The road to retirement › fas › hr › Documents › TransGuide.pdf · 2018-03-21 · • New group contracts will be issued: A new "Retirement. ... are no fees to open a brokerage

The road to retirementAnnouncing enhancements to the Central Michigan University Retirement Program

2 Questions? Call 800-842-2252 or visit TIAA.org/cmich

Table of contentsA new chapter is about to start 1

Action plan for the enhancements 2

New 3-tiered investment menu 3-4

Understanding retirement plan fees 5

For currently contributing Fidelity plan participants 6

For currently contributing TIAA plan participants 7-10

Information and resources to help you 11

On-campus events 12

Retirement plan investment advice 13

New TIAA Brokerage option 14

Q&A 15-16

Glossary 17

Accessing your account Back cover

Questions? Call 800-842-2252 or visit TIAA.org/cmich 1

Your guide to the Central Michigan University Retirement Program updates Helping you plan and save for the future is important to us here at Central Michigan University. That’s why we’re pleased to announce the following enhancements to the retirement program.1 We encourage you to review this Transition Guide carefully to learn how your current retirement plan accounts will be affected and to discover the new and exciting retirement saving and investment opportunities that will be available to you.

What you need to know • Simplified investing. TIAA will become the single administrative

service provider (also known as the recordkeeper), for the CentralMichigan University (CMU) Retirement Program. TIAA wasselected by CMU in order to deliver comprehensive retirementservices at a reasonable cost.

• Streamlined, best-in-class investment options: Theretirement program currently offers more than 200investment options. A new, streamlined menu of investmentfunds has been carefully selected to give you the opportunityto choose a mix of investments based on your financial goalsand preferences. Investment options will be continuouslyreviewed on a periodic basis. Mutual funds and annuities willbe offered from well-known companies such as Vanguard, J.P.Morgan, T. Rowe Price, PIMCO, TIAA and American Funds,among others.

• 3-Tier decision-making structure: Employees will be providedwith a broad range of distinctive investment options, but notso many that, when faced with choices, you will have a difficulttime structuring an investment portfolio. Investment funds willbe offered to satisfy three different approaches to investmentdecision-making and investment options will be categorized ina manner that guides participants through the investmentdecision-making process. You can choose from any or all thetiers of investment options on pages 3 and 4.

• New self-directed brokerage option: For employees who seeksole responsibility or who are interested in options not availablein the new investment menu, the TIAA Brokerage option willprovide the opportunity to build and adjust an investmentportfolio based on individual goals. These funds will not bemonitored by CMU, so you will be responsible for reviewing theperformance of these funds to ensure they continue to alignwith their investment strategy.

• New group contracts will be issued: A new "RetirementChoice" contract will automatically be created which will holdboth new contributions and any existing balances invested inmutual funds.

• Fee Transparency: Currently fees and expenses are bundledand it can be difficult to determine true costs of an investment.With the retirement program enhancements, fees will betransparent. Employees will see fees clearly listed on eachquarterly statement.

• Retirement investment advice: You can receive personalizedadvice on the plan’s investment options. This service is availableas part of your retirement program, at no additional cost to you.Investment advice is available online, by phone or through aone-on-one advice session. A new service, Retirement PlanPortfolio Manager, will also be available.

Retirement plan enhancements start in AprilKey dates Event

Week of April 5, 2018 On-site seminars begin.

April 20, 2018 All currently contributing Fidelity and TIAA plan participants will be enrolled in a new TIAA Retirement Choice account and receive a confirmation kit.

Open Investment Election Period starts.

May 11, 2018 Last payroll contribution to current investment options.

May 15, 2018 at 4 p.m. (ET) For Fidelity plan participants: Blackout Period expected to begin. See accompanying notice for details.

May 18, 2018 For TIAA plan participants: Share class change on existing TIAA-CREF investment options.

May 23, 2018 Your new Retirement Choice account recordkept by TIAA, receives the first payroll contribution.

For Fidelity plan participants: Account balances automatically transfer to the new account on the TIAA recordkeeping platform.

Week of May 30, 2018 If you are currently contributing with TIAA, mutual fund balances from your existing TIAA accounts will be transferred to the new TIAA Retirement Choice account.

On or before June 6, 2018 For Fidelity plan participants: Blackout Period expected to end. You can now access and update your entire retirement account on the new recordkeeping platform with TIAA, including balances transferred from Fidelity.

Please note: The date of the transfer depends on the accurate, timely transfer of data and assets from Fidelity to TIAA. If this does not occur, the transfer could be delayed. 1 These updates apply to the three plans in the retirement program sponsored by Central Michigan University. These include the 403(b) Basic Retirement Plan, 403(b) Supplemental Tax Deferral Plan and 457(b) Public Deferred Compensation Plan.


Action plan for the enhancementsAll currently contributing Fidelity and TIAA plan participants will have the option to select investment options from the new menu during the investment election period, starting April 20, 2018. 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 May 23, 2018, when the changes go into effect. If no action is taken during the investment election period (April 20 - May 20), your future contributions and mutual fund balances will default to the age-appropriate target-date fund as shown on page 4.

Starting on April 20, 2018:• Access your new account online at TIAA.org/cmich.

• Update your investment allocations for future contributions and mutual fund balances.

• Review your beneficiary designation and update if needed.*

For details on how your mutual fund balances and future contributions will transfer, refer to pages 6-8.

Have questions?• Attend a seminar to get a guided tour of the plan updates

(page 12).

• Schedule an advice session with a financial consultant to get personalized retirement plan advice (page 13).

• Use the online Retirement Advisor tool. It provides investment advice based on your goals and risk tolerance. You can access this tool by logging in to your new account, at TIAA.org/retirementadvisor.

