Making the Mostof Your Financial FutureUnion College Retirement Plan Enhancements Effective March 1, 2013

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Today’s agenda

Retirement Plan enhancements

Making investment decisions and how TIAA-CREF can help

Action steps

Q&A

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The basics of the Plan stay the same

Employee or Employer Contribution Rates/Schedules

No change

Eligibility Requirements No change

Vesting Schedule No change

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New investment choices: Benefits

1 Access to streamlined investment choices

2 Opportunities for greater diversification

3 Low cost investment choices

4 Choices designed to help you seek a secure retirement

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A tiered approach offers flexibility and choices for all investors

Three approaches to investing

Tier 1 Tier 2 Tier 3

Target-date funds Passive options Actively managed investment options

Investment Approach: One-step approach to investing. Your investment allocation is professionally managed and is based on your anticipated retirement date. Investments are broadly diversified among stocks, bonds, short-term fixed income and inflation-protected assets.

Investment Approach: It is an investment process that aims to replicate the returns of a specific market index (i.e., an equity or fixed-income index).

Investment Approach: A portfolio manager makes specific investment decisions and actively manages the investment portfolio with the goal of outperforming its benchmark (or market index).

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Union Plan enhancements

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Investment options

Tier 1 Tier 2 Tier 3

Target-date funds Passive Investment options Actively managed investment options

TIAA-CREF Lifecycle Index 2010 Fund – Premier Class (TLTPX)

TIAA-CREF Lifecycle Index 2015 Fund – Premier Class (TLFPX)

TIAA-CREF Lifecycle Index 2020 Fund – Premier Class (TLWPX)

TIAA-CREF Lifecycle Index 2025 Fund – Premier Class (TLVPX)

TIAA-CREF Lifecycle Index 2030 Fund – Premier Class (TLHPX)

TIAA-CREF Lifecycle Index 2035 Fund – Premier Class (TLYPX)

TIAA-CREF Lifecycle Index 2040 Fund – Premier Class (TLPRX)

TIAA-CREF Lifecycle Index 2045 Fund – Premier Class (TLMPX)

TIAA-CREF Lifecycle Index 2050 Fund – Premier Class (TLLPX)

TIAA-CREF Lifecycle Index 2055 Fund – Premier Class (TTIPX)

TIAA-CREF Lifecycle Index Retirement Income Fund – Premier Class (TLIPX)

TIAA-CREF Bond Index Fund – Retirement Class (TBIRX)

TIAA-CREF Emerging Markets Equity Index Fund – Retirement Class (TEQSX)

TIAA-CREF Equity Index Fund – Retirement Class (TIQRX)

TIAA-CREF International Equity Index Fund – Retirement Class (TRIEX)

TIAA-CREF Large-Cap Value Index Fund – Retirement Class (TRCVX)

TIAA-CREF Small-Cap Blend Index Fund – Retirement Class (TRBIX)

Vanguard Mid-Cap Index Fund Signal (VMISX)

Vanguard REIT Index Fund Signal (VGRSX)

Vanguard Short-Term Bond Index Fund Signal (VBSSX)

Vanguard Long-Term Bond Index Investor (VBLTX)

CREF Stock (Variable Annuity)

CREF Social Choice Account (Variable Annuity)

CREF Growth Account (Variable Annuity)

CREF inflation Linked Bond Account (Variable Annuity)

TIAA Real Estate Account (Variable Annuity)

TIAA Traditional Annuity (Guaranteed Annuity)

CREF Money Market Account (Variable Annuity)

* Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. TIAA Traditional is a guaranteed insurance contract and not an investment for Federal Securities Law purposes.

* Investing involves risk of loss of principal.

