new investment opportunities foryour retirement strategy · plan investment advice at no additional...

New Investment Opportunities for Your Retirement StrategyAnnouncing Enhancements to the Fordham University Retirement Plan – March 2020

Table of ContentsIntroduction ............................................................................................................................................................................................ 1

What You Need to Know .................................................................................................................................................................... 2

For All Plan Participants ...................................................................................................................................................................... 3

Overview: New Tiered Investment Options .................................................................................................................................. 4

Specifi cs: New TIAA and Fidelity Tiered Investment Options ............................................................................................. 5-6

What You Need to Do ...................................................................................................................................................................... 7-8

Transfer Strategy for Plan Participants ............................................................................................................................................ 9

TIAA Transfer Chart ...................................................................................................................................................................... 10-11

Fidelity Transfer Chart .................................................................................................................................................................. 12-13

Examples of Portfolio Mapping ..................................................................................................................................................14-15

Presentation Schedule ....................................................................................................................................................................... 16

We’re Here to Help ............................................................................................................................................................................. 17

1

Introduction

The Fordham University Retirement Plan (the Plan) is managed by the Fordham University Retirement Plan Committee (the Committee), a group of Administrators and Faculty who regularly meet to review the operations and investment choices of the Plan, with an eye toward structuring the Plan to best help you meet your objectives. The Committee, working with CAPTRUST, an independent advisor, has taken several steps to meet these requirements, including regularly reviewing the investments offered by the Plan.

As a result of the most recent review, the Committee has decided to make changes to the Plan’s investment menu. These changes include the addition of several funds, removal of several funds and implementing a tiered approach to the menu to make it easier for you to diversify your portfolio and to reduce overall fees.

On behalf of Fordham University, TIAA and Fidelity will begin implementing updates to the Plan’s investment lineup in March 2020 that will be completed on May 15, 2020.

2

What You Need to Know

Plan Enhancements Begin March 31, 2020

Key Dates Events

March 31 • New investment choices become available.• Investment election period starts.

On or about May 15 Assets in the funds listed in the transfer charts on pages 10-13 will be moved to the replacement investment option. TIAA annuities that will be frozen will have future contributions invested according to the chart on pages 10-11.

A Special Note for Former and Retired Employees with Account Balances in the PlanYou are receiving this guide because you are a participant in the Plan. Even though you are not actively contributing, you should review this information carefully to learn how your account may be affected.

What is Not ChangingThe core features of the Plan that are not changing:

• Contribution rates

• Plan design and rules

• Eligibility and vesting provisions

What is Changing• An investment lineup that is tiered. The Committee,

working with CAPTRUST, carefully selected an array of investment options designed to further enhance your ability to create a diversified retirement portfolio with the assets in your retirement account. The new streamlined investment menu will continue to feature mutual fund and annuity account investment options. As part of this change, however, several options from the current lineup have been replaced with new options.

• Lower investment fees. As part of its ongoing supervision of the Plan, the Committee adopted several lower fee investment options.

3

For All Plan Participants

Changes to the Plan’s Investment LineupThe Committee is taking this opportunity to change the investment options available under the Plan. The new, carefully selected investments may give you a greater ability to create a diversified retirement portfolio in the Plan that matches your investment goals and preferences. See pages 4-6 for more details about these changes.

Choosing Different InvestmentsBeginning on March 31, 2020, you may change the way future contributions are invested before the new investment menu takes effect. If you do not provide investment instructions during this period, you can always make changes after the new menu is in effect.

Action Steps• Get advice. Has it been a while since you reviewed your

investment mix under the Plan? You’re eligible to receive Plan investment advice at no additional cost to you. It’s all about helping you retire on your terms.

• Check your beneficiary designation. These Plan changes are a good time to review not only your investment elections, but your beneficiary designations as well.

• Attend an informational webinar session. Find out about the Plan changes and steps you may wish to take. See pages 16 and 17 for details.

4

Overview: New Tiered Investment Options

Investment TiersThe Plan’s new investment options will be tiered, offering a variety of investments from several popular fund families in addition to TIAA and Fidelity. You can create a tailored retirement strategy by investing in options from any of the following tiers.

Tier 1: Target-Date Funds1, 2

Target-date funds provide a diversified investment portfolio within a single fund. The options in this tier are age-based target-date funds. Selecting a target-date fund may be a good choice if you prefer a hands-off approach to managing your retirement savings. The “target date” indicates when you may choose to begin making withdrawals (based on the year you reach age 65). The fund’s investments become more conservative as the target date approaches. After the target date, the fund may be merged into a fund designed for investors already in retirement.

