Mercer University Retirement PlanImportant retirement plan updates

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A new chapter for the retirement planMercer University is pleased to announce updates to the Mercer University Retirement Plan.The highlights:Mercer University is taking this opportunity to update the investment options available through the plan. With the new investment lineup, you have the opportunity to create a new diversified retirement portfolio in an effort to help meet your individual goals and preferences. Several investment options will be added to the plan while others will be discontinued or replaced.

• New Retirement Choice and Retirement Choice Plus contract(s) will replace the old contracts currently in place, thereby allowing Mercer University to continue to meet its obligations set out in the Pension Protection Act of 2006. Mercer University has determined these changes could offer plan participants more choice in managing your retirement accounts.

• A new fund lineup will be available in the Mercer University Retirement Plan.

• The mutual funds offered under the TIAA-CREF Premier Class will be replaced by the TIAA-CREF Institutional Class of the same fund, which has lower expenses.

• Several investment choices will be removed from the investment menu and replaced with new options.

• Several investment choices will be restricted and will no longer accept new money. Future contributions will be directed to replacement options.

Please review the entire guide to learn more about these changes.

Key datesWeek of December 5, 2016 On-site transition seminars to help guide you through these new updates.

Week of December 19, 2016You will be enrolled in new contracts within the plan and receive a confirmation kit with important information on making the most of your participation with TIAA.

Week of December 19, 2016The new investment menu is available for your review, and any investment election changes made will apply to contributions beginning in January 2017.

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Your transition experienceMercer University is introducing new TIAA Retirement Plan contractsAll employees with a Mercer University retirement account(s) will be automatically enrolled into new Retirement Choice (RC) and Retirement Choice Plus (RCP) contracts. After January 1, 2017 contributions will be deposited into the new contracts. Mutual fund balances will be transferred to the new TIAA contracts according to the transfer chart (see Figure 1. below) on or about January 16, 2017. (Annuity account balances will remain in the old contracts. (See Figure 5. on page 8)

Please Note: If you’d like to transfer money from your annuity balances to your new contracts, there are differences between the old Retirement Annuity, Group Supplemental Retirement Annuity contracts, and the new Retirement Choice and Retirement Choice Plus contracts. Most of the differences apply to the TIAA Traditional Annuity and are highlighted as follows:

• The TIAA Traditional Annuity in the Retirement Choice and Retirement Choice Plus contracts has a guaranteed* minimum interest rate of between 1% and 3%, which may be lower than the guaranteed rate in your existing contract. TIAA Traditional may receive a higher crediting rate in the new contracts.

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

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

• Moving money from any option in an existing contract to a new contract is a permanent transfer. Money cannot be moved back into the old contract(s).

For details, see the contract comparison chart on on the following page. If you have questions, call 800-842-2252.

Mercer University has instructed TIAA to enroll you in new contracts and send you a Retirement Choice and Retirement Choice Plus confirmation on or about the week of December 19, 2016. Once you receive your enrollment confirmation in the mail, you may begin to review your new contract(s) and make changes to your asset allocation should you wish. Visit TIAA.org/mercer to log in to your account and select your investments from the new menu. New users will need to register for secure account access first. All contributions received during the remainder of 2016 will continue to be invested in your current contracts.

If you are currently investing with TIAA, your new accounts will include the same beneficiary information on file for your current accounts. The chart below shows how your beneficiary information will be transferred if you are currently investing with TIAA. Please take this opportunity to review your beneficiary designations to make sure they are current.**

Figure 1.

Existing contracts New contracts

Mercer University TIAA Retirement Annuity (RA) Mercer University TIAA Retirement Choice Annuity (RC)

Mercer University TIAA Supplemental Retirement Annuity (SRA) and TIAA Group Supplemental Retirement Annuity (GSRA) Mercer University TIAA Retirement Choice Plus Annuity (RCP)

* Guarantees are subject to TIAA's claims-paying ability.** 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 for each affected contract. Please contact the plan for more information.

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Figure 2.

Old contract New contract Old contract New contract

Feature Retirement Annuity (RA) Retirement Choice (RC) Annuity

Group Supplemental Retirement Annuity (GSRA)

Retirement Choice Plus (RCP) Annuity

TIAA Traditional Annuity minimum guaranteed rate during the accumulation phase1

3.00% for all premiums remitted since 1979.

Between 1.00% and 3.00%: Rate redetermined annually on January 1. Applies to premiums deposited during the applicable calendar year and is guaranteed for 10 years.

