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Announcing updates to the Eastern Michigan University Retirement Plan

A guide for the road to retirement

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Overview of topics we’ll be covering today

Why changes are being made

Next steps you can take

Key dates

What’s happening to existing balances and future contributions

New investments

Plan enhancements/updates

What stays the same

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Why changes are being made

Eastern Michigan University believes these changes will

benefit employees by providing:

An improved participant experience

Professional investment oversight

Greater efficiencies leading to effective cost management

The ability to meet regulatory requirements

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What’s staying the same

Most aspects of your plan remain unchanged

Vesting schedule

Contribution schedule

Eligibility requirements for participation

Personalized retirement advice on the plan’s investment

options

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Plan enhancements/updates

Increased transparency on fees

New accounts and Retirement Choice and Retirement Choice

Plus contracts

TIAA Brokerage

New investment options, including from some well-known

investment companies

Roth option

Understanding—and

using—your investment

plan menu

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New investment options

GUARANTEED*

* Options offered in the “Guaranteed” asset class are subject to the claims-paying ability of the issuing company.

Investing involves risk of loss of principal. Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.

MONEY MARKET

FIXED INCOME

REAL ESTATE

EQUITIES For your specific investment options,

go to: TIAA.org/emich.

The Eastern Michigan University lineup

includes a broad range of options so

you can choose which ones suit your

needs.

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How to use your investment menu

Option

2

Build your

own portfolio

Create an investment

strategy, based

upon your goals,

with assistance

from TIAA

Option

1

Select a diversified, professionally

managed portfolio

Choose a target-date

fund if you want a simple yet diversified approach

to investing*

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

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Option 1: Select a target-date fund

A 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 retirement date approaches. The principal value of a target-date fund

isn’t guaranteed at any time and will fluctuate with market changes. The target date represents an approximate date when investors

may plan to begin withdrawing from the fund. However, you are not required to withdraw the funds at that target date. Also, please note

that the target-date fund is selected for you based on your projected retirement date (assuming a retirement age of 65).

The charts are only visual representations of the target date, fixed income and equity percentages. Please refer to the prospectus for

the funds for more details on asset allocation for each of the target-date funds.

A target-date fund

Each fund is invested in a broad range of investments,

such as stocks, real estate and bonds.

As the target date approaches, the mix of assets is

adjusted to become more conservative.

The target date approximates when investors may plan

(but are not required) to start making withdrawals. Example: 2030 Fund

g Fixed Income Funds

g Equities and Real Estate Securities Funds

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Option 1: Select a target-date fund

Investment option/Share class Ticker symbol Date range

Vanguard Target Retirement Income Fund – Investor VTINX Before 1948

Vanguard Target Retirement 2015 Fund – Investor VTXVX 1948-1952

Vanguard Target Retirement 2020 Fund – Investor VTWNX 1953-1957

Vanguard Target Retirement 2025 Fund – Investor VTTVX 1958-1962

Vanguard Target Retirement 2030 Fund – Investor VTHRX 1963-1967

Vanguard Target Retirement 2035 Fund – Investor VTTHX 1968-1972

Vanguard Target Retirement 2040 Fund – Investor VFORX 1973-1977

Vanguard Target Retirement 2045 Fund – Investor VTIVX 1978-1982

Vanguard Target Retirement 2050 Fund – Investor VFIFX 1983-1987

Vanguard Target Retirement 2055 Fund – Investor VFFVX 1988-1992

Vanguard Target Retirement 2060 Fund – Investor VTTSX 1993-1997

Vanguard Target Retirement 2065 Fund – Investor VLXVX 1998-Present

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Also the default fund for your plan: If you don’t choose any investment options, your contributions

will be invested in the target-date fund closest to the year you turn 65.

Investing involves risk of loss of principal. Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.

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You can:

Choose from among the plan’s investment options to

create a portfolio.

Go to TIAA.org/tools. Select the Asset Allocation

Evaluator located under the Saving & Investing tab.

Work with a TIAA financial consultant.

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

Option 2: Build your own portfolio

What’s happening to

future contributions and

existing balances?

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Your transition experience

All actively contributing employees or those with an existing mutual fund balance will be

enrolled in new Retirement Choice and Retirement Choice Plus contracts.

The new contracts will be issued on or about September 10, 2018.

