeton Global Bond R6, DFA Global Real Estate Securities I, BlackRock GNMA K, T. Rowe Price Blue Chip Growth I, TIAA-CREF Social Choice Low Carbon Equity Fund Institutional Class, and TIAA-CREF Social Choice Equity Institutional, each has an associated redemption fee. All things considered Fees are important, but they are just one factor in your decision-making process. In addition to fees and expenses, you should be sure your investment choices reflect your personal risk tolerance, the time frame until your retirement, and the appropriate balance allocation to suit your investment needs. Action Steps Get advice. Has it been a while since you reviewed your investment mix? You re eligible to receive retirement plan investment advice at no additional cost. It s all about helping you retire on your terms. Select investments. Periodically, you should review and update your investment choices for future contributions and account balances. Check your beneficiary designation. If you have assets in the Legacy contract that will transfer to plan 406371 and you do not currently have an RC or RCP account, TIAA will establish an RC/RCP account for you and will copy the beneficiary information you currently have on file to your new account. Since it s important to keep your beneficiary information up to date, please confirm your choice(s). * Plan servicing fees can be deducted from Retirement Choice and Retirement Choice Plus contracts. However, plan servicing fees cannot be deducted from Retirement Annuity, Group Retirement Annuity, Supplemental Retirement Annuity and Group Supplemental Retirement Annuity contracts. Those contracts will continue to have fees bundled within the annual operating expense ratios of the investments. Questions? Call 800-842-2252 or visit TIAA.org/salve 3

Your updated investment menu Salve Regina University current 403(b) Retirement Plan s (406371) new investment menu, and fees The following table details each investment option in the plan and any associated TIAA Plan Servicing Fee and/or Credit. The Total Administrative Fee equals the Revenue Share plus the TIAA Plan Servicing Fee/(Credit). Investment Expenses A. Revenue Sharing 4 (%) Plan Servicing Fee Calculations (A + B = C) B. Plan Servicing Fee/ (Credit) 5 (%) C. Total Administrative Fee (%) Account or Fund Ticker Gross Expense Ratio 3 (%) Net Expense Ratio 3 (%) Guaranteed TIAA Traditional Annuity (Guaranteed Annuity) 1, 2 N/A 0.00 0.00 0.15 0.013 0.163 Money Market CREF Money Market Account R2 (Variable Annuity) QCMMPX 0.34 0.34 0.20 (0.037) 0.163 Fixed Income (Bonds) Metropolitan West Total Return Bond Plan MWTSX 0.38 0.38 0.00 0.163 0.163 Templeton Global Bond R6 6, 7 FBNRX 0.58 0.52 0.00 0.163 0.163 Multi-Asset Putnam RetirementReady 2020 R6 PMRGX 0.77 0.65 0.00 0.163.163 Putnam RetirementReady 2025 R6 PRMFX 0.83 0.66 0.00 0.163.163 Putnam RetirementReady 2030 R6 PREZX 0.80 0.68 0.00 0.163.163 Putnam RetirementReady 2035 R6 PREGX 0.90 0.71 0.00 0.163.163 Putnam RetirementReady 2040 R6 PREHX 0.88 0.72 0.00 1.63 1.63 Putnam RetirementReady 2045 R6 PREKX 0.88 0.72 0.00 0.163.163 Putnam RetirementReady 2050 R6 PREUX 1.02 0.70 0.00 0.163.163 Putnam RetirementReady 2055 R6 PREVX 2.04 0.70 0.00 0.163.163 Putnam RetirementReady 2060 R6 PEFGX 122.47 0.70 0.00 0.163.163 Real Estate DFA Global Real Estate Securities I 6, 7 DFGEX 0.38 0.24 0.00 0.163 0.163 Equities (Stocks) American Beacon Mid Cap Value Instl AACIX 0.90 0.90 0.00 0.163 0.163 BlackRock GNMA K 6, 7 BBGPX 0.57 0.38 0.00 0.163 0.163 CREF Stock Account R2 (Variable Annuity) QCSTPX 0.43 0.43 0.20 (0.037) 0.163 Delaware Value R6 DDZRX 0.62 0.62 0.00 0.163 0.163 Oakmark International Institutional OANIX 0.86 0.81 0.00 0.163 0.163 Principal MidCap Institutional PCBIX 0.68 0.68 0.10 0.063 0.163 Prudential High-Yield Q PHYQX 0.45 0.45 0.00 0.163 0.163 T. Rowe Price Blue Chip Growth I 6, 7 TBCIX 0.58 0.58 0.00 0.163 0.163 TIAA-CREF Social Choice Low Carbon Equity Fund Institutional Class 6, 7 TNWCX 0.19 0.19 0.00 0.163 0.163 TIAA-CREF Social Choice Eq Institutional 6, 7 TISCX 0.65 0.32 0.00 0.163 0.163 Vanguard 500 Index Admiral VFIAX 0.04 0.04 0.00 0.163 0.163 Vanguard Inflation-Protected Secs Adm VAIPX 0.10 0.10 0.00 0.163 0.163 Vanguard Small Cap Index Adm VSMAX 0.06 0.06 0.00 0.163 0.163 Virtus Vontobel Emerging Markets Opps R6 VREMX 1.20 1.20 0.00 0.163 0.163 New options to the plan are in bold. 1 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. 2 TIAA Traditional is a guaranteed insurance contract and not an investment for federal securities law purposes. 3 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. 4 Revenue sharing is a term that describes the practice when investment providers share in the cost of plan administration. Please note that TIAA Traditional, TIAA Real Estate, TIAA Stable Value, and all CREF Annuity accounts do not have a revenue sharing, rather they have a plan services offset that is applied to your plan s administrative and recordkeeping costs. 5 Plan Servicing Fee/Credit is determined by subtracting the amount of revenue share provided by each investment option you choose from 16.3%, the plan s cost for administrative services. If you choose an investment with revenue sharing of more than 16.3%, you ll receive a credit for the difference. 6 A contractual or voluntary fee waiver may apply. See fund prospectus for details. 7 A redemption fee may apply. See fund prospectus for details. 4 Questions? Call 800-842-2252 or visit TIAA.org/salve

