retirement plan enhancements

Your Davidson College Retirement Plan

ENHANCEMENTS GUIDE

14853_01_BRO_Davidson.indd 1 5/4/14 8:31 AM

NOW IS A GREAT TIME TO TAKE ADVANTAGE OF YOUR DAVIDSON RETIREMENT PLAN BENEFITS.Davidson College (the “College”) is pleased to announce significant enhancements to our Retirement Plans (the “Plans”), all of which are designed to better serve employees in achieving their retirement goals.

While Fidelity Investments and TIAA-CREF will remain our two plan vendors, effective June 30, 2014, Fidelity will support our enrollment process and provide ongoing service for both Fidelity and TIAA-CREF retirement plan participants.

A new Davidson College Retirement Planning Web site will enable users to enroll and make changes with either vendor, and will provide valuable retirement planning resources and tools. You will no longer need to complete a paper form to make a change to your contribution amount or to change your investment services provider. These transactions can both be completed on the new Web site, which will be announced June 30, 2014.

In addition, there will be meaningful changes to the fund lineup offered by both providers. The end result is an easy-to-understand, three-tier plan with a simplified menu of low-cost, high-quality investment options. This guide provides a summary of the investment option changes and outlines how your account may be affected.

TABLE OF CONTENTS

Enhancements to Your Plan 1

Fidelity Investment Option Summary and Mapping 2

TIAA-CREF Investment Option Summary and Mapping 5

Default Investment Options for Both Providers 8

New Web Site and Retirement Service Center 9

Next Steps 10


ENHANCEMENTS TO YOUR PLANBoth Fidelity Investments and TIAA-CREF will continue to be investment services providers to which you can direct your payroll contributions. Effective June 30, 2014, Fidelity Investments will become the primary administrative services provider for enrolling in the Plans, changing your payroll contributions, and choosing your investment services provider for the Retirement Plans.

Faculty and Staff who currently contribute to TIAA-CREF may continue to do so. You will not be required to re-enroll in your Plan. Your contributions will continue to be invested with your chosen investment services provider, although the investment options will change, as described in this guide.

Beginning June 30, 2014, any changes to your payroll contributions and/or investment services provider elections will be made through the new Davidson College Retirement Planning Web site or by calling the Fidelity Retirement Service Center.

The Plans will continue to offer the following products and services:

Choice of investment services providers: Fidelity Investments and TIAA-CREF

Employer contributions directed to your chosen investment services provider

Employee contributions directed to your chosen investment services provider

On-site representatives from both Fidelity Investments and TIAA-CREF

Beneficiary designations updated through your chosen investment services provider

Loans and withdrawal options

Quarterly statements and required notifications

The Plans will offer the following new services:

A new Web site that provides Plan information, retirement planning tools, and access to log in to your account to make changes to your payroll contribution and investment services provider

A revised investment option lineup

A dedicated retirement service center to enroll or make changes to your payroll contribution and investment services provider

A direct online link from the new Web site to access your TIAA-CREF account

June 24, 2014, will be the last day to change your investment services provider or change your current payroll contribution. After this date, you will need to wait until June 30, 2014, to make changes through the new site. You can continue to make changes to your investments or process a loan or withdrawal

at any time through your service provider.

The new Web site will go live on June 30, 2014. In the meantime, please continue to use your investment services provider’s current Web site when accessing your account.

For Fidelity Investments, online at www.fidelity.com/atwork or call 800-343-0860.

For TIAA-CREF, online at www.tiaa-cref.org/davidsoncollege or call 800-842-2252.

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YOUR PLANS’ INVESTMENT OPTIONS

Investment Option Overview — Fidelity AccountsBefore 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.

The new lineup of investment options in the Plans gives you a choice of mutual funds that cover the major asset classes: stocks, bonds, and short-term investments. These investment options give you the flexibility to build your own strategy to meet your needs.