3.00% for all premiums remitted since 1979.

Between 1.00% and 3.00%: Rate redetermined annually on March 1. Applies to all accumulations and premiums deposited during the period.

Potential for additional amounts of interest during the accumulation phase

Your balance in TIAA Traditional earns a total interest crediting rate, which comprises a minimum guaranteed rate described above and the potential for additional amounts of interest when declared by TIAA’s Board of Trustees. The additional amounts, when declared, remain in effect through the “declaration year,” which begins each March 1 for accumulating annuities and January 1 for payout annuities. Interest in excess of the guaranteed amount is not guaranteed for periods other than the period for which it is declared.

TIAA Traditional Annuity guaranteed minimum payment amount1

Based on 2.50% interest and a fixed-mortality table.

Based on 2.00% interest and a mortality table that is updated each year.

Based on 2.50% interest and a fixed-mortality table.

Based on 2.00% interest and a mortality table that is updated each year.

Transfers and cash withdrawals from TIAA Traditional Annuity2

RA: Lump-sum withdrawals are not available from TIAA Traditional. All withdrawals and transfers from the account must be paid in ten annual installments.

Lump-sum withdrawals are available from TIAA Traditional only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and transfers from the account must be paid in 84 monthly installments (7 years).

Lump-sum withdrawals and transfers available from TIAA Traditional without restrictions or charges.

Lump-sum withdrawals and transfers are available from TIAA Traditional without surrender charges. For certain RCP contracts, 90-day equity wash applies if competing funds exist (e.g., money market, short-term bond, self-directed brokerage accounts or the TIAA Real Estate Account). Transfers from TIAA Traditional can only be made to non-competing funds. Amount must remain in non-competing funds for 90 days before transferring to competing funds. (TIAA Contract form IGRSP-02-ACC/TIAA Certificate form IGRSP-CERT3-ACC)

1. All guarantees are subject to TIAA’s claims-paying ability.2. Income and withdrawal options are subject to the terms of the employer plan. Withdrawals prior to age 59½ may be subject to a 10% federal

tax penalty, in addition to ordinary income tax.

TIAA and CREF annuity contract comparison chart

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Figure 2. continued

Old contract New contract Old contract New contract

Feature Retirement Annuity (RA) Retirement Choice (RC) Annuity

Group Supplemental Retirement Annuity (GSRA)

Retirement Choice Plus (RCP) Annuity

Range of distribution options1

Lifetime income, fixed-period annuities, systematic and lump-sum cash withdrawals (except RA TIAA Traditional), interest-only and required minimum distribution payments.

Lifetime income, systematic and lump-sum cash withdrawals, interest-only and required minimum distribution payments.

Lifetime income, fixed-period annuities, systematic and lump-sum withdrawals, and required minimum distribution payments.

Lifetime income, systematic and lump-sum cash withdrawals, and required minimum distribution payments.

Fixed-period annuity payment options1

RA: Not available for TIAA Traditional. 2-30 years for TIAA and CREF variable annuities.

Not available SRA: 2-30 years for all TIAA and CREF annuities.

GSRA: 5-30 years for all TIAA and CREF annuities.

Not available

Retirement transition benefit1

If the plan permits, participants can take a cash distribution up to 10% of the amount being converted to lifetime income.

If the plan permits, participants can take a cash distribution up to 10% of the amount being converted to lifetime income.

Not applicable Not applicable

Employer-initiated transfers of participant balances

Employers cannot transfer TIAA and CREF annuity assets to other investments.

Under the terms of a group custodial agreement, employers may transfer the plan assets invested in mutual funds.

Employers can transfer TIAA and CREF annuity assets to other investments, subject to contract provisions.

However, assets in TIAA Traditional can only be transferred in 60 monthly installments without any surrender charge.

Under the terms of a group custodial agreement, employers may transfer the plan assets invested in mutual funds.

Employers cannot transfer TIAA and CREF annuity assets to other investments.

Under the terms of a group custodial agreement, employers may transfer the plan assets invested in mutual funds.

Employers can transfer TIAA and CREF annuity assets to other investments, subject to contract provisions.

However, assets in TIAA Traditional can only be paid in 60 monthly installments without any surrender charge.

Under the terms of a group custodial agreement, employers may transfer the plan assets invested in mutual funds.

1. Income and withdrawal options are subject to the terms of the employer plan. Withdrawals prior to age 59½ may be subject to a 10% federal tax penalty, in addition to ordinary income tax.

