Whittier College is pleased to announce several changes to the Whittier College Retirement Program, effective November 1, 2017.

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

Table of contentsAction plan for the changes 1

Your transition experience 2-3

Your updated menu 4

Plan consolidation and For more information 5

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

Highlights• New Retirement Choice contract(s) will be issued for the Whittier College Defined

Contribution Retirement Plan for all future contributions and any existing mutual funds balances will be transferred to these new accounts.

• Whittier College is updating the investment menu and existing contracts and replacing some of the current investment options with lower-cost investments. The new investments, carefully selected by Whittier College for its employees, enhances your ability to create a diversified retirement portfolio.

• Plan Consolidation. The Defined Contribution Retirement Plan and the Tax-Deferred Annuity Supplemental Plan will be merged into one single, consolidated plan.

• Change your payroll deductions online. Soon you will be able to change the amount you are deducting from your paycheck to the retirement plan, through an online request. You will no longer need to submit a paper form. Just complete and electronically submit the salary deferral agreement from your online account at TIAA. Be sure you contribute the minimum deferral percentage required to receive the full employer matching contribution.

Action plan for the changes• Visit TIAA.org/whittier for information on the updates, to review the new investment

options and to determine your investment strategy.

• Attend a group information session and/or schedule a one-on-one advice session.

• Change your payroll deductions online. Just complete and electronically submit the salary deferral agreement from your online account at TIAA. Be sure you contribute the minimum deferral percentage required to receive the full employer matching contribution.

• Review and update your beneficiary designation.*

Key datesOctober 10On-site seminars and one-on-one advice sessions begin.Week of October 30• Plan consolidation takes place• Whittier College Defined

Contribution Retirement Plan participants will be enrolled and a confirmation will be sent to you.

• On or about this date, your existing mutual fund balances will be transferred to your new account(s) in the Whittier College Defined Contribution Retirement Plan. See page 2-3.

November 1Changes take effect. All contributions will be directed to your new account.

* For married participants: Under many retirement plans, spouses are entitled to receive 50% of the participant's retirement plan assets. If you would like to direct less than 50% to your spouse, you and your spouse will need to complete a spousal waiver form.

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

New accounts for the Whittier College Defined Contribution Retirement Plan participantsWhittier College has instructed TIAA to enroll participants in the Whittier College Defined Contribution Retirement Plan in a new Retirement Choice contract on October 30, 2017. All future plan contributions will be directed to your new TIAA accounts.

Starting November 1, 2017, you can visit TIAA.org/whittier to log in to your account, select your investments from the new menu and update your beneficiary designation(s). New users will need to register for online access.

There are a number of differences between your existing contract(s) and the new Retirement Choice 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 contract, 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. The adjustable rate guarantee in the new contracts allow TIAA to be more responsive to the prevailing interest rate environment, and provides the potential for higher credited rates through the crediting of additional amounts.*

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

• TIAA Traditional balances in the Retirement Choice contract can be liquidated within a shorter time frame than under the existing contracts.

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

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

Transfer chart for the Whittier College Defined Contribution Retirement Plan participants assets and future contributionsDuring the week of October 30, 2017, any existing mutual funds balances will be transferred to these new accounts. Your future contributions and account balance(s) will be transferred to your new account and the new investment options. Your contributions will be transferred as shown on the next page. Any balance(s) in existing TIAA and CREF annuity contracts will remain there, although no new contributions, rollovers or transfers may be made to them.

Removed and replacement investments Effective November 1, 2017, investment options will be removed from the investment menu and replaced with new options.

AssetsIf you have any assets in the investment options listed in the left-hand column, they will be transferred to the replacement investments listed in the right-hand column.

* Guarantees are subject to TIAA's claims-paying ability.The TIAA Traditional Annuity offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis 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.

Your transition experience

continued

Questions? Call 800-842-2252 or visit TIAA.org/whittier 3

Future contributionsIf you’re currently contributing to the investment options in the left-hand column below, any future contributions will be invested in the replacement options as shown below.

Current option Ticker symbol Replacement option Ticker symbol TIAA-CREF International Eq Retirement TRERX Hartford International Opportunities R5 IHOTX TIAA-CREF Mid-Cap Growth Retirement TRGMX MassMutual Select Mid Cap Gr Eq II R5 MGRFX TIAA-CREF Large-Cap Value Retirement TRLCX JPMorgan Value Advantage R4 JVAQX TIAA-CREF Small-Cap Equity Retirement TRSEX Hartford SmallCap Growth R5 HSLTX TIAA-CREF Mid-Cap Value Retirement TRVRX MFS Mid Cap Value R4 MVCJX

Restricted and replacement investmentsEffective November 1, 2017, Whittier College will restrict investment options and they will no longer accept new contributions, transfers or rollovers. Your existing assets will remain in these investments unless you make a change to your account.

Future contributionsIf you currently contribute to any of the restricted investment options, any future contributions will be directed in the replacement options as shown in this section.

Restricted investment option Ticker symbol New investment option Ticker symbolCREF Bond Market R2 (Variable Annuity) QCBMPX BlackRock Total Return Institutional MAHQXCREF Equity Index R2 (Variable Annuity) QCEQPX Vanguard 500 Index Admiral VFIAXCREF Global Equities R2 (Variable Annuity) QCGLPX Age Related Lifecycle Fund VARIOUS CREF Growth R2 (Variable Annuity) QCGRPX Harbor Capital Appreciation Admin HRCAXCREF Inflation-Linked Bond R2 (Variable Annuity) QCILPX BlackRock Total Return Institutional MAHQXCREF Money Market R2 (Variable Annuity) QCMMPX TIAA-CREF Money Market Retirement TIEXX

Target-date fund birth chartWhittier College has selected the lifecycle funds below as the plan’s default investment options. If you have no investment elections on file, your contributions are directed to the plan's default option, which is a lifecycle fund that corresponds to the year you will turn age 65.

