November 28, 2016 Important notice about the Fairfax County Public Schools 403(b) Retirement Savings Plan We are writing to you about your account in the Fairfax County Public Schools 403(b) Retirement Savings Plan (FCPS 403(b) Plan). Fairfax County Public Schools (FCPS) regularly looks for ways to improve the design, fee structure and operation of your retirement plan. As a result, the available share class of some investments in your FCPS 403(b) Plan will be changing to provide you with lower expense ratios. The term share class refers to a classification system established to identify the fee structure of a mutual fund. Lower-cost investment options result in a reduction of total annual expenses and can help put more money to work for you. In addition, new investment options will be added to the investment menu while other investment options will be discontinued with any assets and future contributions mapped to replacement investments. The following changes will be made to the FCPS 403(b) Plan effective December 29, 2016. Please review the detailed information below regarding the changes and how they may affect you. If you are comfortable with the changes, you do not need to take any action. However, should you wish to change your future contribution allocations or move your existing account balance to other available investment options, you must do so prior to business close on Wednesday, December 28, 2016. Please review the online, phone, and in person instructions to do so contained at the end of this communication. 1. New investment options Effective December 29, 2016, new investment options will be added to your FCPS 403(b) Plan. New Investment Options American Funds EuroPacific Growth Fund R6 American Funds Growth Fund of America R6 DFA US Targeted Value Portfolio Institutional Class Dreyfus/The Boston Company Small/Mid Cap Growth Fund Class Y Metropolitan West Total Return Bond Plan Class Shares TIAA-CREF Bond Index Fund TIAA-CREF Lifecycle Funds RGAGX DFFVX DBMYX MWTSX TBIIX Various 730 Third Avenue, New York, NY 10017 TIAA.org
New Investment Options (continued) TIAA-CREF S&P 500 Index Fund Vanguard Extended Market Index Fund Admiral Vanguard Total International Stock Index Fund Admiral Shares Vanguard Windsor II Fund Admiral Shares VEXAX VTIAX VWNAX 2. Share class changes As previously mentioned, the available share class of some investments in your FCPS 403(b) Plan will be changing to provide you with investments with lower expense ratios. An expense ratio is the fee charged to operate and manage an investment, generally expressed as a percentage of assets. It may cover items such as accounting and legal fees, investment manager s compensation, and advertising. When making investment decisions about your account, you should keep in mind how long you have until retirement, your tolerance for risk, your financial goals, and the impact of plan and investment fees. You can change your investment options at any time. Effective December 29, 2016, the Current Share Class listed in the chart below will be replaced by the lower-cost New Share Class of the same funds. Investment strategies for the New Share Class are the same as those of the Current Share Class. Assets and future contributions Any assets and any future contributions in the Current Share Class will be directed to the New Share Class of the same funds. See the following chart for information on how your assets and any future contributions will be affected: Current Share Class New Share Class for Assets and Future Contributions American Funds EuroPacific Growth Fund R4 REREX American Funds EuroPacific Growth Fund R6 American Funds Growth Fund of America R4 RGAEX American Funds Growth Fund of America R6 RGAGX TIAA-CREF Lifecycle 2010 Fund TCLEX TIAA-CREF Lifecycle 2010 Fund TCTIX TIAA-CREF Lifecycle 2015 Fund TCLIX TIAA-CREF Lifecycle 2015 Fund TCNIX TIAA-CREF Lifecycle 2020 Fund TCLTX TIAA-CREF Lifecycle 2020 Fund TCWIX TIAA-CREF Lifecycle 2025 Fund TCLFX TIAA-CREF Lifecycle 2025 Fund TCYIX TIAA-CREF Lifecycle 2030 Fund TCLNX TIAA-CREF Lifecycle 2030 Fund TCRIX TIAA-CREF Lifecycle 2035 Fund TCLRX TIAA-CREF Lifecycle 2035 Fund TCIIX 2
Current Share Class (continued) New Share Class for Assets and Future Contributions (continued) TIAA-CREF Lifecycle 2040 Fund TCLOX TIAA-CREF Lifecycle 2040 Fund TCOIX TIAA-CREF Lifecycle 2045 Fund TTFRX TIAA-CREF Lifecycle 2045 Fund TTFIX TIAA-CREF Lifecycle 2050 Fund TLFRX TIAA-CREF Lifecycle 2050 Fund TFTIX TIAA-CREF Lifecycle 2055 Fund TTRLX TIAA-CREF Lifecycle 2055 Fund TTRIX TIAA-CREF Lifecycle 2060 Fund TLXRX TIAA-CREF Lifecycle 2060 Fund TLXNX TIAA-CREF Lifecycle Retirement Income Fund TLIRX TIAA-CREF Lifecycle Retirement Income Fund TLRIX TIAA-CREF S&P 500 Index Fund TRSPX TIAA-CREF S&P 500 Index Fund Effective December 29, 2016, the following TIAA-CREF Lifecycle Fund chart will be used only if TIAA receives incomplete investment allocation instructions. Investment Name DOB From-Year DOB To-Year TIAA-CREF Lifecycle Retirement Income Fund TIAA-CREF Lifecycle 2010 Fund TIAA-CREF Lifecycle 2015 Fund TIAA-CREF Lifecycle 2020 Fund TIAA-CREF Lifecycle 2025 Fund TIAA-CREF Lifecycle 2030 Fund TIAA-CREF Lifecycle 2035 Fund TIAA-CREF Lifecycle 2040 Fund TIAA-CREF Lifecycle 2045 Fund TLRIX N/A N/A TCTIX 1900 1948 TCNIX 1949 1953 TCWIX 1954 1958 TCYIX 1959 1963 TCRIX 1964 1968 TCIIX 1969 1973 TCOIX 1974 1978 TTFIX 1979 1983 3