TIAA and CREF annuity contract comparison chart (continued)

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Figure 3.GUARANTEED TICKER SYMBOLTIAA Traditional Annuity* Guaranteed Annuity

MONEY MARKET TICKER SYMBOLTIAA-CREF Money Market Institutional TCIXX

FIXED INCOME (BONDS) TICKER SYMBOLCREF Inflation-Linked Bond R2 Variable Annuity QCILPX

Prudential Total Return Bond Q PTRQX

Templeton Global Bond R6 FBNRX

MULTI-ASSET TICKER SYMBOLCREF Social Choice R2 Variable Annuity QCSCPX

TIAA-CREF Lifecycle Index 2010 Institutional TLTIX

TIAA-CREF Lifecycle Index 2015 Institutional TLFIX

TIAA-CREF Lifecycle Index 2020 Institutional TLWIX

TIAA-CREF Lifecycle Index 2025 Institutional TLQIX

TIAA-CREF Lifecycle Index 2030 Institutional TLHIX

TIAA-CREF Lifecycle Index 2035 Institutional TLYIX

TIAA-CREF Lifecycle Index 2040 Institutional TLZIX

TIAA-CREF Lifecycle Index 2045 Institutional TLXIX

TIAA-CREF Lifecycle Index 2050 Institutional TLLIX

TIAA-CREF Lifecycle Index 2055 Institutional TTIIX

TIAA-CREF Lifecycle Index 2060 Institutional TVIIX

TIAA-CREF Lifecycle Index Ret Inc Institutional TRILX

REAL ESTATE TICKER SYMBOLTIAA Real Estate Account Variable Annuity QREARX

EQUITIES (STOCKS) TICKER SYMBOLBoston Partners Small Cap Value II I BPSIX

Causeway Emerging Markets Instl CEMIX

CREF Growth R2 Variable Annuity QCGRPX

CREF Stock R2 Variable Annuity QCSTPX

Oakmark International I OAKIX

Vanguard Mid Cap Growth Inv VMGRX

Vanguard Equity-Income Adm VEIRX

Victory Sycamore Established Value R6 VEVRX

Vanguard Extended Market Idx Adm VEXAX

Vanguard 500 Index Admiral VFIAX

Wasatch Core Growth Institutional WIGRX

These choices may offer you the flexibility to create a retirement portfolio that matches your investment preferences and goals.

For investment details, visit TIAA.org/mercer, click on Investment Options and then select View All Investments. To learn more about the new investment options, go to TIAA.org/mercer and enter the ticker symbol in the site’s search feature.

Your updated menu

All investment options have expenses and other fees that can be found in the prospectuses found at TIAA.org by entering the ticker symbol in the site’s search feature. Some investment options may also have redemption and other fees.* 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.

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Transfer chart for assets and future contributionsBeginning the week of December 19, 2016 you will see the new investment options available in your new contract. Any new contributions into the new contract(s) will be invested as shown in the mapping chart below starting January 2017. Beginning the week of January 16, 2017, your existing mutual fund assets will be mapped over to the new contract(s) as shown in the chart below.

There are also investment options that will no longer be available in the plan. All future contributions will be directed into the new investments. These funds are called "closed." (See Figure 4. below)

There are several investment options in the Mercer University Retirement Plan that will remain in the plan, but will not be open to new investments. These funds are called "restricted." (See Figure 5. on page 8)

Figure 4.Closed option Ticker symbol New option Ticker symbolTIAA-CREF Lifecycle 2010 Premier TCTPX TIAA-CREF Lifecycle Index 2010 Institutional TLTIX

TIAA-CREF Lifecycle 2015 Premier TCFPX TIAA-CREF Lifecycle Index 2015 Institutional TLFIX

TIAA-CREF Lifecycle 2020 Premier TCWPX TIAA-CREF Lifecycle Index 2020 Institutional TLWIX

TIAA-CREF Lifecycle 2025 Premier TCQPX TIAA-CREF Lifecycle Index 2025 Institutional TLQIX

TIAA-CREF Lifecycle 2030 Premier TCHPX TIAA-CREF Lifecycle Index 2030 Institutional TLHIX

TIAA-CREF Lifecycle 2035 Premier TCYPX TIAA-CREF Lifecycle Index 2035 Institutional TLYIX

TIAA-CREF Lifecycle 2040 Premier TCZPX TIAA-CREF Lifecycle Index 2040 Institutional TLZIX

TIAA-CREF Lifecycle 2045 Premier TTFPX TIAA-CREF Lifecycle Index 2045 Institutional TLXIX