Q&A 1. Why is Salve Regina University changing the Salve Regina University Retirement Plans? Salve Regina University is committed to providing you with competitive retirement benefits and recently conducted a review of the retirement plans. The resulting changes are intended to give you the investments, services and tools you need to pursue your retirement savings goals. 2. How can I learn about the new investment options? A list of the new investment options is included in this guide. You can visit the dedicated retirement plan website at TIAA.org/salve for additional information. 3. What if I would like help making investment choices? You can get personalized advice on the plan s investment options from a TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you. To schedule an advice session, call TIAA at 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow. 4. Will I pay any fees to invest in the Salve Regina University Retirement Plans? All investment options have expenses and other fees that can be found in the prospectuses at TIAA.org/salve. Some investment options may also have redemption and other fees. See page 4 for more details. In addition to investment fees, there is an annual TIAA Plan Servicing Fee of.163 basis points and an annual non-tiaa Plan Servicing Fee of 0.70 basis points that is for plan administration purposes. These fees are deducted in quarterly installments of.163 basis points and 0.70 basis points, respectively (deducted pro rata from the investment options in your account). The deductions will be identified as TIAA Plan Servicing Fee and Non-TIAA Plan Servicing Fee on your statement and when you view your account online. If your account balance is less than $25 on the date that a quarterly fee is to be assessed, no fee will be charged. 5. 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. 6. 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. A TIAA financial consultant can help you decide whether a targetdate fund is right for you.* 7. Does it make sense to consolidate my retirement accounts? Many people find it easier to manage their retirement money by working with only one provider. That said, transferring balances can sometimes trigger costs. Before consolidating outside retirement balances, check with your employee benefits office to see if you can transfer those balances directly to your TIAA retirement account. 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. 8. 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. 9. 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 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. 1 Guarantees are based on the claims-paying ability of the issuing company. To learn more about annuities, visit: TIAA.org/public/offer/products/annuities/retirementplan-annuities. Questions? Call 800-842-2252 or visit TIAA.org/salve 5

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 800-732-8353, 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 800-842-2252, weekdays, 8 a.m. to 10 p.m. or Saturday, 9 a.m. to 6 p.m. (ET). You can update your account online by going to TIAA.org/salve 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. * 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. Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss. 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. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org/salve for details. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to TIAA.org/salve 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. 2017 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017 MT 166752 274009 722208-827300 (10/17)