Nurtureyour future

New investment options for your future financial well-being

Your future. A happy place.In December, 13 investment options will be removed or closed from the Memorial Sloan Kettering Cancer Center Retirement Plans and 5 new investment options will be added. If you are not currently invested in or contributing to the 13 investment options being removed or closed, then the changes will not impact your account. However, they will affect the menu of investment options available to you in the Retirement Savings Plan and Key Employee Supplemental Savings Plan.*

Why the change?The MSK Retirement Plans Investment Committee, comprised of several senior MSK executives charged with monitoring the Plans’ investment options, together with MSK’s outside retirement plan consultants, has decided to revise the investment options to make it easier for participants to select investments.

In evaluating the Plans’ investment options, the Committee considered factors such as investment performance, risk and costs. This new lineup is intended to provide a diversified range of investment options.

The following changes will take place December 15, 2017:

• Adding five new investment options

• Closing five investment options to new contributions

• Removing eight investment options

Steps to take nowRead through this guide carefully to learn about the changes and:

1. Review your account online to see if you are invested in any of the funds being removed or closed.

2. Learn about the replacement funds and the new investment options by visiting TIAA.org and entering the ticker symbol in the search function.

3. Determine whether you are comfortable with how your account will be invested once the new investment menu takes effect.

4. If you don’t want your investment balances and/or future contributions to be mapped (see page 2), you must make changes by 4 p.m. (ET) on December 14, 2017—at TIAA.org, or by calling 877-658-6411.

Even if your account is not currently impacted by this change, it is an opportune time to:

• Review your investment strategy.

• Review your current beneficiary election online. It only takes a few minutes to make updates if necessary.

• If you are not enrolled in the MSK Retirement Plans, consider enrolling. If you are enrolled, consider increasing your contributions.

*KESSP employee eligibility based on salary

Karen Lisi, Vice President, Benefits

Table of contentsPlan changes

1 What you need to know

3 Your new investment menu

5 Features of the new investments

6 Target date funds

Tend to your future well-being

7 Choose your investment path

9 Another way to nurture your future: maximize your savings

11 Tend to your finances with TIAA tools

12 TIAA advice and education

Help when you need it

13 We’re here to help

15 Q&A

What you need to knowHelping you plan and save for the future is important to us here at Memorial Sloan Kettering, which is why we offer you the Retirement Plans. These plans offer you a range of investment options in which you can invest your and MSK’s contributions.

Ticker New Investment Options

PFMDX Pacific Funds Small/Mid-Cap Advisor

POSIX Principal Real Estate Securities Fund Institutional Class

PTRQX Prudential Total Return Bond Fund Class Q

VFTNX Vanguard FTSE Social Index I

VHGEX Vanguard Global Equity Fund Investor

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Funds to be addedAt market open on December 15, 2017, five new investments, carefully selected by the MSK Retirement Plans Investment Committee, will be added to your menu of options, offering you more flexibility to create a retirement strategy that matches your investment preferences and goals.

Plan changes

We are pleased to announce several changes to the investment options available in the Memorial Sloan Kettering Retirement Plans effective December 15, 2017.

The Retirement Savings Plan:Base Plus Match:* This part includes the first 1-3% of your eligible earnings that you contribute, either on a pretax or Roth (after-tax) basis. MSK matches 100% of your contribution. MSK also contributes a base contribution equal to 2.5% of eligible earnings for employees under age 31 and 5% for those age 31 and older as of the end of the prior year.

Voluntary: This part includes contributions you make, either on a pretax or Roth (after-tax) basis, above 3% of your eligible earnings.

Key Employee Supplemental Savings Plan:If your eligible earnings exceed a certain level ($135,000 for 2017), you may also contribute to the Key Employee Supplemental Savings Plan (KESSP).

* MSKCC Pension Plan participants are not eligible for Base Plus Match contributions but may make Voluntary contributions. The MSKCC Pension Plan was closed to new employees as of December 16, 2012.

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Ticker Current Investment Option Ticker Future Investment Option

QCBMIX CREF Bond Market R3 VBTIX Vanguard Total Bond Market Index Fund Institutional

QCGLIX CREF Global Equities R3 VHGEX Vanguard Global Equity Fund Investor

QCGRIX CREF Growth R3 VWUAX Vanguard US Growth Fund Admiral

QCSCIX CREF Social Choice R3 VARIOUS Vanguard Target Retirement Fund

QREARX TIAA Real Estate VARIOUS Vanguard Target Retirement Fund

Funds to be removed from the planAt market close on December 14, 2017, Memorial Sloan Kettering will remove several investment options from the lineup and replace them with new options. How will this change affect you? At market close on December 14, 2017, your existing balance will transfer to the new option as noted below. Starting December 15, 2017, your future contributions will also be invested as noted below.