TIAA-CREF Lifecycle 2050 Premier TCLPX TIAA-CREF Lifecycle Index 2050 Institutional TLLIX

TIAA-CREF Lifecycle 2055 Premier TTRPX TIAA-CREF Lifecycle Index 2055 Institutional TTIIX

TIAA-CREF Lifecycle 2060 Premier TLXPX TIAA-CREF Lifecycle Index 2060 Institutional TVIIX

TIAA-CREF Lifecycle Retire Inc Premier TPILX TIAA-CREF Lifecycle Index Ret Inc Institutional TRILX

TIAA-CREF Large-Cap Value Idx Institutional TILVX Vanguard Equity-Income Adm VEIRX

TIAA-CREF Small-Cap Blend Idx Institutional TISBX50% Boston Partners Small Cap Value II I 50% Wasatch Core Growth Institutional

BPSIXWIGRX

TIAA-CREF Mid-Cap Growth Premier TRGPX Vanguard Mid Cap Growth Inv VMGRX

TIAA-CREF Mid-Cap Value Premier TRVPX Victory Sycamore Established Value R6 VEVRX

TIAA-CREF International Eq Idx Premier TRIPX Oakmark International I OAKIX

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Restricted optionsAfter January 1, 2017, some of the plan's current investment options will no longer be eligible to receive contributions. Any new contributions will be directed to the new investment options shown in the chart below (see Figure 5.). However, as a "restricted option", your assets will remain in these investment options unless you transfer them out. We recommend you speak with a TIAA financial consultant before transferring assets from a restricted investment option since transferring funds back in to a restricted investment option will not be possible.

Figure 5.Restricted options Ticker symbol New option Ticker symbol

CREF Bond Market R2 Variable Annuity QCBMPX Prudential Total Return Bond Q PTRQX

CREF Equity Index R2 Variable Annuity QCEQPX CREF Stock R2 Variable Annuity QCSTPX

CREF Global Equities R2 Variable Annuity QCGLPX Oakmark International I OAKIX

CREF Money Market R2 Variable Annuity QCMMPX TIAA-CREF Money Market Institutional TCIXX

Note: Any existing assets will stay in these annuity options unless you elect to transfer the assets into another investment option. Legacy contracts will receive contributions through December 31, 2016.

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Understanding retirement plan expensesAs part of these plan changes, Mercer University is looking to provide greater transparency around fees associated with the plan. You may not be aware that fees and expenses have always been part of a retirement plan. Some fees are associated with the administration of the plan and may be covered by your employer. Others are paid by participants based on the specific investments and services they choose. Costs typically fall into three categories of services: investment-specific, general administrative or personalized.

General plan administration services include recordkeeping, legal, accounting, consulting, investment advisory and other plan and participant services. Some of the expenses for plan administration are fixed and other expenses, such as legal or accounting, may vary from year to year.

Effective March 31, 2017, an annual plan servicing fee of up to 0.135% ($1.35) per $1,000, will be deducted from each of your investments on a quarterly basis. This plan servicing fee will be determined by subtracting the amount of “revenue share” provided by each investment option you choose from 0.135% (the plan’s cost for administrative services). Revenue sharing is the practice used by investment providers to help offset the cost of servicing the plan.

For example, if you choose to invest in a fund that shares 0.10% in revenue, TIAA will deduct an annual plan servicing fee of 0.035% from your account assets in that investment on a quarterly basis. See the chart (see Figure 6. on page 10) for the list of fees and expenses for each investment offered under your plan. On your quarterly statements, these fees will be listed as a TIAA Plan Servicing Fee.

This “fee leveling” practice ensures that all plan participants share equally in the cost of general administrative services regardless of the investments they choose.

Fees are important but they should just be one factor in your decision-making process. We are committed to providing you with the support you need to better understand retirement plan fees and expenses. If you have any questions, visit TIAA.org/mercer or call TIAA at 800-842-2252, weekdays, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET).