INVESTMENT OPTIONS AS OF JUNE 28, 2014 TICKER SYMBOL

TIER I

Vanguard Target Retirement Income Fund Investor Shares VTINX

Vanguard Target Retirement 2010 Fund Investor Shares VTENX

Vanguard Target Retirement 2015 Fund Investor Shares VTXVX

Vanguard Target Retirement 2020 Fund Investor Shares VTWNX

Vanguard Target Retirement 2025 Fund Investor Shares VTTVX

Vanguard Target Retirement 2030 Fund Investor Shares VTHRX

Vanguard Target Retirement 2035 Fund Investor Shares VTTHX

Vanguard Target Retirement 2040 Fund Investor Shares VFORX

Vanguard Target Retirement 2045 Fund Investor Shares VTIVX

Vanguard Target Retirement 2050 Fund Investor Shares VFIFX

Vanguard Target Retirement 2055 Fund Investor Shares VFFVX

Vanguard Target Retirement 2060 Fund Investor Shares VTTSX

TIER II

Fidelity® Money Market Trust Retirement Money Market Portfolio FRTXX

PIMCO Total Return Fund Administrative Class PTRAX

Vanguard Total Bond Market Index Fund Admiral Shares VBTLX

Fidelity® Balanced Fund FBALX

Vanguard 500 Index Fund Admiral Class VFIAX

Fidelity® Contrafund® FCNTX

Vanguard Extended Market Index Fund Admiral Shares VEXAX

American Funds EuroPacific Growth Fund Class R-5 RERFX

Cohen & Steers Realty Shares Fund CSRSX

Vanguard Total International Stock Index Admiral VTIAX

TIER III

Fidelity BrokerageLink® N/A


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Investment Options that Are Changing in Fidelity AccountsAny current balances or future contribution elections that you have in the current investment options listed on the left side of the table below as of June 27, 2014, will be transferred to the new option on the right.

If you prefer to invest your future contributions, loan repayments, or current balances differently prior to the transfer, please contact Fidelity at www.fidelity.com/atwork or call 800-343-0860. You can also make changes in your account once the transfer is complete.

CURRENT INVESTMENT OPTION AS OF 4 P.M. ET, JUNE 27, 2014

TICKER SYMBOL

NEW INVESTMENT OPTION AS OF JUNE 28, 2014

TICKER SYMBOL

Fidelity® Total Bond Fund FTBFX PIMCO Total Return Fund Administrative Class PTRAX

Fidelity® Capital & Income Fund* FAGIX PIMCO Total Return Fund Administrative Class PTRAX

AllianzGI NFJ Dividend Value Fund Administrative Class

ANDAX Fidelity® Contrafund® FCNTX

Spartan® 500 Index Fund — Fidelity Advantage Class FUSVX Vanguard 500 Index Fund Admiral Class VFIAX

Davis New York Venture Fund Class A NYVTX Vanguard 500 Index Fund Admiral Class VFIAX

Fidelity® Capital Appreciation Fund FDCAX Fidelity® Contrafund® FCNTX

Artisan Mid Cap Value Fund Investor Class ARTQXVanguard Extended Market Index Fund Admiral Shares

VEXAX

Spartan® Extended Market Index Fund — Fidelity Advantage Class*

FSEVXVanguard Extended Market Index Fund Admiral Shares

VEXAX

Munder Mid-Cap Core Growth Fund Class Y MGOYXVanguard Extended Market Index Fund Admiral Shares

VEXAX

Third Avenue Value Fund Institutional Class* TAVFX American Funds EuroPacific Growth Fund Class R-5 RERFX

Fidelity® International Discovery Fund* FIGRX American Funds EuroPacific Growth Fund Class R-5 RERFX

Spartan® International Index Fund — Fidelity Advantage Class*

FSIVXVanguard Total International Stock Index Admiral Shares

VTIAX

Loomis Sayles Small Capital Value Fund Retail Class LSCRXVanguard Extended Market Index Fund Admiral Shares

VEXAX

Northern Small Cap Value Fund NOSGXVanguard Extended Market Index Fund Admiral Shares

VEXAX

Royce Value Plus Fund Service Class RYVPXVanguard Extended Market Index Fund Admiral Shares

VEXAX

Lazard Emerging Markets Equity Portfolio Institutional Shares*

LZEMX American Funds EuroPacific Growth Fund Class R-5 RERFX

Fidelity Freedom® Income Fund FFFAXVanguard Target Retirement Income Fund Investor Shares

VTINX

Fidelity Freedom® 2000 Fund FFFBXVanguard Target Retirement Income Fund Investor Shares

VTINX


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CURRENT INVESTMENT OPTION AS OF 4 P.M. ET, JUNE 27, 2014

TICKER SYMBOL


TICKER SYMBOL

Fidelity Freedom® 2005 Fund FFFVXVanguard Target Retirement Income Fund Investor Shares

VTINX

Fidelity Freedom® 2010 Fund FFFCXVanguard Target Retirement 2010 Fund Investor Shares

VTENX

Fidelity Freedom® 2015 Fund FFVFXVanguard Target Retirement 2015 Fund Investor Shares

VTXVX

Fidelity Freedom® 2020 Fund FFFDXVanguard Target Retirement 2020 Fund Investor Shares