Ticker Current Investment Option Ticker Future Investment Option

VFIJX Vanguard GNMA Fund Admiral VBTIX Vanguard Total Bond Market Index Fund Institutional

VSCGX Vanguard LifeStrategy Conservative Growth Fund Investor VARIOUS Vanguard Target Retirement Fund

VASGX Vanguard LifeStrategy Growth Fund Investor VARIOUS Vanguard Target Retirement Fund

VASIX Vanguard LifeStrategy Income Fund Investor VARIOUS Vanguard Target Retirement Fund

VSMGX Vanguard LifeStrategy Moderate Growth Fund Investor VARIOUS Vanguard Target Retirement Fund

VWETX Vanguard Long-Term Investment Grade Fund Admiral VBTIX Vanguard Total Bond Market Index

Fund Institutional

VFSIX Vanguard Short-Term Investment Grade Fund N/A TIAA Stable Value (RSP Base + Match)TIAA Traditional (RSP Voluntary and KESSP)

VWENX Vanguard Wellington Fund Admiral VARIOUS Vanguard Target Retirement Fund

Funds to remain in the plan, but be closed to new contributionsAt market close on December 14, 2017, Memorial Sloan Kettering will close several investment options. How does this change affect you? This means that effective December 15, 2017, these investments will no longer accept new contributions, transfers or rollovers. Instead, your future contributions will be directed as noted below.

Your future contributions and account balances will be directed to investment options with similar objectives and risk/return characteristics as the investment options being closed or removed. If there is no similar fund, your future contributions and current account balances will be directed to a Vanguard Target Retirement Fund, based on the year in which you attain age 65.

*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.

Your new investment menuThe investment menu on the facing page, which includes the five new options (bolded) available December 15, 2017, is grouped by asset classes.

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On December 15, 2017, you can see details about the new investment options online at TIAA.org/mskcc. Go to Investment Options, then select View All Investments to view the individual investment information. TIAA’s digital tools will also be updated with the new investment options on this date.

Review your account online to see if you are invested in any of the funds being removed or closed.

Learn about the replacement funds and the new investment options by visiting TIAA.org and entering the ticker symbol in the search function.

Determine whether you are comfortable with how your account will be invested once the new investment menu takes effect. If you're not sure how to do this, see pages 13 and 14 of this guide for various ways to get help.

If you don’t want your investment balances and/or future contributions to be mapped (see page 2), you must make changes by 4 p.m. (ET) on December 14, 2017—go online at TIAA.org or by calling 877-658-6411.

Steps to take today:

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Ticker Investment Name

Equities

QCSTIX CREF Stock R3

PFMDX Pacific Funds Small/Mid-Cap Advisor

POSIX Principal Real Estate Securities Fund Institutional Class

VEMPX Vanguard Extended Market Index Fund Institutional Plus Class

VFTNX Vanguard FTSE Social Index I

VHGEX Vanguard Global Equity Fund Investor

VINIX Vanguard Institutional Index Fund Institutional

VWILX Vanguard International Growth Fund Admiral

VTSNX Vanguard Total International Stock Index Fund Institutional

VWUAX Vanguard US Growth Fund Admiral

VWNAX Vanguard Windsor II Fund Admiral

Fixed income

PTRQX Prudential Total Return Bond Fund Class Q

VIPIX Vanguard Inflation Protected Securities Fund Institutional

VBTIX Vanguard Total Bond Market Index Fund Institutional

Guaranteed

N/A TIAA Stable Value (only available in the RSP Base + Match)

N/A TIAA Traditional*

Money market

QCMMIX CREF Money Market R3

VMFXX Vanguard Federal Money Market Fund Investor

Multi-asset

VITRX Vanguard Institutional Target Retirement Income

VITVX Vanguard Institutional Target Retirement 2015

VITWX Vanguard Institutional Target Retirement 2020

VRIVX Vanguard Institutional Target Retirement 2025

VTTWX Vanguard Institutional Target Retirement 2030

VITFX Vanguard Institutional Target Retirement 2035

VIRSX Vanguard Institutional Target Retirement 2040

VITLX Vanguard Institutional Target Retirement 2045

VTRLX Vanguard Institutional Target Retirement 2050

VIVLX Vanguard Institutional Target Retirement 2055

VILVX Vanguard Institutional Target Retirement 2060

VSXFX Vanguard Institutional Target Retirement 2065

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Features of the new investmentsThe MSK Retirement Plans Investment Committee regularly reviews the investment options as part of providing ongoing oversight of the Retirement Plans. The Committee worked with an external retirement benefit consultant to enhance the investment options available.