* For married participants: Under many retirement plans, spouses are entitled to receive at least 50% of the participant’s retirement plan death benefits. If you would like to direct less than 50% to your spouse, you and your spouse will need to complete a spousal waiver form for each affected contract. If such a spousal consent is not executed, your spouse will be entitled to receive at least 50% of your preretirement survivor benefits (or more if required under your employer’s plan), regardless of your beneficiary designation.

www.tiaa.org/cmich

www.tiaa.org/retirementadvisor


Annual Fund Operating Expenses

Plan Servicing Fee Calculations (A + B = C)

Investment OptionTicker

SymbolGross Expense

Ratio%Net Expense

Ratio%A. RevenueSharing5 %

B. Plan Servicing Fee/

Credit %C. Total

Administrative Fee %

TIER 1: Target-Date Retirement Funds

Multi-Asset

American Funds 2010 Target Date Retire R6 RFTTX 0.35 0.35 0.00 0.08 0.08

American Funds 2015 Target Date Retire R6 RFJTX 0.35 0.35 0.00 0.08 0.08

American Funds 2020 Target Date Retire R6 RRCTX 0.37 0.37 0.00 0.08 0.08

American Funds 2025 Target Date Retire R6 RFDTX 0.39 0.39 0.00 0.08 0.08

American Funds 2030 Target Date Retire R6 RFETX 0.41 0.41 0.00 0.08 0.08

American Funds 2035 Target Date Retire R6 RFFTX 0.42 0.42 0.00 0.08 0.08

American Funds 2040 Target Date Retire R6 RFGTX 0.43 0.43 0.00 0.08 0.08

American Funds 2045 Target Date Retire R6 RFHTX 0.43 0.43 0.00 0.08 0.08

American Funds 2050 Target Date Retire R6 RFITX 0.43 0.43 0.00 0.08 0.08

American Funds 2055 Target Date Retire R6 RFKTX 0.45 0.45 0.00 0.08 0.08

American Funds 2060 Target Date Retire R62 RFUTX 0.60 0.46 0.00 0.08 0.08

TIER 2: Core Investments

Guaranteed

TIAA Stable Value (Guaranteed Annuity)1 NA 0.00 0.00 0.07 0.01 0.08

TIAA Traditional Annuity (Guaranteed Annuity)1 NA 0.00 0.00 0.15 (0.07) 0.08

Fixed Income (Bonds)

PIMCO Income Institutional PIMIX 0.53 0.5 0.00 0.08 0.08

TIAA-CREF Bond Institutional2 TIBDX 0.31 0.31 0.00 0.08 0.08

Multi-Asset

CREF Social Choice R2 (Variable Annuity) QCSCPX 0.38 0.38 0.20 (0.12) 0.08

Real Estate

TIAA Real Estate Account (Variable Annuity)4 QREARX 0.85 0.85 0.24 (0.16) 0.08

The new investment choices offer you flexibility to create a retirement portfolio that matches your investment preferences and goals. While there are many different strategies for investing, here are three common approaches to consider and you can choose from one or all three. Remember, you have access to a one-on-one advice session. If you want help deciding on a strategy, investment options, or both.

• Tier 1: Target-Date Retirement Funds: Target-date funds offer a diversified investment in a single fund. Each target-date fund is a “fund of funds,” primarily invested in shares of other mutual funds. Each fund’s investments become more conservative as the target date approaches. The target date indicates when you might begin making withdrawals; however, you are not required to make withdrawals at the stated target date.*

• Tier 2: Core Investments. Select specific investments "a la carte" from the plan's core investment menu to build an investment portfolio to meet your specific investment objectives. Your options include both actively managed funds and passively managed (index) investments, as well as a guaranteed annuity option.

• Tier 3: Self-Directed Brokerage Option: The TIAA Brokerage option provides access to thousands of mutual funds from many well-known fund families. While the new investment lineup in Tiers 1 and 2 is designed to meet the majority of needs, the brokerage option may appeal to active, experienced investors or those investors who desire more investment choices. There are no fees to open a brokerage account and, for a limited time, trading fees will be waived through July 6, 2018. To learn more about the new investment options, go to TIAA.org and enter the ticker symbol in the site’s search feature.

New 3-tiered investment menu

continued

* As with all mutual funds, the principal value of a target-date fund isn’t guaranteed at any time and will fluctuate with the market. 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.

www.tiaa.org

1 TIAA Traditional Annuity and TIAA Stable Value are guaranteed insurance contracts and are not investments for federal securities law purposes. Any guarantees under annuities issued by Teachers Insurance and Annuity Association of America (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. TIAA Stable Value and TIAA Traditional are fixed annuities that pay you interest at competitive crediting rates that are announced in advance. There is no explicit expense ratio because these are fixed annuities.

2 A contractual and/or voluntary fee waiver applies. See prospectus for the fee waiver expiration date.3 A redemption fee may apply. See fund prospectus for details.4 Stable value investment options may be subject to equity wash restrictions. In order to provide the performance, stability, and liquidity attributes of a stable value option, participant

transfers from stable value options are subject to an industry standard 90-day equity wash rule. This means participants are prohibited from transferring from TIAA Stable Value directly to competing funds. Competing funds are plan investment options that exhibit a pattern of performance consistent with stability and include money market funds, short-term bond funds, the TIAA Real Estate Account, and the TIAA Brokerage Account. The TIAA Brokerage Account option is considered a competing fund since it offers access to competing funds. Participants wishing to transfer amounts from TIAA Stable Value to competing funds must first transfer to non-competing funds, where the amount originally transferred must remain for 90 days before the participant can then transfer the amount to one or more competing funds. In addition, to minimize the negative effects of frequent trading, transfers into TIAA Stable Value are restricted for 30 days following a transfer out.