Tier 2: Passively Managed FundsPassively managed funds use index mutual funds, which aim to replicate the performance and risk characteristics of one of several market indices (e.g., S&P 500 Index). These funds provide broad diversification within a single type of asset class at low costs.

Tier 3: Actively Managed FundsActively managed funds consist of actively managed investments, which are managed by a fund manager who buys and sells investments within the portfolio in an attempt to outperform a market benchmark.

Tier 4: TIAA and CREF Annuity AccountsVariable annuities offer potential for growth to help keep pace with rising costs. Their value will rise and fall. While they can provide retirement income guaranteed to last for your lifetime, the actual amount of income will vary.

1 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.

2 As with all mutual funds, the principal value of a target-date fund isn’t guaranteed at any time, even at the target date. The target date represents an approximate date when investors may choose to begin withdrawing from the fund.

5

New Investment OptionsThe new lineup enhances your ability to create a diversified retirement plan portfolio.1 To learn more about any of the investment options, including expenses, visit TIAA.org or Fidelity.com and enter the ticker symbol in the site’s search feature. Beginning March 31, 2020, you will also be able to view the updated investment lineup and details at TIAA.org/Fordham, or Fidelity NetBenefits® at netbenefits.com/Fordham.

Investment-specific FeesEach 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 allows you to compare investment fees.

As part of the Committee’s continued work to seek and implement the most effective and transparent solutions for the Plan, the Committee is currently deliberating a new fee structure later this year that it believes would be more transparent and equitable. The new fee structure will enable you to see (1) the cost of each investment option, as well as (2) fees paid for Plan administration.

Investment Options Birth Year Ticker Net Expense Ratio4 (%)

Tier 1: Target-Date Funds

Vanguard Institutional Target Retirement Income Institutional2 prior to 1948 VITRX 0.09Vanguard Institutional Target Retirement 2015 Institutional2 1948 – 1952 VITVX 0.09Vanguard Institutional Target Retirement 2020 Institutional2 1953 – 1957 VITWX 0.09Vanguard Institutional Target Retirement 2025 Institutional2 1958 – 1962 VRIVX 0.09Vanguard Institutional Target Retirement 2030 Institutional2 1963 – 1967 VTTWX 0.09Vanguard Institutional Target Retirement 2035 Institutional2 1968 – 1972 VITFX 0.09Vanguard Institutional Target Retirement 2040 Institutional2 1973 – 1977 VIRSX 0.09Vanguard Institutional Target Retirement 2045 Institutional2 1978 – 1982 VITLX 0.09Vanguard Institutional Target Retirement 2050 Institutional2 1983 – 1987 VTRLX 0.09Vanguard Institutional Target Retirement 2055 Institutional2 1988 – 1992 VIVLX 0.09Vanguard Institutional Target Retirement 2060 Institutional2 1993 – 1997 VILVX 0.09Vanguard Institutional Target Retirement 2065 Institutional2 1998 to present VSXFX 0.09

Tier 2: Passively Managed Funds

Vanguard Extended Market Index Institutional VIEIX 0.06Vanguard FTSE Social Index Admiral VFTAX 0.14Vanguard Institutional Index I VINIX 0.04Vanguard Real Estate Index Institutional VGSNX 0.10Vanguard Total Bond Market Index I VBTIX 0.04Vanguard Total International Bond Index Admiral™ VTABX 0.11Vanguard Total International Stock Index I VTSNX 0.08

Specifics: New TIAA and Fidelity Tiered Investment Options

The shaded funds are currently on the investment menu.

6

Investment products may be subject to market and other risk factors. See the prospectus by visiting TIAA.org or Fidelity.com and entering a ticker symbol in the site’s search feature.1 Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.2 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. As with all mutual funds, the principal value of a target-date fund isn’t guaranteed at any time, even at the target date. The target date represents an approximate date when investors may choose to begin withdrawing from the fund.

3 TIAA Traditional Annuity and TIAA Stable Value are guaranteed insurance contracts and not investments for federal securities law purposes. Any guarantees under annuities issued by Teachers Insurance and Annuity Association of America (TIAA) are subject to its 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.