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Pacific Funds Small/Mid-Cap Advisor

This is a small/mid cap equity fund. It invests in small- and mid-size companies providing participants with additional ways to diversify and broaden their equity investments.

Principal Real Estate Securities Fund Institutional Class

This fund invests in companies that can own and manage real estate properties (e.g., shopping centers, apartments, hospitals, hotels and offices). It provides investors with additional diversification opportunities and the potential to be invested in companies that may be less affected by inflation.

Prudential’s Total Return Bond Fund Class Q

This fund is considered a core plus bond fund. It has the ability to invest in a broader spectrum of bonds, including high yield, emerging markets debt and other areas of the fixed-income market.

Vanguard’s FTSE Social Index 1

This is a low-cost, passively managed equity index fund designed to closely track the performance of the FTSE 4Good U.S. Select Index. It provides investors with the ability to invest in large- and mid-size companies that adhere to strong environmental, social and governance standards.

Vanguard’s Global Equity Fund Investor

This is a multimanager global equity fund. It invests in a combination of U.S. and non-U.S. companies, providing a larger universe of stocks to invest in and a potential benefit from opportunities to invest abroad.

Here are some of the new options’ key features:

Target date funds*

The table below shows the target date funds included in MSK Retirement Plans. The year in each fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce.

Each target date fund consists of underlying mutual funds that invest in a broad range of asset classes. The allocations and risk level gradually shift from more aggressive investments to more conservative ones based on its target date.

Birth year Target Date Fund Ticker

Prior to 1948 Vanguard Institutional Target Retirement Income Fund VITRX

1948 – 1952 Vanguard Institutional Target Retirement 2015 VITVX

1953 – 1957 Vanguard Institutional Target Retirement 2020 VITWX

1958 – 1962 Vanguard Institutional Target Retirement 2025 VRIVX

1963 – 1967 Vanguard Institutional Target Retirement 2030 VTTWX

1968 – 1972 Vanguard Institutional Target Retirement 2035 VITFX

1973 – 1977 Vanguard Institutional Target Retirement 2040 VIRSX

1978 – 1982 Vanguard Institutional Target Retirement 2045 VITLX

1983 – 1987 Vanguard Institutional Target Retirement 2050 VTRLX

1988 – 1992 Vanguard Institutional Target Retirement 2055 VIVLX

1993 – 1998 Vanguard Institutional Target Retirement 2060 VILVX

After 1998 – 2065 Vanguard Institutional Target Retirement 2065 VSXFX

*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.

Default investment optionThe target date funds serve as the Plans’ default investment options, for participants and beneficiaries who do not make an asset allocation decision. Each of these funds has been selected to meet the requirements of a Qualified Default Investment Alternative (QDIA) under ERISA. The target date fund corresponding to your birth year is the QDIA applicable to you. You may elect investment options other than the QDIA applicable to you. If you do not give investment instructions and your account balances are invested in your QDIA, you will be treated as exercising control over the assets in your accounts.

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Option 1: Hands-off approachTry a one-step solution by selecting a target date fund*

How do target date funds work?

Each target date fund is a “fund of funds,” primarily invested in shares of other mutual funds.* 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 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 consider this approach.

Option 2: Guided approachPick an investment mix with help

We’ve set up different portfolios, or investment mixes, to help make choosing easier.

• Conservative

• Moderately conservative

• Down the middle

• Moderately aggressive

• Aggressive

Visit TIAA.org/mskcc to learn more about the different portfolios and the percentages recommended for each asset class.

Choose your investment path

* 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.

1 Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.

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Tend to your future well-being

Option 3: Hands-on approachBuild your own portfolio

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 and target date funds, and give you the flexibility to create a diversified retirement portfolio.1

What are some other considerations for a hands-on approach?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.

Please keep in mind that there are risks associated with investing in securities, including possible loss of principal.

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Your retirement plan is designed to work for any type of investment style.

Additional benefits of your retirement plan

Lower taxesAutomatic pretax contributions help you save gradually while reducing your current taxable income. This lowers your tax bill now and helps you save more for retirement.1

Growth potential that multiplies with timeEvery day your money is in the plan means another day of potential growth because of compounded earnings.

Another way to nurture your future: maximize your savingsEven though you may be contributing to the Memorial Sloan Kettering Retirement Plans, will that be enough for your retirement?