5 “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 an explicit revenue share. Rather they have a “plan services offset” that is applied to your plan’s administrative and

recordkeeping costs.Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org and enter a ticker symbol in the site’s search feature for details. Annuity account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term 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.


Default investment optionsThese are the plan’s default investment options selected by the University.

If you were born Default investment option TickerBefore 1948 American Funds 2010 Target Date Retirement Fund R6 RFTTX1948 - 1952 American Funds 2015 Target Date Retirement Fund R6 RFJTX1953 - 1957 American Funds 2020 Target Date Retirement Fund R6 RRCTX1958 - 1962 American Funds 2025 Target Date Retirement Fund R6 RFDTX1963 - 1967 American Funds 2030 Target Date Retirement Fund R6 RFETX1968 - 1972 American Funds 2035 Target Date Retirement Fund R6 RFFTX1973 - 1977 American Funds 2040 Target Date Retirement Fund R6 RFGTX1978 - 1982 American Funds 2045 Target Date Retirement Fund R6 RFHTX1983 - 1987 American Funds 2050 Target Date Retirement Fund R6 RFITX1988 - 1992 American Funds 2055 Target Date Retirement Fund R6 RFKTX1993 - Present American Funds 2060 Target Date Retirement Fund R6 RFUTX




SymbolGross Expense

Ratio%Net Expense



Credit %C. Total


Equities (Stocks)

American Beacon Small Cap Value Institutional AVFIX 0.84 0.84 0.00 0.08 0.08

DFA Emerging Markets I2 DFEMX 0.58 0.48 0.00 0.08 0.08

Eaton Vance Atlanta Capital SMID-Cap R6 ERASX 0.87 0.87 0.00 0.08 0.08

Invesco Diversified Dividend R52 DDFIX 0.54 0.52 0.35 (0.27) 0.08

JPMorgan Mid Cap Value R62 JMVYX 0.76 0.75 0.00 0.08 0.08

Oakmark International Institutional2 OANIX 0.86 0.81 0.00 0.08 0.08

Oppenheimer Developing Markets I ODVIX 0.88 0.88 0.00 0.08 0.08

Principal Diversified Real Asset Institutional PDRDX 0.89 0.89 0.10 (0.02) 0.08

T. Rowe Price Blue Chip Growth TRBCX 0.72 0.72 0.15 (0.07) 0.08

T. Rowe Price QM US Small-Cap Growth Equity I3 TQAIX 0.66 0.66 0.000 0.08 0.08

Vanguard 500 Index Admiral VFIAX 0.04 0.04 0.000 0.08 0.08

Vanguard Developed Markets Index Admiral VTMGX 0.07 0.07 0.000 0.08 0.08

Vanguard Extended Market Index Admiral VEXAX 0.08 0.08 0.000 0.08 0.08

Vanguard International Explorer Investor VINEX 0.41 0.41 0.000 0.08 0.08

TIER 3: Self Directed Brokerage Option4 (see page 14 for details)

New 3-tiered investment menu continued

www.tiaa.org


Understanding retirement plan feesWhen making decisions about your Retirement Plan(s) account, it’s important to know there are fees associated with many of the plan’s services and investments. Please know that there have always been costs to participate in the program. Some fees may be paid by your employer; others may be paid by you, based on the services and investments you choose. The recent changes outlined in this guide impacts how your plan administration costs will be assessed.

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 April 1, 2018, an annual Plan Servicing Fee of up to 0.08%, $0.80 per $1,000 invested, will be deducted proportionally from each of your investments 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 (see the “Investment-specific services” section for more detail).

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. If an investment's revenue sharing amount exceeds 0.07%, no additional Plan Servicing Fee is assessed. If the revenue sharing amount is less than 0.07%, the difference is applied as a Plan Servicing Fee.

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/cmich or in the prospectuses at TIAA.org/performance.

Brokerage fee Brokerage Services customers are charged a commission on all transactions and other account-related fees in accordance with the TIAA Commission and Fee Schedule. Please visit TIAA.org/SDA_CAA for a complete list of commissions and fees. Other fees and expenses apply to a continued investment in the funds and are described in the fund’s current prospectus.

Loan issuance fee This one-time fee is deducted directly from your account at the time a loan is issued. A loan issuance fee would apply if you choose a general purpose Payroll Advantage Loan (PAL) and/or primary residence PAL within the Retirement Plans. The costs of these loans are $75 per loan for a general purpose loan and $125 per loan for a residential loan.

* Plan servicing fees can be deducted from Retirement Choice contract. However, plan servicing fees cannot be deducted from Retirement Annuity, Group Retirement Annuity, Supplemental Retirement Annuity and Group Supplemental Retirement Annuity contracts.

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.

www.tiaa.org/cmich

www.tiaa.org/performance

www.tiaa.org/SDA_CAA


For currently contributing Fidelity plan participantsNew TIAA accountYou will be enrolled in a new TIAA account on April 20, 2018, and sent an enrollment confirmation. Your beneficiary designation will be set to "Estate" until you actively establish your beneficiary election(s).

Investment election period for future contributions and mutual fund transfersBetween April 20, 2018 to May 20, 2018, you will have the opportunity to set up your investment allocation for your new account(s). While you can make changes to your account(s) at any time, the investment election period allows you to set your preferences before the first contribution is made and before your mutual fund balances are transferred to the new account(s) on May 23, 2018. Log in to your new account at TIAA.org/cmich and select from the new investment menu.

How your future contributions and balances will transfer to the new investment optionsStarting May 23, 2018, your future contributions will be directed to, and your current account balances are scheduled to be transferred to, your new account(s) on the TIAA recordkeeping platform. If you take no action during the investment election period, your future contributions and current account balance(s) will be directed to the American Funds Target Date Fund that corresponds to the year you turn 65 as shown in the chart on page 4. For example, if you will turn 65 in 2044, contributions and balance(s) will be directed to the American Funds 2045 Target Date Retirement Fund.