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New investment options

Fund Name Ticker Symbol

TIAA-CREF Bond Index Fund – Retirement Class TBIRX

TIAA-CREF Emerging Markets Equity Index Fund – Retirement Class TEQSX

TIAA-CREF Equity Index Fund – Retirement Class TIQRX

TIAA-CREF International Equity Index Fund – Retirement Class TRIEX

TIAA-CREF Large-Cap Value Index Fund – Retirement Class TRCVX

TIAA-CREF Small-Cap Blend Index Fund – Retirement Class TRBIX

TIAA-CREF Lifecycle Index 2010 Fund – Premier Class TLTPX

TIAA-CREF Lifecycle Index 2015 Fund – Premier Class TLFPX

TIAA-CREF Lifecycle Index 2020 Fund – Premier Class TLWPX

TIAA-CREF Lifecycle Index 2025 Fund – Premier Class TLVPX

TIAA-CREF Lifecycle Index 2030 Fund – Premier Class TLHPX

TIAA-CREF Lifecycle Index 2035 Fund – Premier Class TLYPX

TIAA-CREF Lifecycle Index 2040 Fund – Premier Class TLPRX

TIAA-CREF Lifecycle Index 2045 Fund – Premier Class TLMPX

TIAA-CREF Lifecycle Index 2050 Fund – Premier Class TLLPX

TIAA-CREF Lifecycle Index 2055 Fund – Premier Class TTIPX

TIAA-CREF Lifecycle Index Retirement Income Fund – Prem Cl TLIPX

Vanguard Mid-Cap Index Fund Signal VMISX

Vanguard REIT Index Fund Signal VGRSX

Vanguard Short-Term Bond Index Fund Signal VBSSX

Vanguard Long-Term Bond Index Investor VBLTX

These new options include funds from well-known investment companies:

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Investment menu mapping

Funds in the left-hand column will be removed from the Union College investment menu. Any accumulations will be transferred to the corresponding replacement fund in the right-hand column.

Closing Investment Options Ticker Symbol Replacement Investment OptionsTicker Symbol

TIAA-CREF Growth & Income Fund – Retirement Class

TRGIX ▸ TIAA-CREF Equity Index Fund – Retirement Class

TIQRX

TIAA-CREF International Equity Fund – Retirement Class

TRERX ▸ TIAA-CREF International Equity Index Fund – Retirement Class

TRIEX

TIAA-CREF Large-Cap Value Fund – Retirement Class

TRLCX ▸ TIAA-CREF Large Cap Value Index Fund – Retirement

TRCVX

TIAA-CREF Mid-Cap Growth Fund – Retirement Class

TRGMX ▸ Vanguard Mid-Cap Index Fund Signal VMISX

TIAA-CREF Mid-Cap Value Fund – Retirement Class

TRVRX ▸ Vanguard Mid-Cap Index Fund Signal VMISX

TIAA-CREF Real Estate Securities Fund – Retirement Class

TRRSX ▸ Vanguard REIT Index Fund Signal VGRSX

TIAA-CREF Small-Cap Equity Fund – Retirement Class

TRSEX ▸ TIAA-CREF Small-Cap Blend Index Fund – Retirement Class

TRBIX

TIAA-CREF Social Choice Equity Fund – Retirement Class

TRSCX ▸ CREF Social Choice Account Variable Annuity

TIAA-CREF S&P 500 Index Fund – Retirement Class

TRSPX ▸ TIAA-CREF Equity Index Fund – Retirement Class

TIQRX

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Investment menu mapping (continued)

Closing Investment Options Ticker Symbol Replacement Investment Options Ticker Symbol

TIAA-CREF Lifecycle 2050 Fund – Retirement Class

TLFRX ▸ TIAA-CREF Lifecycle Index 2050 Fund – Premier Class

TLLPX

TIAA-CREF Lifecycle Retirement Income Fund – Retirement Class

TLIRX ▸ TIAA-CREF Lifecycle Index Retirement Income Fund – Prem Cl

TLIPX

TIAA-CREF Lifecycle 2010 Fund – Retirement Class

TCLEX ▸ TIAA-CREF Lifecycle Index 2010 Fund – Premier Class

TLTPX

TIAA-CREF Lifecycle 2015 Fund – Retirement Class

TCLIX ▸ TIAA-CREF Lifecycle Index 2015 Fund – Premier Class

TLFPX

TIAA-CREF Lifecycle 2020 Fund – Retirement Class

TCLTX ▸ TIAA-CREF Lifecycle Index 2020 Fund – Premier Class

TLWPX

TIAA-CREF Lifecycle 2025 Fund – Retirement Class

TCLFX ▸ TIAA-CREF Lifecycle Index 2025 Fund – Premier Class

TLVPX

TIAA-CREF Lifecycle 2030 Fund – Retirement Class

TCLNX ▸ TIAA-CREF Lifecycle Index 2030 Fund – Premier Class

TLHPX

TIAA-CREF Lifecycle 2035 Fund – Retirement Class

TCLRX ▸ TIAA-CREF Lifecycle Index 2035 Fund – Premier Class

TLYPX

TIAA-CREF Lifecycle 2040 Fund – Retirement Class

TCLOX ▸ TIAA-CREF Lifecycle Index 2040 Fund – Premier Class

TLPRX

TIAA-CREF Lifecycle 2045 Fund – Retirement Class

TTFRX ▸ TIAA-CREF Lifecycle Index 2045 Fund – Premier Class

TLMPX

TIAA-CREF Lifecycle 2055 Fund – Retirement Class

TTRLX ▸ TIAA-CREF Lifecycle Index 2055 Fund – Premier Class

TTIPX

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Restricted investment options