1 Taxes are due upon withdrawal of funds. Any withdrawals made prior to age 59½ may be subject to an additional 10% penalty. Withdrawals of earnings prior to age 59½ are subject to ordinary income tax, and a 10% penalty may apply. Earnings can be distributed tax free if distribution is no earlier than five years after contributions were first made and you meet at least one of the following conditions: age 59½ or older or permanently disabled. Beneficiaries may receive a distribution in the event of your death. For governmental 457(b) plans, withdrawals are only allowed following separation from service or when you reach age 70½.

With today’s longer lifespans, you may need retirement income for 20 years or more.

Rising healthcare costs and other expenses can erode your retirement savings.

Other retirement benefits, like Social Security, can change in the future.

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Potential balance

* Assumes an annual increase of $5 per month for the $25 monthly contribution and $10 per month for the $100 monthly contribution, as well as a 6% average annual rate of return with no withdrawals during the period indicated. Does not reflect deduction of any expenses or taxes due upon distribution. If expenses were included, the returns would be lower. This example is purely hypothetical and not intended to predict or project returns. Actual returns will vary.

$25 initial monthly contribution $100 initial monthly contribution

Contributing a bit more could mean a big increaseMaking small monthly contributions to the MSK Retirement Plans, and increasing the amount incrementally each year, could make a real difference later.*

10 years 20 years 30 years

$7,365$22,365 $28,365

$80,218 $75,120

$199,203

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How you can take action today

To enroll: Go to TIAA.org/mskcc and click Ready to Enroll. Complete the online salary reduction form.

You can also get personal retirement advice. Visit TIAA.org/schedulenow or call TIAA at 877-658-6411, weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET).

Tend to your finances with TIAA toolsPursue the retirement you want and deserve with TIAA’s digital solutions. They provide a 24/7 user experience. You supply the information, and the tools do the rest. Visit TIAA.org/tools today.

TIAA’s digital tools can help you become more knowledgeable about your retirement savings, more digitally savvy and more confident in your retirement planning.

Track all your accounts in one placeUse our 360O Financial View through your secure account to:

• View all of your accounts by linking them from over 11,000 financial institutions

• Track your spending

• Set up email alerts

• Create a budget that works for you

• Manage your financial life

Create your own retirement action planExplore our Retirement Advisor* tool to:

• Receive a custom retirement plan in five steps

• Receive savings and investment recommendations

Discover your retirement income needsUse our Retirement Income Planner to see if your savings are on track:

• Find out how much of your current income you’ll need to replace to live in the retirement you envision

• Explore your income options, based on your financial goals

• See your potential future monthly retirement income and ways to help maximize it

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* The TIAA Retirement Advisor’s objective is to help you reach your desired retirement income goal by helping you define a plan based on asset allocation, savings and retirement age. TIAA does not monitor your retirement assets on an ongoing basis, nor does TIAA update your information on this tool to reflect changes in your personal circumstances. You should periodically monitor your retirement strategy as your needs and personal circumstances change. Results are not guaranteed and do not reflect actual returns on any investment. The TIAA Retirement Advisor is not a substitute for tax, legal or comprehensive financial planning advice.

The TIAA Retirement Advisor is a brokerage service provided by TIAA-CREF Individual & Institutional Services, LLC, a registered broker-dealer, Member FINRA, SIPC. TIAA Retirement Advisor is intended for use by U.S. residents only.

TIAA advice and educationYour TIAA team can help you tend to your financial well-being with the Memorial Sloan Kettering Retirement Plans. Meet face to face or over the phone:

Meet in person You can meet with a TIAA financial consultant on-site or at a TIAA office. To schedule, visit TIAA.org/schedulenow or call 877-658-6411, weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET).

Discuss over the phoneYou can call a TIAA financial consultant at 877-658-6411, weekdays, 8 a.m. to 8 p.m. (ET).

Go onlineLog in anytime at TIAA.org/mskcc.

TIAA professionals can help you: • Understand the Memorial Sloan Kettering Retirement Plans

• Review investment choices

• Enroll and contribute

• Consider consolidating your retirement assets at TIAA

Stephen JacksonFinancial Consultant

Catie KeaneSenior Financial Consultant

Kevin MumfordSenior Financial Consultant

Brian J. MunnellySenior Director

Don SantosSenior Financial Consultant

Charles SegalSenior Financial Consultant

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We’re here to help

In person

You can schedule a one-on-one advice session with TIAA by calling 877-658-6411, weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET), or visit TIAA.org/schedulenow.

Not sure where to begin?

Let us help you take the next step!

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Help when you need it

Phone

If you have any questions or would like assistance selecting your new investment options, you can call TIAA at 877-658-6411, weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET).