Any transferred balance(s) received from your Fidelity account will be transferred first to the TIAA-CREF Money Market Institutional Fund. Once the transfer balance data is received from Fidelity, TIAA will then transfer the balance(s) from the TIAA-CREF Money Market Institutional Fund to your current investment allocation for your new accounts. If you took no action during the investment election period, your transferred Fidelity account balance(s) will be directed to the American Funds Target Date Fund that corresponds to the year you turn 65 as shown in the chart on page 4. Typically, you’ll receive two confirmations: one from Fidelity showing the transfer out of your account, one from TIAA for the transfer to your current allocation.

Blackout Period To help ensure the smooth transfer of account balances from Fidelity, there will be a brief Blackout Period. During this time, you will not be able to perform transactions (e.g., change investments, make withdrawals, take a loan, transfer funds, etc.). The Blackout Period is expected to begin at Fidelity on or around May 15, 2018 at 4 p.m. (ET). and is expected to end on or before June 6, 2018.

Please note: The date of the plan changes and the end of the Blackout Period depend on the accurate, timely transfer of data from Fidelity to TIAA. If this does not occur, the end of the Blackout Period could be delayed. Payroll contributions to the Central Michigan University Retirement Plans will continue to be withheld during the Blackout Period. See the enclosed Blackout Notice for more details.

If you have balances in the New York Life Guaranteed Interest AccountUnder the terms of your contract with Fidelity, balances in the New York Life Guaranteed Interest Account may not be distributed in a lump sum. Therefore, these balances will transfer to TIAA over a five-year period.

As a part of the transition, you will receive the initial transfer of balances in May 2018. Each year (on the anniversary of this transition), another portion of your balances in the New York Life Guaranteed Interest Account will be transferred to TIAA and invested in your allocations on file until all remaining balances are transferred to your TIAA account.

www.tiaa.org/cmich


For currently contributing TIAA plan participantsNew accountsYou will be enrolled in new Retirement Choice account(s) on April 20, 2018, and TIAA will send you an enrollment confirmation. Your current beneficiary designation(s) will be applied to your new account(s).

Investment election period for future contributions and mutual fund transfersBetween April 20, 2018 to May 20, 2018, you will have the opportunity to set up your investment allocation for your new account(s). While you can make changes to your account(s) at any time, the investment election period allows you to set your preferences before the first contribution is made and before your mutual fund balances are transferred to the new account(s). Log in to your account at TIAA.org/cmich and select from the new investment menu.

How your future contributions and mutual fund balances will transfer to the investment options in the new Retirement Choice account(s)Starting May 23, 2018, your future contributions will be directed to your new account(s) and during the week of May 30, 2018, your mutual fund balances will be transferred to your new account(s). If you take no action during the investment election period, you will be invested in the American Funds Target Date Fund that corresponds to the year you turn 65 as shown on the chart on page 4. For example, if you will turn 65 in 2044, contributions will be directed to the American Funds 2045 Target Date Retirement Fund.

Any annuity balance(s) you have with TIAA will remain in your existing account(s), although no new contributions, rollovers or transfers may be made to these account(s) starting on May 23, 2018.

Understanding your new account(s)There are a number of differences between your Retirement Annuity (RA), Supplemental Retirement Annuity (SRA), Group Retirement Annuity (GRA), Group Supplemental Retirement Annuity (GSRA) contract(s) and the new Retirement Choice (RC) contract. 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 contract, make sure you understand the differences before you initiate a transfer.

• Under the Retirement Choice 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.1 The adjustable rate guarantee in the new contractsallow TIAA to be more responsive to the prevailing interest rate environment, and provides the potential for higher creditedrates through the crediting of additional amounts.2

• When TIAA Traditional balances are transferred out of an existing contract, you risk giving up a favorable crediting rate(s) onolder contributions.

• TIAA Traditional balances in the Retirement Choice contract can be liquidated within a shorter time frame than under theexisting Retirement Annuity and Group Retirement Annuity contract(s).

• Moving money from an existing contract to a new contract is a permanent decision. Money cannot be moved back into legacy contract(s).

For details, see the Contract Comparison chart located at TIAA.org/comparison. If you have questions, call 800-842-2252.

1 Guarantees are subject to Teachers Insurance and Annuity Association of America’s claims-paying ability.2 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.

continued

www.tiaa.org/comparison

www.tiaa.org/cmich


Additional changes to your investment options in your current account(s)

On May 18, 2018, the TIAA-CREF Premier and/or Retirement Share Class investment options will be replaced by the lower-cost TIAA-CREF Institutional Share Class. Any balances in the affected investment options (see chart below) will be directed to the new share class of the same funds. Investment strategies for the new share class are the same as those of the current existing share class.

Current option Ticker Replacement option TickerTIAA-CREF Bond Plus Premier TBPPX TIAA-CREF Bond Plus Institutional TIBFX

TIAA-CREF Bond Premier TIDPX TIAA-CREF Bond Institutional TIBDX

TIAA-CREF Emerging Markets Equity Index Premier TEQPX TIAA-CREF Emerging Markets Equity Index Institutional TEQLX

TIAA-CREF Emerging Markets Equity Premier TEMPX TIAA-CREF Emerging Markets Equity Institutional TEMLX

TIAA-CREF Equity Index Premier TCEPX TIAA-CREF Equity Index Institutional TIEIX

TIAA-CREF Growth & Income Premier TRPGX TIAA-CREF Growth & Income Institutional TIGRX

TIAA-CREF High-Yield Premier TIHPX TIAA-CREF High-Yield Institutional TIHYX

TIAA-CREF Inflation-Link Bond Premier TIKPX TIAA-CREF Inflation-Link Bond Institutional TIILX