4 A contractual or voluntary fee waiver may apply. Fee waivers are renewed annually. See fund prospectus for details.In order to provide the performance, stability and liquidity attributes of a stable value option, transfers from stable value options are subject to an industry-standard 90-day “equity wash” rule. The rule prohibits transfers 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 the Money Market Fund and the TIAA Real Estate Account. If you want to transfer amounts from TIAA Stable Value to competing funds, you must first transfer to noncompeting funds where the amount originally transferred must remain for 90 days before you can 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.

Investment Options Ticker Net Expense Ratio4 (%)

Tier 3: Actively Managed Funds

American Funds EuroPacific Growth R6 RERGX 0.49

American Funds New Perspective R6 RNPGX 0.45

American Funds New World R6 RNWGX 0.62

BlackRock Mid-Cap Growth Equity K BMGKX 0.75

Fidelity Contrafund K6* FLCNX 0.45Goldman Sachs Small Cap Growth Insights R6 GINUX 0.83Harbor Capital Appreciation Retirement** HNACX 0.58JPMorgan Total Return R6 JMTIX 0.42MFS Mid Cap Value R6 MVCKX 0.69NYL Guaranteed Interest Account* N/A N/ATIAA Stable Value3, ** N/A N/AVanguard Equity-Income Admin VEIRX 0.18Vanguard Inflation-Protected Securities I VIPIX 0.07Victory Integrity Small-Cap Value R6 MVSSX 0.95

Tier 4: TIAA and CREF Annuity Accounts**

CREF Money Market Account R2** (variable annuity) QCMMPX 0.28CREF Social Choice Account R2** (variable annuity) QCSCPX 0.29CREF Stock Account R2** (variable annuity) QCSTPX 0.35TIAA Real Estate Account** (variable annuity) QREARX 0.83TIAA Traditional3, ** (guaranteed annuity) N/A N/A

The shaded funds are currently on the investment menu. * These funds are only available on the Fidelity platform. ** These funds are only available on the TIAA platform.

Specifics: New TIAA and Fidelity Tiered Investment Options—Continued

7

What You Need to Do TIAA Participants

Investment Election Period Starting March 31, all Plan participants will be able to select investment options from the new menu during an investment election period. If you do not make changes to your portfolio between March 31 and May 14, your Plan balance will be transferred according to the transfer charts on pages 10-13. Please note, you are not required to take any action as a result of these changes. You continue to have the flexibility to change your contributions or assets at any time before or after these changes.

To Make Changes to Your TIAA Account• Visit TIAA.org/Fordham and log in to your account.

If you have not registered for online access, select Log in from the upper-right corner, then Register for online access.

• To change investments for future contributions:– In the ACTIONS menu, select Change your investments.

– Select Choose future investments, then Make changes, select the account/contract you would like to update and enter your investment instructions.

• To transfer assets among plan investment options:– In the ACTIONS menu, select Change your investments.

– Select Exchange, then Make changes, then select the account/contract you would like to update and enter your investment instructions.

• To change your beneficiary designation:– In the ACTIONS menu, select Add/edit beneficiaries.

We encourage you to use the research tools available on TIAA.org to find an asset allocation that may be appropriate for you. You may also contact TIAA financial consultants at 800-842-2776 to help you determine an investment election that suits your financial goals.

Have Questions?You can receive personalized retirement plan investment advice either over the phone or in person.

TIAATo schedule your advice session with TIAA, call 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). You can also schedule online at TIAA.org/schedulenow.

8

What You Need to Do Fidelity Participants

To Make Changes to Your Fidelity Account To enroll and log in to your account:

• Log on to Fidelity NetBenefits® at netbenefits.com/Fordham. If you already have a username and password with Fidelity, it will remain the same.

• If you do not have a Fidelity username and password, you can access Fidelity NetBenefits® at netbenefits.com/Fordham. Click Register at the top of the screen and follow the step-by-step instructions to set up your account. You will be asked for the last four digits of your SSN, your name, and your date of birth.

To change your contributions:

• After logging in, select Change Investments from the Quick Links menu for the plan in which you wish to make elections.

• When you are ready to make your elections, choose the Future Investments option under the Change Investments tab.

• After you click Change Investment Elections, scroll to the bottom and you’ll find Source: Re-enrollment Election. Select the investments in which you want to invest (total must equal 100%), then click Update & Continue. You will then be taken to the previous screen, where you will see your chosen elections. Click Next.

• You may be asked to select a delivery option for prospectus delivery. Either indicate you have received the prospectus in the past 30 days, or click View to review the prospectus for the options you have chosen online. To continue, click Next at the bottom of the screen.