Certain investment options will be restricted from new contributions. If you’re currently contributing to the accounts in the left-hand column, your future contributions will be “mapped” (redirected) to similar investment options on the new investment menu (right-hand column). You may leave your existing accumulation where it is or transfer balances to the new investment options.

Restricted Funds for Future Contributions Replacement Fund for Future Contributions

CREF Bond Market Account ▸ TIAA-CREF Bond Index Fund – Retirement Class (TBIRX)

CREF Equity Index Account ▸ TIAA-CREF Equity Index Fund – Retirement Class (TIQRX)

CREF Global Equities Account ▸ TIAA-CREF International Equity Index Fund – Retirement Class (TRIEX)

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Investment decisions

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“Am I saving enough?”

“How should I invest?”

“Do I need to save more?”

“Will I have enough?”

“How should I take my income?”

“Will it last?”

Early- and Mid-career Accumulation Advice (on retirementplan assets)

Established Career Preretirement

Pre- And Post-Retirement Advice

Investment and retirement planning

Advice recommendations

▸ Asset allocation

▸ Fund selection

▸ Savings/Deferral rate

▸ Retirement age

▸ Annuitization methods

* Using an advice methodology from Ibbotson Associates, Inc.

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Comprehensive investment advice and education from TIAA-CREF

One-on-one

Advice and Counseling Sessions*Planning based on goals, risk tolerance and retirement time horizon

Personalized action plan with specific recommendations

Online

Web-Based Resources Dedicated website:www.tiaa-cref.org/union

TIAA-CREF’s social media: Facebook, Twitter, myretirement.org

Mail, Email and Printed Materials

Transition materials and new contracts mailed to your home

Informative enewsletters and email updates

Quarterly statements with estimated retirement projections TO retirement illustrations and personal rate of return

Communications

* Advice is provided on retirement plan assets using an advice methodology from Ibbotson Associates, Inc.

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Action steps

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1 Review the enhanced investment menu at www.tiaa-cref.org/union.

2 Make changes to your allocation and/or portfolio if you wish.

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If you do nothing: 1. Your original investment balances will stay in the annuity accounts as they are today. 2. Your original investment balances in closed mutual funds will be transferred to the mapped investments.3. Your future contributions will be invested in the mapped investments.

4 Review your current allocations and beneficiary information.

5Set up a one-on-one session to obtain advice and to ensure your current contributions are in line with your retirement goals.

After March 1, 2013

Not participating yet? Start today! Contact your Benefits office representative, and enroll at www.tiaa-cref.org/union.

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We’re here for you

Online assistance:

www.tiaa-cref.org/union Research and view investment options Learn more about your plan Make changes to your account

Phone assistance:

800 842-2252 Monday to Friday, 8 a.m. to 10 p.m. (ET) Saturday, 9 a.m. to 6 p.m. (ET)

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We’re here for you

Personalized advice on campus:Call 800 732-8353, Monday to Friday 8 a.m. to 5 p.m. (ET), to schedule a confidential, one-on-one appointment at no additional cost to you.

Drop-in Information Desk with a TIAA-CREF Financial Consultant:TIAA-CREF will be on campus in February for individual counseling.

On campus counseling dates in March: On campus counseling dates in April:

TIAA-CREF will conduct additional individual counseling sessions at Union College. Call early to get your choice of date and time.

Date Time Location

Wednesday, February 13 10:30 a.m. – Noon, Reamer Campus Center, Room 2043 p.m. – 5 p.m.

Thursday, February 14 10:30 a.m. – Noon, Reamer Campus Center, Room 2043 p.m. – 5 p.m.

Date

Monday, March 18 Monday, March 25 Thursday, March 21

Date

Tuesday, April 2 Thursday, April 11Monday, April 8 Monday, April 15Wednesday, April 10 Tuesday, April 16

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Q&A

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tiaa-cref.org© 2013 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017C8899

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.

TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa-cref.org for details.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161, or visit www.tiaa-cref.org/union for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.