TIAA-CREF International Equity Index Premier TRIPX TIAA-CREF International Equity Index Institutional TCIEX

TIAA-CREF International Equity Premier TREPX TIAA-CREF International Equity Institutional TIIEX

TIAA-CREF Large-Cap Growth Index Retirement TRIRX TIAA-CREF Large-Cap Growth Index Institutional TILIX

TIAA-CREF Large-Cap Growth Premier TILPX TIAA-CREF Large-Cap Growth Institutional TILGX

TIAA-CREF Large-Cap Value Index Retirement TRCVX TIAA-CREF Large-Cap Value Index Institutional TILVX

TIAA-CREF Large-Cap Value Premier TRCPX TIAA-CREF Large-Cap Value Institutional TRLIX

TIAA-CREF Lifecycle 2010 Premier TCTPX TIAA-CREF Lifecycle 2010 Institutional TCTIX

TIAA-CREF Lifecycle 2015 Premier TCFPX TIAA-CREF Lifecycle 2015 Institutional TCNIX

TIAA-CREF Lifecycle 2020 Premier TCWPX TIAA-CREF Lifecycle 2020 Institutional TCWIX

TIAA-CREF Lifecycle 2025 Premier TCQPX TIAA-CREF Lifecycle 2025 Institutional TCYIX

TIAA-CREF Lifecycle 2030 Premier TCHPX TIAA-CREF Lifecycle 2030 Institutional TCRIX

TIAA-CREF Lifecycle 2035 Premier TCYPX TIAA-CREF Lifecycle 2035 Institutional TCIIX

TIAA-CREF Lifecycle 2040 Premier TCZPX TIAA-CREF Lifecycle 2040 Institutional TCOIX

TIAA-CREF Lifecycle 2045 Premier TTFPX TIAA-CREF Lifecycle 2045 Institutional TTFIX

TIAA-CREF Lifecycle 2050 Premier TCLPX TIAA-CREF Lifecycle 2050 Institutional TFTIX

TIAA-CREF Lifecycle 2055 Premier TTRPX TIAA-CREF Lifecycle 2055 Institutional TTRIX

TIAA-CREF Lifecycle 2060 Premier TLXPX TIAA-CREF Lifecycle 2060 Institutional TLXNX

TIAA-CREF Lifecycle Retire Income Premier TPILX TIAA-CREF Lifecycle Retire Income Institutional TLRIX

TIAA-CREF Managed Allocation Retirement TITRX TIAA-CREF Managed Allocation Institutional TIMIX

TIAA-CREF Mid-Cap Growth Premier TRGPX TIAA-CREF Mid-Cap Growth Institutional TRPWX

TIAA-CREF Mid-Cap Value Premier TRVPX TIAA-CREF Mid-Cap Value Institutional TIMVX

TIAA-CREF Real Estate Securities Premier TRRPX TIAA-CREF Real Estate Securities Institutional TIREX

TIAA-CREF S&P 500 Index Retirement TRSPX TIAA-CREF S&P 500 Index Institutional TISPX

TIAA-CREF Short-Term Bond Premier TSTPX TIAA-CREF Short-Term Bond Institutional TISIX

TIAA-CREF Small-Cap Blend Index Retirement TRBIX TIAA-CREF Small-Cap Blend Index Institutional TISBX

TIAA-CREF Small-Cap Equity Premier TSRPX TIAA-CREF Small-Cap Equity Institutional TISEX

TIAA-CREF Social Choice Equity Premier TRPSX TIAA-CREF Social Choice Equity Institutional TISCX

For currently contributing TIAA plan participants continued





SymbolGross Expense

Ratio %Net Expense



Credit %C. Total


Guaranteed

TIAA Traditional Annuity (Guaranteed Annuity)1 NA 0.00 0.00 0.15 (0.07) 0.08

Money Market

CREF Money Market R2 (Variable Annuity) QCMMPX 0.34 0.34 0.20 (0.12) 0.08

Fixed Income (Bonds)

CREF Bond Market R2 (Variable Annuity) QCBMPX 0.40 0.40 0.20 (0.12) 0.08

CREF Inflation-Linked Bond R2 (Variable Annuity) QCILPX 0.35 0.35 0.20 (0.12) 0.08