Your current beneficiary designation(s) will be applied to your new accounts.

You may change the way contributions are directed before and after new lineup takes effect.

Future contributions will be directed according to the transfer chart in the Transition Guide as

instructed by Eastern Michigan University.

Plan Name Current contract New contract

403(b) Defined Contribution

Retirement Plan Group Retirement Annuity (GRA) Retirement Choice (RC)

403(b) Group Supplemental

Retirement Annuity Plan

Group Retirement Annuity (GRA)

Group Supplemental Retirement Annuity (GSRA)

Retirement Annuity (RA)

Supplemental Retirement Annuity (SRA)

Retirement Choice Plus

(RCP)

457(b) Deferred Compensation Plan

Group Supplemental Retirement Annuity (GSRA)

Retirement Choice Plus

(RCP)

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What’s happening to my mutual fund balances and future contributions?

Existing mutual fund balances and future contributions will transfer automatically to

similar funds in the new account. The Vanguard Target Date fund will be used if a

similar fund is not available.

Mutual fund balances will transfer to the new accounts during the week of September

17, 2018.

Contributions to the new accounts start on September 27 or 28, 2018 (depending on

your payroll date).

See the transfer charts in the Transition Guide that was mailed to your home for a

complete list.

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What’s happening to my existing annuity balances?

Current investment option/Current accounts Ticker symbol Possible Action

CREF Bond Market Account - R2 (variable annuity) QCBMPX

►

Available for transfer to new

accounts. No action is required;

you may leave your existing

assets in these investment

options.

CREF Inflation-Linked Bond Account - R2 (variable

annuity) QCILPX

CREF Equity Index Account - R2 (variable annuity) QCEQPX

CREF Global Equities Account - R2 (variable annuity) QCGLPX

CREF Growth Account - R2 (variable annuity) QCGRPX

CREF Money Market Account - R2 (variable annuity) QCMMPX

CREF Social Choice Account - R2 (variable annuity) QCSCPX

CREF Stock Account - R2 (variable annuity) QCSTPX

TIAA Real Estate Account (variable annuity) QREARX

TIAA Traditional Annuity (guaranteed annuity) N/A

Existing contracts are no longer open to future contributions after September 14, 2018.

Balances in the annuities listed below will remain where they are, but they will not allow new contributions, transfers in,

or rollovers.

You may continue to transfer balances only among TIAA Traditional, CREF Stock, and CREF Money Market.

You also have the option of transferring your annuity balances to the new contracts. We encourage you to talk to a

financial consultant before transferring these assets to ensure you understand your options. Moving money to the new

contracts is a permanent decision as it cannot be moved back to the old contracts.

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Important changes to TIAA Traditional Annuity

In the new Retirement Choice and Retirement Choice Plus contracts, the TIAA

Traditional guaranteed rate is between 1% and 3% (determined annually)1

This adjustable rate in the new contracts allows TIAA to be more responsive to the

prevailing interest rate environment, and may potentially pay you additional amounts2

You can transfer your TIAA Traditional balances to the new contracts, but the new

guaranteed rate may be lower than the rate in the current contract

Moving money from your current contract to the new contract is permanent—money

cannot be moved back

TIAA Traditional balances in the RC contract can be liquidated within a shorter

timeframe than the existing RA and GRA contracts.

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. 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.

Other retirement plan updates

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Roth option for the 457(b) Deferred Compensation Plan

2018 IRS maximum of pre- and post-tax contribution amounts:

$18,500

Includes an additional catch-up provision of $6,000 for individuals 50 years of age or older

The choice is yours: the current plan, the Roth option or both.

* Withdrawals made prior to age 59½ may be subject to an additional 10% penalty, in addition to ordinary income tax.

** 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.

Current contributions:

Contributions with the Roth option:

Made with pretax dollars, which may lower

your current taxable income

Made on an after-tax basis, with no impact

(or does not affect) on your current taxable

income

Taxable when you withdraw them*

Withdrawals are tax free in retirement**

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TIAA Brokerage

Features:

You can choose your own investments

Access thousands of mutual funds

Buy, sell or transfer funds online or by phone

Minimum $1,000 investment

Brokerage service fees for transactions may apply

Reminder:

Eastern Michigan University will not monitor performance of brokerage services investment options

TIAA does not offer investment advice for brokerage investment options

Some securities may not be suitable for all investors.