VTWNX

Fidelity Freedom® 2025 Fund FFTWXVanguard Target Retirement 2025 Fund Investor Shares

VTTVX

Fidelity Freedom® 2030 Fund FFFEXVanguard Target Retirement 2030 Fund Investor Shares

VTHRX

Fidelity Freedom® 2035 Fund FFTHXVanguard Target Retirement 2035 Fund Investor Shares

VTTHX

Fidelity Freedom® 2040 Fund FFFFXVanguard Target Retirement 2040 Fund Investor Shares

VFORX

Fidelity Freedom® 2045 Fund FFFGXVanguard Target Retirement 2045 Fund Investor Shares

VTIVX

Fidelity Freedom® 2050 Fund FFFHXVanguard Target Retirement 2050 Fund Investor Shares

VFIFX

* A short-term trading fee will not be charged as part of this transition. If you request a change before this transition without satisfying the required holding period, you may incur a short-term trading fee.

Investment Options that Are Not Changing in Fidelity AccountsFuture contributions and existing balances that you have in any of the following investment options will continue to be invested in the same funds.

CURRENT INVESTMENT OPTIONTICKER SYMBOL

Fidelity® Money Market Trust Retirement Money Market Portfolio FRTXX

Fidelity® Balanced Fund FBALX

Cohen & Steers Realty Shares Fund CSRSX


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Investment Option Overview — TIAA-CREF AccountsInvestment, 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. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org/davidsoncollege for details. You should consider the investment objectives, risks, charges and expenses carefully before investing. For more information on your current investment options with TIAA-CREF, please call 800-842-2252 or go to www.tiaa-cref.org/davidsoncollege for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

The information on your new investment options that will be available in the Plans effective June 27, 2014, will be available online at www.tiaa-cref.org/davidsoncollege beginning June 1, 2014.

The new lineup of investment choices in the Plans gives you a variety of options that cover the major asset classes: stocks, bonds, and short-term investments. These investment options give you the flexibility to build your own strategy to meet your needs.

INVESTMENT OPTIONS AS OF JUNE 27, 2014 TICKER SYMBOL

TIER I

Vanguard Target Retirement Income Fund Investor Shares VTINX

Vanguard Target Retirement 2010 Fund Investor Shares VTENX

Vanguard Target Retirement 2015 Fund Investor Shares VTXVX

Vanguard Target Retirement 2020 Fund Investor Shares VTWNX

Vanguard Target Retirement 2025 Fund Investor Shares VTTVX

Vanguard Target Retirement 2030 Fund Investor Shares VTHRX

Vanguard Target Retirement 2035 Fund Investor Shares VTTHX

Vanguard Target Retirement 2040 Fund Investor Shares VFORX

Vanguard Target Retirement 2045 Fund Investor Shares VTIVX

Vanguard Target Retirement 2050 Fund Investor Shares VFIFX

Vanguard Target Retirement 2055 Fund Investor Shares VFFVX

Vanguard Target Retirement 2060 Fund Investor Shares VTTSX

TIER II

TIAA Traditional Account Guaranteed Annuity

CREF Money Market Account Variable Annuity

PIMCO Total Return Fund Administrative Shares PTRAX

Vanguard Total Bond Market Index Fund Admiral Shares VBTLX

Vanguard Extended Market Index Fund Admiral Shares VEXAX

American Funds EuroPacific Growth Fund Class R-5 RERFX

Vanguard 500 Index Fund Admiral Class VFIAX

Vanguard Total International Stock Index Admiral Shares VTIAX

CREF Social Choice Account Variable Annuity

CREF Stock Account Variable Annuity

TIAA Real Estate Account Variable Annuity


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Investment Options that Are Changing in TIAA-CREF AccountsThe charts below and on the next page outline the changes that will take place within TIAA-CREF accounts on June 27, 2014. In some cases, both current balances and future contribution elections within an option will transfer to a different investment option. In others, only future contribution elections will be transferred.

If you currently invest in an investment option where your balance will remain, but your future contributions will not, that balance will become frozen. No new monies may be transferred into that investment option. Exchanges out of the option will still be available at any time.

Eligible loan and withdrawal amounts will not be affected by having a balance in a frozen fund.

Please review your current investment options and refer to the charts below and on the next page to understand how your account will be affected by these changes.

If you prefer to invest your future contributions, loan repayments, or current balances differently prior to the transfer, please contact TIAA-CREF at www.tiaa-cref.org/davidsoncollege or call 800-842-2252 before June 27, 2014, to request a change. You can also make changes in your account once the transfer is complete.