TIAA-CREF Bond Institutional2 TIBDX 0.31 0.31 0.00 0.08 0.08

TIAA-CREF Bond Plus Institutional2 TIBFX 0.31 0.31 0.00 0.08 0.08

TIAA-CREF High-Yield Institutional2 TIHYX 0.36 0.36 0.00 0.08 0.08

TIAA-CREF Inflation-Link Bond Institutional2 TIILX 0.26 0.26 0.00 0.08 0.08

TIAA-CREF Short-Term Bond Institutional2 TISIX 0.27 0.27 0.00 0.08 0.08

Multi-Asset

CREF Social Choice R2 (Variable Annuity) QCSCPX 0.38 0.38 0.20 (0.12) 0.08

TIAA-CREF Lifecycle 2010 Institutional2 TCTIX 0.50 0.38 0.00 0.08 0.08

TIAA-CREF Lifecycle 2015 Institutional2 TCNIX 0.51 0.39 0.00 0.08 0.08

TIAA-CREF Lifecycle 2020 Institutional2 TCWIX 0.51 0.40 0.00 0.08 0.08

TIAA-CREF Lifecycle 2025 Institutional2 TCYIX 0.52 0.41 0.00 0.08 0.08

TIAA-CREF Lifecycle 2030 Institutional2 TCRIX 0.53 0.42 0.00 0.08 0.08

TIAA-CREF Lifecycle 2035 Institutional2 TCIIX 0.54 0.43 0.00 0.08 0.08

TIAA-CREF Lifecycle 2040 Institutional2 TCOIX 0.55 0.44 0.00 0.08 0.08

TIAA-CREF Lifecycle 2045 Institutional2 TTFIX 0.57 0.45 0.00 0.08 0.08

TIAA-CREF Lifecycle 2050 Institutional2 TFTIX 0.57 0.45 0.00 0.08 0.08

TIAA-CREF Lifecycle 2055 Institutional2 TTRIX 0.61 0.45 0.00 0.08 0.08

TIAA-CREF Lifecycle 2060 Institutional2 TLXNX 1.20 0.45 0.00 0.08 0.08

TIAA-CREF Lifecycle Retire Income Institutional2 TLRIX 0.54 0.38 0.00 0.08 0.08

TIAA-CREF Managed Allocation Institutional2 TIMIX 0.43 0.40 0.00 0.08 0.08

continued


Investment options in the current TIAA accounts

Below are your options (the Institutional Share Class change will be effective May 17, 2018), which include the following asset classes: Guaranteed, Money Market, Fixed Income (Bonds), Multi-Asset, Real Estate, and Equities (Stocks). Refer to page 5 for information on the new fee structure.

TIAA Traditional is a fixed annuity that pays you interest at competitive crediting rates that are announced in advance. There is no explicit expense ratio because this is a fixed annuity. To learn more about the new investment options, go to TIAA.org and enter the ticker symbol in the site’s search feature.

www.tiaa.org

1 TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by Teachers Insurance and Annuity Association of America (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.

2 A contractual and/or voluntary fee waiver applies. See prospectus for the fee waiver expiration date.3 “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 an explicit revenue share. Rather they have a “plan services offset” that is applied to your plan’s administrative and recordkeeping costs.

Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org and enter a ticker symbol in the site’s search feature for details. Annuity account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term 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.





SymbolGross Expense

Ratio %Net Expense



Credit %C. Total


Real Estate

TIAA Real Estate Account (Variable Annuity) QREARX 0.85 0.85 0.24 (0.16) 0.08

Equities (Stocks)

CREF Equity Index R2 (Variable Annuity) QCEQPX 0.34 0.34 0.20 (0.12) 0.08

CREF Global Equities R2 (Variable Annuity) QCGLPX 0.44 0.44 0.20 (0.16) 0.08

CREF Growth R2 (Variable Annuity) QCGRPX 0.38 0.38 0.20 (0.16) 0.08

CREF Stock R2 (Variable Annuity) QCSTPX 0.43 0.43 0.20 (0.16) 0.08

TIAA-CREF Emerging Markets Equity Index Institutional2 TEQLX 0.23 0.23 0.00 0.08 0.08

TIAA-CREF Emerging Markets Equity Institutional2 TEMLX 0.94 0.94 0.00 0.08 0.08

TIAA-CREF Equity Index Institutional2 TIEIX 0.05 0.05 0.00 0.08 0.08

TIAA-CREF Growth & Income Institutional2 TIGRX 0.42 0.42 0.00 0.08 0.08

TIAA-CREF International Equity Index Institutional2 TCIEX 0.06 0.06 0.00 0.08 0.08

TIAA-CREF International Equity Institutional2 TIIEX 0.49 0.49 0.00 0.08 0.08

TIAA-CREF Large-Cap Growth Index Institutional2 TILIX 0.06 0.06 0.00 0.08 0.08

TIAA-CREF Large-Cap Growth Institutional2 TILGX 0.43 0.43 0.00 0.08 0.08

TIAA-CREF Large-Cap Value Index Institutional2 TILVX 0.06 0.06 0.00 0.08 0.08

TIAA-CREF Large-Cap Value Institutional2 TRLIX 0.41 0.41 0.00 0.08 0.08

TIAA-CREF Mid-Cap Growth Institutional2 TRPWX 0.47 0.47 0.00 0.08 0.08

TIAA-CREF Mid-Cap Value Institutional2 TIMVX 0.41 0.41 0.00 0.08 0.08

TIAA-CREF Real Estate Securities Institutional2 TIREX 0.51 0.51 0.00 0.08 0.08

TIAA-CREF S&P 500 Index Institutional2 TISPX 0.05 0.05 0.00 0.08 0.08

TIAA-CREF Small-Cap Blend Index Institutional2 TISBX 0.06 0.06 0.00 0.08 0.08

TIAA-CREF Small-Cap Equity Institutional2 TISEX 0.42 0.42 0.00 0.08 0.08

TIAA-CREF Social Choice Equity Institutional2 TISCX 0.19 0.19 0.00 0.08 0.08


www.tiaa.org


Information and resources to help you


On-campus eventsReal-time answers to your questionsSeminars Consider attending a one-hour seminar to learn more about the updates to the retirement program at the following dates and times:

Date Time Location

Thursday, April 512 p.m. – 1 p.m. 2 p.m. – 3 p.m.

Bovee UC AuditoriumTuesday, April 10

3 p.m. – 4 p.m. 5 p.m. – 6 p.m.

Wednesday, April 1110 a.m. – 11 a.m. 12 p.m. – 1 p.m.

Wednesday, April 1810 a.m. – 11 a.m. 12 p.m. – 1 p.m.

One-on-one advice session You can get personalized retirement plan advice on the plan’s investment options from a TIAA financial consultant or a StraightLine representative. This service is available as part of your retirement plan at no additional cost to you.1

• You can schedule an advice session with TIAA by calling 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET),or visit TIAA.org/schedulenow.

• You can schedule an advice session with StraightLine by calling 877-338-4032, weekdays, 9 a.m. to 5 p.m. (ET) or visit http://straightline.genbook.com/?bookingSourceId=1.