• Review your investment elections and click Submit. You’re all set! You may wish to print a copy of the confirmation screen for your records.

To change your beneficiary designation:

• To change your beneficiary designation, choose Beneficiaries. The system will guide you through the process to designate your beneficiaries for the plan online. Be sure to designate beneficiaries for each plan in which you are enrolled.

We encourage you to use the research tools available on Fidelity NetBenefits® through the Planning and Guidance Center to find an asset allocation that may be appropriate for you. You can also contact Fidelity Retirement Planners at 800-603-4015 to help you determine and maintain your asset allocation in the Plan at Fidelity.

Have Questions?You can receive personalized retirement plan investment advice either over the phone or in person.

Fidelity

To speak to a Fidelity Retirement Planner, call 800-343-0860, weekdays, 8 a.m. to midnight (ET).If you would like to schedule a confidential consultation, visit getguidance.fidelity.com.

If you are unsure which investment options to choose, the Performance & Research tab provides detailed information for each investment option. If you would like further assistance, the Investment Guidance tab can help you create an asset allocation using a variety of online planning tools.

9

Transfer Strategy for Plan Participants

Additional Investment Lineup ChangesOn or about May 15, 2020, several investment options will be removed from the investment menu and replaced with current or newly-added investments.

Future ContributionsIf you’re currently contributing to the investment options in the left-hand column of the chart on the next page, any future contributions scheduled after May 15, 2020, will be invested in the replacement options shown in the right-hand column.

AssetsSeveral investments are being removed from the Plan. As a result, your balance in the funds that are being removed will be transferred according to the chart on the following page. Due to contractual restrictions of the TIAA and CREF annuity accounts, those assets may not be moved at the employer’s direction. If you would like to transfer any portion of your TIAA and CREF annuity account balances, please contact TIAA.

What Do I Need to Do?If you are satisfied with how your current investment elections will be modified, shown on pages 10-13, no action is required on your part. However, if you do not want these changes to take place, you must contact TIAA or Fidelity and complete a change of investments form.

Log on to Fidelity NetBenefits® at netbenefits.com/Fordham, or call 800-343-0860, weekdays, 8 a.m. to midnight (ET), or log in at TIAA.org/Fordham, or call TIAA at 800-842-2776, weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET).

10

Effective May 15, 2020, any assets you have in the investment options listed in the left-hand column will be transferred to the replacement investment on the right. If you are comfortable with the mapping strategy that the Committee and CAPTRUST have designed, no action is required. If you would like to make changes before the mapping occurs, you may do so as early as March 31, 2020.

Removed Investment Options Ticker Replacement Investment Options Ticker

American Funds New Perspective R5 RNPFX American Funds New Perspective R6 RNPGX

American Funds New World R5 RNWFX American Funds New World R6 RNWGX

BlackRock Inflation Protected Bond K BPLBX Vanguard Inflation-Protected Securities I VIPIX

BlackRock Strategic Income Opps Institutional BSIIX JPMorgan Total Return R6 JMTIX

CREF Growth Account R21 (variable annuity) QCGRPX Harbor Capital Appreciation Retirement HNACX

Goldman Sachs Small Cap Growth Insights Institutional

GSIOX Goldman Sachs Small Cap Growth Insights R6 GINUX

JPMorgan Total Return I JMTSX JPMorgan Total Return R6 JMTIX

Lord Abbett High Yield A LHYAX JPMorgan Total Return R6 JMTIX

Templeton Global Bond Adv TGBAX Vanguard Total International Bond Index Admiral™ VTABX

TIAA-CREF International Equity Index Institutional TCIEX Vanguard Total International Stock Index I VTSNX

TIAA-CREF Lifecycle 2010 Institutional TCTIX Vanguard Institutional Target Retirement Inc Institutional

VITRX

TIAA Transfer Chart

1 Please keep in mind that variable annuity assets will remain as invested. In these cases, the transfer strategy will only apply to future contributions.

The shaded funds are a transfer to a new share class of the same fund with a lower fee.