By opening a brokerage account, you will be charged a commission on all transactions and other account-related fees in accordance with the

TIAA Commission and Fee Schedule. Visit TIAA.org/SDA_CAA and click on Learn about fees 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. The Brokerage

Account option is available to participants who maintain both a legitimate U.S. residential address and a legitimate U.S. mailing address.

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Changes to the fee structure

Annual Fee

effective

October 1,

2018

Pays for How it will be assessed

What you will see

on your quarterly

statement

up to 0.085%

($0.85 per

$1,000 invested)

recordkeeping,

legal, accounting,

investment advisory,

and other plan and

participant services

(only deducted from

RC and RCP

contracts)

a fee or credit is assessed to each

investment you choose within the

plan

deducted proportionally from each

of your investments quarterly

Each fee or credit will be applied to

your account on the last business

day of each quarter

TIAA Plan Servicing

Fee/Credit

0.012%

($0.12 per

$1,000 invested)

EMU’s independent

advisor and other

non-TIAA retirement

plan expenses

Divided into quarterly payments

deducted proportionally from each

investment in your account on the

last business day of each quarter

Non-TIAA Plan

Servicing Fee

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Investment fee & credits

Revenue sharing is when investment providers share in the cost of

plan administration.

An investment company may pay a portion of an investment option’s

expense ratio to TIAA, the recordkeeper, to help offset the cost of plan

administration.

The amount of any associated fee or credit is determined by

comparing the Total Administration Cost to the Revenue Sharing

amount.

Example:

If the expense ratio for

an investment option

is 0.50%, a plan

participant pays $5

annually for every

$1,000 in assets.

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 (displayed as a percentage of assets).

Investment’s

revenue sharing

amount is

> 0.085% = Credit

< 0.085% = Fee

Refer to the Transition Guide that was mailed to your home for a full list of the investments and

associated fees on your menu. You can find the expense ratios and other fees and expenses at

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

Next steps you

can take and how to learn

more

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Next steps you can take

Review the Transition Guide transfer chart

Get personalized retirement plan advice at no additional cost from a

TIAA financial consultant

Use the advice tools at TIAA.org/tools

Manage the day-to-day at TIAA.org

Enroll, update beneficiaries and more at TIAA.org/emich

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Learn more

See the Transition Guide for more details.

Mailed to you and available online at TIAA.org/emich.

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Learn more

FPO

Learn more about your retirement plans at TIAA.org/emich.

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Next steps you can take

Log in to your account and review Actions

1. Review investment options

2. Manage your portfolio

3. Update beneficiary information

4. Change your contributions

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Next steps you can take

Get personalized retirement plan advice from a TIAA financial consultant

This service is currently available, at no additional cost to you

Sessions available in person or by phone

Based on your time horizon, investment goals and risk tolerance

TIAA.org/schedulenow Call TIAA at 800-732-8353

Weekdays, 8 a.m. to 8 p.m. (ET)

This transition may be a good time to take a fresh look at your account.

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Next steps you can take

You can also get advice through our online tool, Retirement Advisor. To access it, log in at

TIAA.org/retirementadvisor.

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.

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The TIAA app

With the TIAA app, you can:

See account details at a glance

Monitor your contributions and asset allocations

Contact your advisor or get in touch with a TIAA

financial consultant anytime, anywhere

Manage your account anytime, wherever you are

Apple, the Apple logo, iPhone, and iPad are trademarks of Apple Inc., registered in the U.S.

and other countries. App Store is a service mark of Apple Inc.

Android and Google Play are trademarks of Google Inc.

Key dates

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Key dates

Date Event

September 10, 2018

Any contributing participant or participant who holds

mutual fund balances will be enrolled in new TIAA

account(s) and TIAA will send you a confirmation

with important information.

September 13 or 14, 2018 Last contribution to your current retirement

account(s) (based on your payroll date).

Week of September 17, 2018 Mutual fund balances will be transferred to the new

account(s).

September 27 or 28, 2018 All contributions will be directed to your new

account(s) (based on your payroll date).

Questions?

This material is for informational or educational purposes only and does not constitute investment advice under ERISA. 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 based on the investor’s own objectives and circumstances.

Investment products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org/emich.

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. Go to TIAA.org/emich 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 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

MT 464406

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