1 TIAA and StraightLine or any of their affiliates or subsidiaries are not affiliated with or in any way related to each other. TIAA acts as a recordkeeper for the plans and, in that capacity, is not a fiduciary to the plans. TIAA is not responsible for the advice and education provided by StraightLine. TIAA also provides advice and education to plan participants and when it provides advice, TIAA takes fiduciary responsibility for that advice. StraightLine is not responsible for the advice and education provided by TIAA.

www.tiaa.org/schedulenow

http://straightline.genbook.com/?bookingSourceld=1


One-on-one advice with a TIAA Financial ConsultantAs a participant in the retirement program, you have access to personalized retirement plan advice on the plan’s investment options from a TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you. TIAA's advice is designed to help you answer key questions, including:

1. Am I on track to reach my retirement savings goals?We’ll help you analyze how your investments are performing, and determineif 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’sinvestment options, diversifying properly and allocating contributions tobalance 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 retirementincome goals.

Retirement plan investment advice

How to access TIAA’s advice

OnlineGet quick, convenient answers via the Retirement Advisor online tool. Visit TIAA.org/retirementadvisor and log in to your account.

By phone or in personReceive personalized retirement plan investment advice either over the phone or in person.

Schedule your advice session by calling 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET).

You can also schedule online at TIAA.org/schedulenow.

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.

New Retirement Plan Portfolio Manager serviceAlso known as a managed account, this convenient optional service provides investment advice based on your goals and needs, and a systematic, disciplined approach to managing your money.

Your portfolio is reviewed on a quarterly basis—and adjusted as needed—to help keep it on track with your plan.

Features include:• Customized advice: Based on your income needs in

retirement , we’ll help you decide how much to save, anappropriate asset mix and specific investment options.

• Ongoing monitoring and portfolio adjustments: We’llmake adjustments based on market conditions andother factors that may affect your investments. Theseadjustments include quarterly asset reallocationand rebalancing.

• Modify direction as needed: You can update yourpreferences—online 24/7 or through your advisor—andwe’ll fine-tune our recommendations. Your plan becomesincreasingly personalized as you add details to your profile.

• Quarterly statements: Shows adjustments made to yourportfolio so you can see your current investment mix.

How much does it cost?If you enroll in this service, an annual fee of 0.25% would be deducted from your account on a quarterly basis. The fee is based on an average daily balance of your enrolled plan during the quarter. For example: If you had an average balance of $10,000 in your account, the annual fee would be $10,000 x 0.0025 = $25.00, a quarterly fee of $6.25 which would be deducted on the first day of the subsequent quarter.

www.tiaa.org/retirementadvisor



Access thousands of mutual funds and many well-known fund families beyond the core investment options.1For investors with specialized investing needs, more choice can mean more opportunity to direct retirement investments across markets and asset classes outside of your plan’s core lineup.

With your brokerage account, you can independently research and select from thousands of mutual funds.

It’s important to understand Central Michigan University will not monitor the performance of the funds offered through the brokerage account, and TIAA does not offer investment advice for brokerage assets. Plan participants will bear the risk of investing through the brokerage account. Central Michigan University recommends that you exercise caution and consider seeking professional guidance when investing through a TIAA Brokerage account.

1 The brokerage account option is available to participants who maintain both a legitimate U.S. residential address and a legitimate U.S. mailing address. Certain securities may not be suitable for all investors. Securities are subject to investment risk, including possible loss of the principal amount invested.

* By opening a brokerage account, you will be charged a commission only on applicable transactions and other account-related fees in accordance with the TIAA Commission and Fee Schedule. Please visit TIAA.org/SDA_CAA. Other fees and expenses apply to a continued investment in the funds and are described in the fund’s current prospectus.

New TIAA Brokerage option

Before investing in a brokerage account, consider contacting TIAA to learn more.

Learn more about a brokerage account* by contacting us at 800-927-3059, weekdays,8 a.m. to 7 p.m. (ET).

www.tiaa.org/SDA_CAA


1. Why is Central Michigan University making changes tothe Retirement Program?Recent changes in the legal and regulatory environmenthave given the university the opportunity to review thecurrent investment options. A comprehensive review ofthe current plan found the number of options offeredthrough the retirement program are so large that it madeit increasingly difficult to provide the necessary oversight.More importantly, the number of options put an undueburden on the ability of many employees to make soundinvestment decisions. The enhancements are designed to:

• Simplify the investment decision-making processby providing a menu of fewer, carefully selectedinvestment options;

• Provide access through a brokerage window, for thosewho desire more investment responsibility, to self-select investment options not available on the coreinvestment menu;

• Shed more light on administrative and investmentmanagement fees;

• Offer lower costs to employees, which can lead toimproved retirement savings in their accounts;

• Capitalize on trends and changes in the retirementservice industry; and

• Simplify administrative functions and participantexperience.

2. What if I would like help making investment choices?You can get personalized advice on the plan’s investment options. 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.To schedule an advice session with StraightLine, call877-338-4032, weekdays, 9 a.m. to 5 p.m. (ET), or visit http://straightline.genbook.com/?bookingSourceId=1.

3. What happens to my current outstanding loan, systematic withdrawal, TPA (transfer payout annuity), or required minimum distribution?This transition may impact any systematic transfer instructions you have on file for this plan. If applicable, existing scheduled transfers will be directed to the retirement plan’s default fund in your new contract unless you contact us to provide new instructions. You will receive separate communications if any actions are required on your part.

Q&A


http://straightline.genbook.com/?bookingSourceld=1


4. Will loans continue to be available?Yes, however, Central Michigan University will move from Collateralized Loans to Retirement Plan Loans for any new loans and participants will be limited to a total of three loans. To learn more about the differences between Collateralized Loans and Retirement Plan Loans visit TIAA.org/cmich.