TIAA-CREF Account Investment Options from Which Both Existing Balances and Future Contributions Will Transfer to a Different FundExisting balances and future contribution elections that you have in any of the current investment options listed on the left side of the table below as of June 27, 2014, will be transferred to the new option on the right.

CURRENT INVESTMENT OPTION AS OF JUNE 27, 2014

TICKER SYMBOL


TICKER SYMBOL

Western Asset Core Plus Bond Fund Class I WACPX PIMCO Total Return Fund Administrative Shares PTRAX

TIAA-CREF Large-Cap Value Fund Retirement Class TRLCX CREF Stock AccountVariable Annuity

Washington Mutual Investors FundSM RWMFX CREF Stock AccountVariable Annuity

TIAA-CREF Mid-Cap Value Fund Retirement Class TRVRXVanguard Extended Market Index Fund Admiral Shares

VEXAX

TIAA-CREF Mid-Cap Growth Fund Retirement Class

TRGMXVanguard Extended Market Index Fund Admiral Shares

VEXAX

TIAA-CREF International Equity Fund Retirement Class

TRERX American Funds EuroPacific Growth Fund Class R-5 RERFX

TIAA-CREF Small-Cap Equity Fund Retirement Class

TRSEXVanguard Extended Market Index Fund Admiral Shares

VEXAX

TIAA-CREF Lifecycle Retirement Income Fund Retirement Class

TLIRXVanguard Target Retirement Income Fund Investor Shares

VTINX


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CURRENT INVESTMENT OPTION AS OF JUNE 27, 2014

TICKER SYMBOL


TICKER SYMBOL

TIAA-CREF Lifecycle 2010 Fund Retirement Class TCLEXVanguard Target Retirement 2010 Fund Investor Shares

VTENX

TIAA-CREF Lifecycle 2015 Fund Retirement Class TCLIXVanguard Target Retirement 2015 Fund Investor Shares

VTXVX

TIAA-CREF Lifecycle 2020 Fund Retirement Class TCLTXVanguard Target Retirement 2020 Fund Investor Shares

VTWNX

TIAA-CREF Lifecycle 2025 Fund Retirement Class TCLFXVanguard Target Retirement 2025 Fund Investor Shares

VTTVX

TIAA-CREF Lifecycle 2030 Fund Retirement Class TCLNXVanguard Target Retirement 2030 Fund Investor Shares

VTHRX

TIAA-CREF Lifecycle 2035 Fund Retirement Class TCLRXVanguard Target Retirement 2035 Fund Investor Shares

VTTHX

TIAA-CREF Lifecycle 2040 Fund Retirement Class TCLOXVanguard Target Retirement 2040 Fund Investor Shares

VFORX

TIAA-CREF Lifecycle 2045 Fund Retirement Class TTFRXVanguard Target Retirement 2045 Fund Investor Shares

VTIVX

TIAA-CREF Lifecycle 2050 Fund Retirement Class TLFRXVanguard Target Retirement 2050 Fund Investor Shares

VFIFX

TIAA-CREF Lifecycle 2055 Fund Retirement Class TTRLXVanguard Target Retirement 2055 Fund Investor Shares

VFFVX

TIAA-CREF Account Investment Options from Which Only Future Contributions Will Transfer to a Different Option. Existing Balances Will Remain in the Same Option.Future contribution elections for any of the current investment options listed on the left side of the table below as of June 27, 2014, will be transferred to the investment option on the right side of the chart.

Current balances in the investment options listed in the left side of the chart below will remain in the same investment option and will not be transferred. The options listed on the left side of the chart below will become frozen options. After June 30, 2014, no new contributions or changes into the frozen options will be permitted. You will still be able request an exchange out of the option to another available investment option in the Plans at any time.

CURRENT INVESTMENT OPTION AS OF JUNE 27, 2014 TICKER SYMBOL

FUTURE CONTRIBUTIONS WILL BE DIRECTED TO THE OPTION BELOW AFTER JUNE 30, 2014 TICKER SYMBOL

CREF Bond Market Account Variable Annuity PIMCO Total Return Fund Administrative Shares PTRAX

CREF Inflation-Linked Bond Account Variable Annuity PIMCO Total Return Fund Administrative Shares PTRAX

CREF Equity Index Account Variable Annuity Vanguard 500 Index Fund Admiral Class VFIAX

CREF Growth Account Variable Annuity CREF Stock Account Variable Annuity

CREF Global Equities Account Variable Annuity American Funds EuroPacific Growth Fund Class R-5 RERFX


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Investment Options that Are Not Changing in TIAA-CREF AccountsFuture contributions and balances that you have in any of the following investment options will continue to be invested in the same option.