Online

You can update your account online by going to TIAA.org/mskcc 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.

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Q&APlan changes

1. Why is Memorial Sloan Kettering updating the Retirement Plans? The MSK Retirement Plans Investment Committee has decided to revise the investment options available through the MSK Retirement Plans to make it easier for participants to select investments.

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 TIAA.org and search the ticker symbol for the individual funds for additional information. As of December 15, 2017, you can also visit TIAA.org/mskcc.

3. 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 you reach age 65, 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 be more conservative.

4. 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 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.

5. I am currently contributing to TIAA. What happens to my current account balances and future contributions for funds being closed and/or removed?For funds being closed, all balances can remain where they are and all future contributions will be mapped to new investment options as described on page 2. For funds being removed, all current balances and future contributions will be mapped to new investment options as described on page 2.

6. If I’m currently invested in a closed or removed fund, do I have to be mapped to a new investment option?If you are invested in a fund that is being removed from the lineup, your existing balances and future contributions will be mapped according to the table on page 2. If you are invested in a fund that is being closed, your existing balances can still remain exactly where they are. Future contributions, however, will be mapped according to the table on page 2, and you do not need to take action. Note, you may change your elections anytime for future contributions and move account balances to different investment options online at TIAA.org/mskcc, or by contacting TIAA. If you want to prevent mapping, please be sure to make new elections prior to 4 p.m. (ET) on Thursday, December 14, 2017.

7. How did the MSK Retirement Plans Investment Committee decide where to direct future contributions and account balances for the investment options being closed or removed?Your future contributions and account balances will be directed to investment options with similar objectives and risk/return characteristics as the investment options being closed or removed. If there is no similar fund, your future contributions and current account balances will be directed to a Vanguard Target Date Fund, based on the year in which you attain age 65.

1 Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.

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8. If I have selected TIAA Traditional to save for retirement, can I make withdrawals?Depending on your TIAA Traditional annuity contract and plan rules, you may only be eligible to request a withdrawal or transfer that is paid in a lump sum or in periodic payments that are spread over 7 to 10 years. In some cases, a lump sum may be subject to a surrender charge. To learn more, visit TIAA.org/public/investment-performance.

9. What does QDIA mean?The target date funds serve as the Plans’ default investment options, for participants and beneficiaries who do not make an asset allocation decision. Each of these funds has been selected to meet the requirements of a Qualified Default Investment Alternative (QDIA) under ERISA. The target date fund corresponding to your birth year is the QDIA applicable to you. You may elect investment options other than the QDIA applicable to you. If you do not give investment instructions and your account balances are invested in your QDIA, you will be treated as exercising control over the assets in your accounts.

10. How does the CREF Social Choice Fund compare to the Vanguard FTSE Social Index Fund? While both funds invest in companies that adhere to strong environmental, social and governance standards, they have quite different investment approaches. The CREF Social Choice Fund is actively managed and invests in stocks and bonds. The Vanguard FTSE Social Choice Index Fund is passively managed and generally invests in stocks. Given these differences, the CREF Social Choice fund is being mapped to your default Vanguard Target Retirement Fund (the fund whose name contains the year closest to the year in which you attain age 65).

11. How does the TIAA Real Estate Fund compare to Principal Real Estate Securities Fund?While both funds invest in real estate, they have significantly different investment approaches. The TIAA Real Estate Fund primarily invests directly in U.S. real estate properties. The Principal Global Real Estate Securities Fund invests in a combination of U.S. and non-U.S. Real Estate Investment Trusts (REITS). Given these differences, the TIAA Real Estate Fund is being mapped to your default Vanguard Target Retirement Fund (the fund whose name contains the year closest to the year in which you attain age 65).

12. How do the Wellington Fund and Vanguard LifeStrategy Funds compare to the Vanguard Target Retirement Funds? The Wellington Fund and LifeStrategy Funds are diversified funds, whose allocations generally remain the same over time. The Wellington Fund generally holds 60 to 70% in stocks and 30 to 40% in bonds. The LifeStrategy Funds’ asset mix are based on the target risk level in their name. The Vanguard Target Retirement Funds’ asset mix shifts over time, from more aggressive to more conservative. Given these differences, the Wellington Fund and LifeStrategy Funds are being mapped to your default Vanguard Target Retirement Fund (the fund whose name contains the year closest to the year in which you attain age 65).

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(11/17)

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.

The TIAA group of companies does not provide legal or tax advice. Please consult your legal or tax advisor.

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 877-658-6411 or go to TIAA.org/mskcc 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.

©2017 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

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