Investment Name (continued) DOB From-Year DOB To-Year TIAA-CREF Lifecycle 2050 Fund TIAA-CREF Lifecycle 2055 Fund TIAA-CREF Lifecycle 2060 Fund TFTIX 1984 1988 TTRIX 1989 1993 TLXNX 1994 Present 3. Discontinued and Replacement Investments Effective December 29, 2016, the following investment options will be discontinued from the investment menu and replaced with new options. Assets If you have any assets in the investment options listed in the left-hand column, they will be transferred or mapped to the replacement investments listed in the right-hand column as shown in the chart on the next pages. Future contributions If you re currently contributing to the investment options in the left-hand column below, any future contributions will be invested in the replacement options as shown in the chart on the next pages. Discontinued Investment Options Replacement Investment Options American Funds Capital World Growth & Income Fund R4 RWIEX American Funds EuroPacific Growth Fund - R6 Columbia Small Cap Value Fund I Class Z CSCZX DFA US Targeted Value Portfolio Institutional Class DFFVX CREF Inflation-Linked Bond Account (R1) QCILRX TIAA-CREF Bond Index Fund Institutional Share Class TBIIX CREF Social Choice Account (R1) QCSCRX Age Related TIAA-CREF Lifecycle Fund based on your date of birth and a projected retirement date at the age of 65. See the chart on page 3. Various CREF Stock Account (R1) QCSTRX TIAA-CREF S&P 500 Index Fund Lazard Emerging Markets Equity Open LZOEX American Funds EuroPacific Growth Fund - R6 Lord Abbett Developing Growth Fund Class A LAGWX Dreyfus/The Boston Company Small/Mid Cap Growth Fund Class Y DBMYX 4
Discontinued Investment Options (continued) Replacement Investment Options (continued) PIMCO Total Return Fund - Class A PTTAX Metropolitan West Total Return Bond Plan Class Shares MWTSX T. Rowe Price Capital Appreciation Adv PACLX Age Related TIAA-CREF Lifecycle Fund based on your date of birth and a projected retirement date at the age of 65. See the chart on page 3. Various T. Rowe Price Equity Income R RRFDX Templeton Global Bond Class A TPINX Vanguard Windsor II Fund Admiral Shares Metropolitan West Total Return Bond Plan Class Shares VWNAX MWTSX TIAA-CREF Bond Fund Retirement Share Class TIDRX TIAA-CREF Bond Index Fund TBIIX TIAA-CREF Growth & Income Fund TRGIX TIAA-CREF S&P 500 Index Fund TIAA-CREF Mid-Cap Value Fund TRVRX Vanguard Extended Market Index Fund Admiral VEXAX TIAA-CREF Money Market Fund TIAA-CREF Short-Term Bond Fund TIEXX TIAA Stable Value 1 Guaranteed Annuity TISRX TIAA Stable Value 1 Guaranteed Annuity TIAA-CREF Small-Cap Blend Index Fund TRBIX DFA US Targeted Value Portfolio Institutional Class DFFVX Victory Munder Mid-Cap Core Growth Fund Class Y MGOYX Dreyfus/The Boston Company Small/Mid Cap Growth Fund Class Y DBMYX Effective December 29, 2016, any assets in the CREF Money Market Account (R1) variable annuity (QCMMRX) which was previously used as a sweep account for active loan repayments, will be transferred or mapped to the age related TIAA-CREF Lifecycle Fund based on your date of birth and a projected retirement date at the age of 65. See the chart on page 3. This change only affects participants that have made active loan repayments into the CREF Money Market Account (R1) sweep account. 4. Reduction in the TIAA Plan Servicing Fee The TIAA annual plan servicing fee for the FCPS 403(b) Plan was reduced in 2016 from $122 to $116 per participant. Previously, you may not have seen this annual fee on your statement because all or a portion of the fee may have been paid out from the plan revenue account established to receive revenue from the investment management companies in the investment lineup. Going forward in 2017, you will see a quarterly pro-rated plan servicing fee at a minimum of $0.00 up to a maximum of $29.00. The fee assessed may be minus any revenue received from the plan revenue account. This change is being implemented because it is a transparent method for plan participants to pay for administration-related expenses, which are separate and distinct from investment management fees. This approach is considered a best practice for retirement plans of this size and scale. 5
Learn more about these changes and how they will impact your account. Online: To learn more about investment options, go to TIAA.org. You can then enter the name or ticker symbol of the investment options in the search field. To learn more about your plan and to update your retirement portfolio online, log in to the secure website at TIAA.org/fcps, where you can change the direction of future contributions, transfer existing assets and review your beneficiary election. Phone: If you prefer, you can update your retirement portfolio by calling TIAA at 800-842-2252, weekdays, 8 a.m. to 10 p.m. or Saturdays, 9 a.m. to 6 p.m. (ET). In person: To schedule an individual one-on-one session, call 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). You can also schedule a meeting online at TIAA.org/schedulenow. 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 8 p.m. or Saturdays, 9 a.m. to 6 p.m. (ET). 1. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. TIAA Stable Value is a guaranteed insurance contract and not an investment for federal securities law purposes. 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/planinvestmentoptions 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/planinvestmentoptions 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. 2016 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund 730 Third Avenue, New York, NY 10017 C34963 (11/16) 6