11


TIAA-CREF Lifecycle 2015 Institutional TCNIX Vanguard Institutional Target Retirement 2015 Institutional

VITVX

TIAA-CREF Lifecycle 2020 Institutional TCWIX Vanguard Institutional Target Retirement 2020 Institutional

VITWX

TIAA-CREF Lifecycle 2025 Institutional TCYIX Vanguard Institutional Target Retirement 2025 Institutional

VRIVX

TIAA-CREF Lifecycle 2030 Institutional TCRIX Vanguard Institutional Target Retirement 2030 Institutional

VTTWX

TIAA-CREF Lifecycle 2035 Institutional TCIIX Vanguard Institutional Target Retirement 2035 Institutional

VITFX

TIAA-CREF Lifecycle 2040 Institutional TCOIX Vanguard Institutional Target Retirement 2040 Institutional

VIRSX

TIAA-CREF Lifecycle 2045 Institutional TTFIX Vanguard Institutional Target Retirement 2045 Institutional

VITLX

TIAA-CREF Lifecycle 2050 Institutional TFTIX Vanguard Institutional Target Retirement 2050 Institutional

VTRLX

TIAA-CREF Lifecycle 2055 Institutional TTRIX Vanguard Institutional Target Retirement 2055 Institutional

VIVLX

TIAA-CREF Lifecycle 2060 Institutional TLXNX Vanguard Institutional Target Retirement 2060 Institutional

VILVX

TIAA-CREF Lifecycle Retire Income Institutional TLRIX Vanguard Institutional Target Retirement Inc Institutional

VITRX

TIAA-CREF S&P 500 Index Institutional TISPX Vanguard Institutional Index I VINIX

Vanguard Emerging Markets Stock Index Admiral VEMAX American Funds New World R6 RNWGX

Vanguard Intmdt-Term Treasury Index Admiral VSIGX Vanguard Total Bond Market Index I VBTIX

Vanguard Long-Term Treasury Index Admiral VLGSX Age-related target-date fundVarious

funds (see page 5)

Vanguard Shrt-Term Infl-Prot Securities Index Admiral

VTAPX Vanguard Inflation-Protected Securities I VIPIX

Vanguard Small Cap Index I VSCIX Vanguard Extended Market Index Institutional VIEIX

Vanguard Total Bond Market Index Admiral VBTLX Vanguard Total Bond Market Index I VBTIX

Vanguard Total Stock Market Index I VITSX Vanguard Institutional Index I VINIX

Victory Integrity Small-Cap Value Y VSVIX Victory Integrity Small-Cap Value R6 MVSSX

TIAA Transfer Chart—Continued


12

Fidelity Transfer Chart

Effective May 15, 2020, any assets you have in the investment options listed in the left-hand column will be transferred to the replacement investment on the right. If you are comfortable with the mapping strategy that the Committee and CAPTRUST have designed, no action is required. If you would like to make changes before the mapping occurs, you may do so as early as March 31, 2020.


American Funds New Perspective R5 RNPFX American Funds New Perspective R6 RNPGX

Black Rock Strategic Income Opps BSIIX JPMorgan Total Return R6 JMTIX

BlackRock Inflation Protected Bond K BPLBX Vanguard Inflation-Protected Secs I VIPIX

Fidelity 500 Index FXAIX Vanguard Institutional Index VINIX

Fidelity Freedom Funds KVarious

funds (see page 5)

Vanguard Institutional Target Retirement Various

funds (see page 5)

Goldman Sachs Small Cap Growth Insights Institutional

GSIOX Goldman Sachs Small Cap Growth Insights R6 GINUX

JPMorgan Total Return I JMTSX JPMorgan Total Return R6 JMTIX

Lord Abbett High Yield A LHYAX JPMorgan Total Return R6 JMTIX

Templeton Global Bond Adv TGBAX Vanguard Total International Bond Index Admiral VTABX


13

Fidelity Transfer Chart—Continued

Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Investing involves risk, including risk of loss.For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund’s total net assets. Expense ratios change periodically and are drawn from the fund’s prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports.


Vanguard Emerging Markets Stock Index Admiral VEMAX American Funds New World R6 RNWGX

Vanguard Intermediate Term Trs Index Adminral VSIGX Vanguard Total Bond Market Index VBTIX

Vanguard Long Term Treasury Index Admiral VLGSX Vanguard Institutional Target Retirement Various

funds (see page 5)

Vanguard Short Term Inflation Protected Securities

VTAPX Vanguard Inflation-Protected Secs I VIPIX

Vanguard Small Cap Index I VSCIX Vanguard Extended Market Index VIEIX

Vanguard Total Stock Market Index VITSX Vanguard Institutional Index VINIX

Victory Integrity Small-Cap Value Y VSVIX Victory Integrity Small-Cap Value R6 MVSSX


Have Questions?If you have questions about any of the fees associated with your retirement plan, you can visit Fidelity NetBenefits® at netbenefits.com/Fordham, or call the Fidelity Retirement Service Center at 800-343-0860, weekdays, 8 a.m. to midnight (ET).