Birth year New investment option Ticker symbol1900 – 1948 TIAA-CREF Lifecycle 2010 Fund – Retirement Class TCLEX1949 – 1953 TIAA-CREF Lifecycle 2015 Fund – Retirement Class TCLIX1954 – 1958 TIAA-CREF Lifecycle 2020 Fund – Retirement Class TCLTX1959 – 1963 TIAA-CREF Lifecycle 2025 Fund – Retirement Class TCLFX1964 – 1968 TIAA-CREF Lifecycle 2030 Fund – Retirement Class TCLNX1969 – 1973 TIAA-CREF Lifecycle 2035 Fund – Retirement Class TCLRX1974 – 1978 TIAA-CREF Lifecycle 2040 Fund – Retirement Class TCLOX1979 – 1983 TIAA-CREF Lifecycle 2045 Fund – Retirement Class TTFRX1984 – 1988 TIAA-CREF Lifecycle 2050 Fund – Retirement Class TLFRX1989 – 1993 TIAA-CREF Lifecycle 2055 Fund – Retirement Class TTRLX1994 – 2099 TIAA-CREF Lifecycle 2060 Fund – Retirement Class TLXRX

What are lifecycle funds?A lifecycle 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 lifecycle fund isn’t guaranteed at any time, even at the target date. The target date represents an approximate date when investors may plan to begin withdrawing from the fund. Also, please note that the lifecycle fund is selected for you based on your projected retirement date (assuming a retirement age of 65). Lifecycle 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 funds, there is exposure to the fees and expenses associated with the underlying mutual funds.

Your transition experience continued

4 Questions? Call 800-842-2252 or visit TIAA.org/whittier

GUARANTEED TICKER SYMBOL

TIAA Traditional Annuity* Guaranteed

MONEY MARKET TICKER SYMBOL

TIAA-CREF Money Market Retirement TIEXX

FIXED INCOME (BONDS) TICKER SYMBOL

BlackRock Total Return Instl MAHQX

Vanguard Total Bond Market Index Adm VBTLX

MULTI-ASSET TICKER SYMBOL

TIAA-CREF Lifecycle 2010 Retirement TCLEXTIAA-CREF Lifecycle 2015 Retirement TCLIXTIAA-CREF Lifecycle 2020 Retirement TCLTXTIAA-CREF Lifecycle 2025 Retirement TCLFXTIAA-CREF Lifecycle 2030 Retirement TCLNXTIAA-CREF Lifecycle 2035 Retirement TCLRXTIAA-CREF Lifecycle 2040 Retirement TCLOXTIAA-CREF Lifecycle 2045 Retirement TTFRXTIAA-CREF Lifecycle 2050 Retirement TLFRXTIAA-CREF Lifecycle 2055 Retirement TTRLXTIAA-CREF Lifecycle 2060 Retirement TLXRXTIAA-CREF Lifecycle Retire Inc Retirement TLIRXCREF Social Choice R2 (Variable Annuity) QCSCPX

REAL ESTATE TICKER SYMBOL

TIAA Real Estate Account QREARX

EQUITIES (STOCKS) TICKER SYMBOL

American Beacon Small Cp Val Inst AVFIXCREF Stock R2 (Variable Annuity) QCSTPXHarbor Capital Appreciation Admin HRCAXHartford International Opportunities R5 IHOTXHartford SmallCap Growth R5 HSLTXJPMorgan Value Advantage R4 JVAQXMassMutual Select Mid Cap Gr Eq II R5 MGRFXMFS Mid Cap Value R4 MVCJXVanguard 500 Index Admiral VFIAXVanguard Extended Market Idx Adm VEXAXVanguard Total Intl Stock Index Admiral VTIAX

These choices may offer you the flexibility to create a diversified retirement portfolio.

Your updated menu

All investment options have expenses and other fees, some investment options may also have redemption fees. To learn more about the new investment options and fees, go to TIAA.org and enter the ticker symbol in the site’s search feature.* TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees

under annuities issued by TIAA are subject to TIAA’s claims-paying ability.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.

Questions? Call 800-842-2252 or visit TIAA.org/whittier 5

Plan consolidationTIAA will consolidate the Defined Contribution Retirement Plan and the Tax-Deferred Annuity Supplemental Plan into one single, consolidated plan, the Whittier College 403(b) Plan. TIAA will move your balances during the week of October 30, 2017. This change will have no impact on your account balances and your contracts will remain the same. Please be aware that no action is required on your part.

For more informationSeminarsConsider attending a one-hour seminar presented by a TIAA financial consultant to learn more about the changes to the Whittier College Retirement Program at the following dates and times:

Date Time LocationOctober 10, 2017 11 am – 12 pm Ruth B. Shannon Center for Performing Arts / Founders Room October 10, 2017 12:30 pm – 1:30 pm Ruth B. Shannon Center for Performing Arts / Founders Room

One-on-one advice sessionsYou can get personalized retirement plan advice on the plan’s investment options from a TIAA financial consultant. This service is available as part of your retirement plan at no additional cost to you. You can schedule an advice session with TIAA by calling 800-732-8353, weekdays, 5 a.m. to 9 p.m. (PT) or visit TIAA.org/schedulenow.

PhoneIf you have additional questions, call TIAA at 800-842-2252, weekdays, 5 a.m. to 9 p.m. (PT) and Saturday, 6 a.m. to 3 p.m. (PT).

MT 169996 262444

747500-864500(09/17)

Distribution 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.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.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. Investment products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org/whittier for details.You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to TIAA.org/whittier 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.©2017 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017