CURRENT INVESTMENT OPTION TICKER SYMBOL

TIAA Traditional Account Guaranteed Annuity

CREF Money Market Account Variable Annuity

CREF Social Choice Account Variable Annuity

CREF Stock Account Variable Annuity

TIAA Real Estate Account Variable Annuity

American Funds EuroPacific Growth Fund R5 RERFX

Default Investment Options for Fidelity and TIAA-CREF AccountsThe College has determined that any future contributions to your Plan account that you have not directed to a specific investment option will be invested in a Vanguard Target Retirement Fund Investor Shares. This applies only if you have not provided an investment mix for your contributions. Your future contributions will be invested in the lifecycle fund that has a target retirement date closest to the year you might retire, assuming a retirement age of 65, at the direction of the College.

Please see the chart below to determine in which fund your contributions will be invested if no elections are on file.

DATE OF BIRTH VANGUARD TARGET RETIREMENT FUNDRETIREMENT DATE RANGE

Before 12/31/1942 Vanguard Target Retirement Income Fund Investor Shares Retired before 2007

1/1/1943–12/31/1947 Vanguard Target Retirement 2010 Fund Investor Shares 2008–2012










1/1/1993 or later Vanguard Target Retirement 2060 Fund Investor Shares 2058 and later

Date ranges were selected by your Plan Sponsor.


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NEW WEB SITE AND RETIREMENT SERVICE CENTERBeginning June 30, 2014, it will be easier for you to enroll in the Plans, change your payroll contribution, and change your investment services provider. Everything will be available online, virtually 24 hours a day, 7 days a week, through the new Davidson College Retirement Planning Web site. You will no longer need to complete a paper form.

You will no longer be contacting Human Resources to enroll, or for payroll contribution changes.

The new Web site is currently in development and will be available to you beginning June 30, 2014. You will receive an announcement including the new Web site address and instructions on how to access your account. In the meantime, please feel free to continue to use your existing Web site with your current investment services provider until the new one is announced.

Fidelity Investments: www.fidelity.com/atwork

TIAA-CREF: www.tiaa-cref.org/davidsoncollege

To reach the Retirement Service Center by phoneYou may also access your account or speak with a Customer Service Representative by calling Fidelity toll free at 800-343-0860, Monday through Friday (excluding New York Stock Exchange holidays) from 8:30 a.m. to midnight Eastern time.

For changes to TIAA-CREF accounts, please call 800-842-2252, Monday through Friday, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to 6 p.m. ET.


Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.TIAA-CREF and Fidelity Investments are independent entities and are not legally affiliated.

This document provides only a summary of the main features of the Davidson College 403(b) Retirement Plan and Tax Deferred Annuity Plan and the Plan document will govern in the event of any discrepancies.

The Plans are intended to be participant-directed plans as described in Section 404(c) of ERISA, which means that fiduciaries of the Plans are ordinarily relieved of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary.

Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917

© 2014 FMR LLC. All rights reserved.

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NEXT STEPSNo action is required on your part; however, you may want to revisit your investing strategy to make sure it is appropriate for your retirement savings goals.

Steps you can take now

Watch the Plan Enhancements workshop presentation online

If you were not able to attend an on-site meeting, you can watch the presentation online at your convenience at https://www.brainshark.com/fidelityemg/davidson.

Steps you can take beginning June 30, 2014

Set up your username and password.

Details on how to set up your username and password will be forthcoming. If you are a current Fidelity customer and already have a username and a password, you can use them to access your account on the new Web site.

Review your investment services provider selection and payroll contribution amount.

Determine whether you want to make any changes to your investment services provider or change your voluntary payroll contribution amount. If you don’t want to make any changes, no action is required.

Register your email address and set your communication delivery preferences.

You can do both under the Your Profile tab once logged on to the new Web site to ensure you’ll receive important communications the way you prefer.

Review or update your beneficiaries.

If you haven’t already done so, be sure to provide your beneficiary information to your selected investment services provider. Now is a good time to review or update your beneficiary designation.

Take advantage of online account access, tools, and calculators.

Get details on all your investments, including account statements, current prices, and historical performance. The Davidson College Retirement Planning Web site also provides many tools and calculators to help you create a successful savings and retirement strategy.

Schedule a confidential consultation.

Now is a great time to schedule an appointment for a confidential consultation to discuss your retirement planning goals.

For a confidential consultation with Fidelity, call 800-642-7131.

For a confidential consultation with TIAA-CREF, call 866-843-5640.


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