Important reminder: March 4 deadline for Yale retirement savings program

During the week of March 4, your existing mutual fund investments will

transfer to the new options under the retirement program.

If you take no action before 4 p.m. on March 4, your existing mutual

fund balances and future contributions will automatically transfer to an

age-appropriate model portfolio in the Yale Target-Date Plus Service.

If you act before 4 p.m. on March 4, your existing mutual fund balances and

future contributions will be invested as you have directed. Keep in mind that

after the transfer is completed, you will have an ongoing opportunity to

change your investments and/or future contributions at any time.

Review your account information

Now is an excellent opportunity to review your retirement program

account(s) to understand how the changes may affect you. You can decide

to take no action and be invested in a default Target-Date Plus model

portfolio; personalize your Target-Date Plus model portfolio, which takes

5 – 10 minutes; or create your own investment strategy.

Sincerely,

Hugh K. Penney

Senior Advisor for Benefits Planning

January 14, 2019

The Yale Target-Date Plus Service has been designated as the Qualified Default Investment Alternative (QDIA) for all of the Yale retirement savings plans beginning March 4, 2019. See the enclosed QDIA Notice for additional information.

Attend a Town Hall, go online,

or call to learn more

If you have not already done

so, attend an on-campus or

online Town Hall meeting.

To register for a meeting or

review the Transition Guide,

go to TIAA.org/Yale or call

855-250-5424. In addition,

TIAA representatives are

available to assist you

online, by phone, or

in person.

Yale retirement savings program update

What are the changes?

• Introducing the Yale Target-Date Plus Serviceaa —This innovative, new service selects a Target-Date Plus model portfolio for you. Each model portfolio is designed to adjust automatically over time to manage your retirement savings for investment growth during your early career and gradually transition to lower-risk options as you near and enter retirement.

• A new investment lineup—Includes 11 carefully selected investment options you can use to create your own investment strategy and it replacesthe current investment lineup.

• An optional self-directed brokerage account for experienced investors—If you want even wider choice, this option provides access to thousands of mutual funds; however, investments available through the brokerageaccount are neither selected nor monitored by Yale.

When will the changes take place?

Expected 2019 dates

Upcoming deadlines and events

March 1 Deadline to open a self-directed brokerage account beforefunds transfer the week of March 4. If you are interested in an in-kind transfer of the six eligible Vanguard funds,February 27 is the deadline to open a brokerage account.

March 4 4 p.m. (ET)

While no action is required, this is the deadline to update investment choices before existing mutual fund balancestransfer to your Target-Date Plus model portfolio or to the investment strategy you selected.

Week of March 4

All existing mutual fund balances will transfer to your Target-Date Plus model portfolio or to the investment strategy that you selected. Any existing legacy annuity account balances will not transfer.

You may transfer some or allof your current balances to the new options before theautomatic transfer of assetstakes place the week of March 4. You can also make changes to your investment strategy after the asset transfer is completed.Contact TIAA if youhave questions or would like assistance.

New program enhancements to help you make the most of your retirement benefits

Note: Former faculty and staff with balances only in TIAA and/or CREF annuity accounts will not be affected, but may also take advantage of these new options.

Your action plan: Now through March 4

While no action is required, you may want to log in to your account(s) to personalize the selection of your

Target-Date Plus model portfolio or choose your own investment strategy. You can also review the beneficiary

information, choose paperless communications, and verify your contact information.

Decide how you want to invest

Yale Target-Date Plus Service New investment lineup

Do it for me (QDIA)

OR

Personalize

Create my own• Opt out of the Yale Target-Date Plus Service

• Select from the new lineup of 11 carefully

selected investment options

Yale Target-Date Plus Service—If you take no

action, you will be automatically enrolled in the

Target-Date Plus model portfolio closest to your

projected retirement age. You can review and

personalize the information used to select your

Target-Date Plus model portfolio.

Create your own investment strategy—If you prefer

to create your own investment strategy, just select

the Personalize button next to your account. Scroll toe

the bottom of the page and select Stop using Yale

Target-Date Plus Service to choose options available e

from the new investment lineup.

Self-directed brokerage account

Do it myself

Self-directed brokerage account—A self-directed brokerage account can provide investment flexibility for those

with more complex financial strategies. It can be used in addition to either the Yale Target-Date Plus Service or the

new investment lineup.

OR

Yale neither selects nor monitors investment funds available through a brokerage account, and TIAA does not offer investment advice for assets in self-directed brokerage accounts. Fees will apply.

1147904-1147904 (12/18)700098

We’re here to helpVisit TIAA.org/Yale to review the detailed Transition Guide that was mailed to you in October and learn more about theeretirement savings program enhancements. You can access information about the new investment lineup and self-directed brokerage account, learn more about the Yale Target-Date Plus Service, manage your account, or sign up for educational workshops and webinars.

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

Manage your account

Online

Visit TIAA.org/Yale and select Register or Log in.

Phone

Call TIAA at 855-250-5424,weekdays, 8 a.m. to 10 p.m., and Saturday, 9 a.m. to6 p.m. (ET).

Schedule a one-on-one consultation with TIAA

Online

Visit TIAA.org/Yale.

Phone

Call 800-732-8353, weekdays,

8 a.m. to 8 p.m. (ET).

Attend a meeting online or in person

Town Hall

Learn more at the meetings

and information sessions

scheduled throughout the

transition period. You can

register to attend a session at

TIAA.org/Yale or by calling

TIAA at 855-250-5424.

All photos courtesy of Yale University.

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. This communication provides information on enhancements to the retirement savings program

and does not replace the plan document. If there is any ambiguity between the two documents, the terms of the plan document prevail.

The TIAA Custom Portfolio Program Model-Based Service (the “Program”) has been implemented by your Plan Sponsor to meet the unique retirement

requirements of your plan. The Program is administered by Teachers Insurance and Annuity Association of America (“TIAA”) as plan recordkeeper.

Additional disclosures about the Program are included in the Transition Guide, which is available at TIAA.org/Yale.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not 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/Yale 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.

TIAA Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC, member FINRA. Some securities may not be suitable for

all investors. Brokerage accounts are carried by Pershing, LLC, a subsidiary of The Bank of New York Company, Inc. Member FINRA, NYSE, SIPC.

©2019 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017