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Figure 6. Annual Operating Expense Plan Servicing Fee

Investment OptionTicker

Symbol

Gross Expense

Ratio

Net Expense

RatioRevenue Sharing*

Plan Servicing

Fee/(Credit)Total

Administrative Cost

Boston Partners Small Cap Value II I BPSIX 1.23% 1.10% 0.15% (0.015)% 0.135%

Causeway Emerging Markets Instl CEMIX 1.21% 1.21% 0.10% 0.035% 0.135%

CREF Growth R2 QCGRPX 0.42% 0.42% 0.20% (0.065)% 0.135%

CREF inflation-Linked Bond R2 QCILPX 0.39% 0.39% 0.20% (0.065)% 0.135%

CREF Social Choice R2 QCSCPX 0.43% 0.43% 0.20% (0.065)% 0.135%

CREF Stock R2 QCSTPX 0.49% 0.49% 0.20% (0.065)% 0.135%

Oakmark International I OAKIX 0.95% 0.95% 0.25% (0.115)% 0.135%

Prudential Total Return Bond Q PTRQX 0.43% 0.43% 0.00% 0.135% 0.135%

Templeton Global Bond R6 FBNRX 0.53% 0.51% 0.00% 0.135% 0.135%

TIAA Real Estate Account QREARX 0.89% 0.89% 0.24% (0.105)% 0.135%

TIAA Traditional Annuity** Guaranteed Annuity NA NA 0.15% (0.015)% 0.135%

TIAA-CREF Lifecycle Index 2010 Institutional TLTIX 0.28% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2015 Institutional TLFIX 0.24% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2020 Institutional TLWIX 0.22% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2025 Institutional TLQIX 0.22% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2030 Institutional TLHIX 0.21% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2035 Institutional TLYIX 0.20% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2040 Institutional TLZIX 0.20% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2050 Institutional TLLIX 0.24% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2055 Institutional TTIIX 0.41% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index 2060 Institutional TVIIX 1.27% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Lifecycle Index Ret Inc Institutional TRILX 0.45% 0.12% 0.00% 0.135% 0.135%

TIAA-CREF Money Market Institutional TCIXX 0.14% 0.14% 0.00% 0.135% 0.135%

Vanguard 500 Index Admiral VFIAX 0.05% 0.05% 0.00% 0.135% 0.135%

Vanguard Equity-Income Adm VEIRX 0.17% 0.17% 0.00% 0.135% 0.135%

Vanguard Extended Market Idx Adm VEXAX 0.09% 0.09% 0.00% 0.135% 0.135%

Vanguard Mid Cap Growth Inv VMGRX 0.43% 0.43% 0.00% 0.135% 0.135%

Victory Sycamore Established Value R6 VEVRX 0.65% 0.63% 0.00% 0.135% 0.135%

Wasatch Core Growth Institutional WIGRX 1.13% 1.05% 0.10% 0.035% 0.135%

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* “Revenue Sharing” is a term that describes the practice when investment providers share in the cost of Plan administration. Please note that TIAA Traditional, TIAA Real Estate, TIAA and all CREF Annuity accounts do not have an explicit revenue share. Rather they have a “plan services offset” that is applied to your Plan’s administrative and recordkeeping costs.

** 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. 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 the future years.

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

For more informationMercer University is committed to helping you understand the changes and make informed investment decisions for your needs. Here’s how you can obtain additional information:

OnlineYou can learn more about the plan’s investment choices, access retirement planning tools, and perform most account transactions at TIAA.org/mercer.

PhoneIf you have additional questions, call TIAA at 800-842-2252, weekdays, 8 a.m. to 10 p.m. and Saturday, 8 a.m. to 6 p.m. ET.

In personTo schedule an advice session with a TIAA financial consultant, call 800-732-8353, weekdays, 8 a.m. to 8 p.m. ET, or schedule online at TIAA.org/schedulenow.

SeminarsMercer University will be holding on-campus transition seminars the week of December 5, 2016 as follows:

Date Time LocationMonday, December 5, 2016 10 a.m. to 11 a.m. (ET) Macon CampusMonday, December 5, 2016 12 p.m. to 1 p.m. (ET) MERC CampusTuesday, December 6, 2016 12 p.m. to 1 p.m. (ET) Savannah CampusThursday, December 8, 2016 10 a.m. to 11 a.m. (ET) Macon CampusThursday, December 8, 2016 3 p.m. to 4 p.m. (ET) Atlanta Campus

You will receive an email in the coming weeks so you may register and attend the session that is most convenient for you.

Important Note: If you have a foreign mailing address on file, there may be restrictions due to international securities laws on investing in the new options. If you have a legitimate U.S. mailing address in Puerto Rico, or an Army Post Office (APO), Diplomatic Post Office (DPO), or Fleet Post Office (FPO) box, the restrictions may not apply to you. Please call TIAA for more information at 800-842-2252, weekdays, 8 a.m. to 8 p.m. or Saturday, 9 a.m. to 6 p.m. (ET).

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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.

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/mercer 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/mercer 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. ©2016 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

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