5. How do lifecycle and target-date funds work?Each lifecycle and 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.As with all mutual funds, the principal value of a lifecycle and 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 lifecycle and target-date fund is right for you.Lifecycle and 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 lifecycle and target-date funds, there is exposure to the fees and expenses associated with the underlying mutual funds as well.

6. Can I move money from an existing TIAA annuityaccount 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 annuity 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. To learn more about TIAA Traditional, liquidity rules, and the differences between RC and RCP contracts, please see the Contract Comparison chart at TIAA.org/comparison or contact TIAA at 800-842-2252.

Q&A

www.tiaa.org/cmich

www.tiaa.org/comparison


A

annuity A contract by which an insurance company agrees to make regular payments to someone for life or for a fixed period. See guaranteed annuity and variable annuity.

asset classes Major categories of financial securities. The major asset classes are cash investments (also called cash reserves or money market instruments), stocks, bonds, guaranteed, and real estate.

B

basis point One one-hundredth (1/100 OR 0.01) of one percent. For example, 30 basis points equal 0.30%. Yield differences among fixed-income securities are stated in basis points. The smallest measure used in quoting yields on mortgages, bonds, stock, notes, etc.

brokerage account A plan feature that permits participants to purchase investments that are not included among the plan’s general menu of investment options.

C

contribution Money placed in an employer-sponsored retirement plan, an Individual Retirement Account (IRA), or other retirement plan for a particular tax year. Contributions may be deductible or nondeductible, depending on the type of account.

D

diversification A risk-reduction strategy that involves spreading assets across a mix of companies, investments, industries, geographic areas, maturities, and/or investment categories. There is no guarantee that diversification will protect against a loss of investment or income.

E

expense ratio A measure of what it costs to operate an investment, expressed as a percentage of its assets or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. (See gross expense ratio and net expense ratio definitions.)

F

fixed-income fund A fund that invests primarily in bonds and other fixed-income securities to provide shareholders with current income and to preserve capital.

G

gross expense ratio The percentage of a fund's average net assets used to cover the annual operating expenses of managing the fund before any fee waivers or reimbursements for fund expenses are made by a fund's investment advisor. Fund managers often waive or reimburse for fund expenses to keep the fund expenses low when funds are initially launched or, in the case of money market mutual funds, from falling below $1 per share and reflecting a negative return.

guaranteed annuity A traditional insurance investment vehicle, often used for retirement accounts, that guarantees principal and a specified interest rate and may also offer dividends.

I

Index fund An investment fund. A passively managed mutual fund with relatively lower expenses, that attempts to parallel the risk and return profile of an unmanaged established stock index—such as the S&P 500, Dow Jones Industrial Average, or Wilshire 5000—by holding a portfolio of stocks or bonds that is representative of that market.

M

mutual fund An investment company that pools funds from individuals to buy securities selected to meet specific criteria and goals.

N

net expense ratio Reflects the percentage of a fund's average net assets used to cover the annual operating expenses of managing the fund after (net) any fee waivers or reimbursements for fund expenses are made by a fund's investment advisor. Fund managers often waive or reimburse for fund expenses to keep the fund expenses low when funds are initially launched or, in the case of money market mutual funds, from falling below $1 per share and reflecting a negative return.

R

redemption fee A fee charged by some mutual funds when an investor sells shares within a short period of time.

S

share class Some mutual funds and companies offer more than one type or group of shares, each of which is considered a class (e.g., “Class A,” “Advisor,” or “Institutional” shares). For mutual funds, each class has different fees and expenses, but all the classes invest in the same pool of securities and have the same investment objectives.

stable value fund A type of investment fund that is designed to preserve principal while providing a consistent rate of return. Stable value funds invest primarily in fixed-income securities.

T

target-date fund A fund designed to provide varying degrees of long-term appreciation and capital preservation based on an investor’s age or target retirement date through a mix of asset classes. The mix changes over time to become less focused on growth and more focused on income.

ticker symbol An abbreviation assigned to a security for trading purposes. A security's ticker symbol is often used in newspapers and price-quotation services. Also called a trading symbol or stock symbol.

V

variable annuity An annuity, the value of which fluctuates based on the market performance of an underlying securities portfolio. Unlike fixed annuities, there is no guarantee of principal repayment or rate of return.

Glossary

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).Retirement Plan Portfolio Manager Program (the “Program”) is a discretionary fee-based asset allocation advisory program provided by TIAA, FSB. TIAA, FSB is an affiliate to TIAA-CREF Individual & Institutional Services, LLC (“Services, LLC”). The Program invests and manages Eligible Retirement Plan assets (“Retirement Assets”) on a discretionary basis. Retirement Assets are managed according to the advice provided by the Program’s independent financial service. The financial service is an unaffiliated registered investment adviser that has been retained to provide us with independent third-party investment recommendations for the Program. This material is for informational or educational purposes only and does not constitute 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 877-518-9161 or go to TIAA.org/cmich 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. TIAA Brokerage, a division of TIAA-CREF Individual & Institutional Services, LLC, Member FINRA/SIPC, distributes securities. Brokerage accounts are carried by Pershing, LLC, a subsidiary of The Bank of New York Mellon Corporation, Member FINRA, NYSE, SIPC.©2018 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

Accessing your accountNot sure where to begin? Let us help you take the next step!

Manage your account online by going to TIAA.org/cmich 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.

If you have any questions or would like assistance selecting your new investment options, call TIAA at 800-842-2252, weekdays, 8 a.m.to 10 p.m. (ET) and Saturday 9 a.m.to 6 p.m. (ET).

Phone Online

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.

In person

MT 322880 924204-1097100 (03/18) 441024


www.tiaa.org/cmich

www.tiaa.org/cmich