14

Examples of Portfolio Mapping

TIAA ParticipantBelow is an example of how your TIAA contributions will be invested if you do not make an election during the open election period from March 31 through May 14, 2020.

If your Fordham University Retirement Plan assets and investment elections were:

40% in TIAA Traditional (guaranteed annuity)

40% in CREF Stock

20% in CREF Growth

On May 15, your assets and investment elections will be:


40% in CREF Stock

20% in Harbor Capital Appreciation*

* Only future contributions will be directed to this fund. Assets in the CREF Growth Account will remain as invested.

Fidelity ParticipantBelow is an example of how your Fidelity contributions will be invested if you do not make an election during the open election period from March 31 through May 14, 2020.


100% in Fidelity Freedom 2040 K


100% in Vanguard Institutional Target Retirement 2040 Institutional

15

Examples of Portfolio Mapping —Continued

Diversified ParticipantBelow is an example of how your contributions will be invested if you do not make an election during the open election period from March 31 through May 14, 2020.





5% in BlackRock Inflation Protected Bond K

5% in Vanguard Inflation-Protected Secs I

20% in JPMorgan Total Return I 20% in JPMorgan Total Return R6

5% in Lord Abbett High Yield A 5% in JPMorgan Total Return R6

20% in TIAA-CREF S&P 500 Instl 20% in Vanguard Institutional Index

10% in CREF Growth 10% in Harbor Capital Appreciation*

20% in Vanguard Equity-Income Adm 20% in Vanguard Equity-Income Adm

5% in Victory Integrity Small-Cap Value Y

5% in Victory Integrity Small-Cap Value R6

5% in Vanguard Small Cap Index I 5% in Vanguard Extended Market Index

* Only future contributions will be directed to this fund. Assets in the CREF Growth Account will remain as invested.

16

To learn more about these changes and how they may impact your account, we encourage you to attend an informational webinar during one of the dates and times listed below.

Date Time Location

Tuesday, March 3110 a.m. – 11 a.m. 1 p.m. – 2 p.m. Look for an email from the Office of Human

Resources Management that will include the webinar dial-in instructions.

Wednesday, April 1 2 p.m. – 3 p.m.

Thursday, April 210 a.m. – 11 a.m. 1 p.m. – 2 p.m.

If you are unable to attend any of the live webinars at the times above, a pre-recorded presentation will be available by April 2, at TIAA.org/Fordham.

One-on-One Counseling SessionsThe TIAA and Fidelity one-on-one sessions listed below will be held each day from 10 a.m. to 4 p.m. (ET). To schedule an appointment, go to TIAA.org/schedulenow or Fidelity NetBenefits® at netbenefits.com/Fordham.

Location Fidelity TIAA

Rose Hill Thursday, April 23 Wednesday, April 8

Monday, May 4 Wednesday, April 22

Friday, May 22 Wednesday, May 6

Thursday, June 18 Wednesday, May 20

Wednesday, June 10

Lincoln Center Monday, April 27 Tuesday, April 7

Thursday, May 7 Tuesday, April 21

Thursday, May 14 Tuesday, May 5

Friday, June 19 Tuesday, May 19

Tuesday, June 9

Presentation Schedule

17

Not sure where to begin? Let us help you take the next step!

TIAAManage your TIAA account online by going to TIAA.org/Fordham and selecting Log In.

If you’re new to TIAA, select Log in, then click Register for online access. Follow the on-screen directions to gain online access to your account.

FidelityYou can update your account online by going to Fidelity NetBenefits® at netbenefits.com/Fordham. Enter your username and password and click Log in.

If you’re new to Fidelity, select Register and follow the on-screen directions.

TIAAIf you have any questions or would like assistance selecting your new investment options, call TIAA at 800-842-2776, weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. (ET).

FidelityIf you have any questions or would like assistance selecting your new investment options, you can call Fidelity at 800-343-0860, weekdays, 8 a.m. to midnight (ET).

Phone Online

We’re Here to Help

1093171 1311501-Guide (03/20)

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.

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 products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org/Fordham for details. Investment products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org/Fordham for details. 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/Fordham 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, Member FINRA, distributes 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. ©2020 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

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