University of Puget Sound Retirement Savings Plan Frequently Asked Questions Updated June 22, 2011

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1 Puget Sound is committed to helping you achieve your retirement goals and adding value to your participation in the university s retirement savings plan. In order to support a retirement savings plan in the best interests of participants, Puget Sound is transitioning to a single recordkeeper and an open investment platform that will consolidate reporting for participants; better manage costs for participants; meet our regulatory and fiduciary responsibilities; and simplify selection of investments from a range of competitively performing options. OVERVIEW 1. What changes are being made to the University of Puget Sound Retirement Savings Plan? As of June 1, 2011, the retirement savings plan will contract with TIAA-CREF as its single recordkeeper and will offer a variety of fund options as part of an open investment platform. The university currently has two recordkeepers: TIAA-CREF and Vanguard. 2. What is an open investment platform? With an open investment platform, contributions will flow through a single recordkeeper (TIAA-CREF) and be directed by participants to an array of investment options with a history of competitive performance¹ (from TIAA-CREF, Vanguard, and other leading investment managers) screened by the Retirement Plan Advisory Committee (RPAC) with assistance from a retirement plan consultant. 3. What is a single recordkeeper? University of Puget Sound Retirement Savings Plan Frequently Asked Questions Updated June 22, 2011 A single recordkeeper is where one company is responsible for the administration and operation of the plan. The benefits to you of a single recordkeeper include enrolling with a single company even if you choose funds from multiple investment managers, a consolidated statement, integrated investment advice and education, and simplified distributions. 4. Are contribution percentages changing? No. The change to a single recordkeeper and an open investment platform does not mean a change in the university s contributions to the plan on behalf of faculty and staff members. 5. Who made the decision to make these changes? Following new 403(b) fiduciary regulations, Vice President Sherry Mondou appointed a standing Retirement Plan Advisory Committee (RPAC) to ensure compliance with applicable laws and regulations, evaluate best practices in the administration of our retirement savings plan, and make recommendations that are in the best interests of plan participants. The RPAC made the recommendations to Vice President Mondou, who advanced the recommendation to the President s Cabinet and the Executive Committee of the Board of Trustees and secured endorsement to proceed with the implementation plans. The board will act on a new plan document for the Retirement Savings Plan, codifying these changes, during the May board meeting. The Roth 403(b) option was recommended by the Benefits Task Force, and it made sense to implement it along with the other plan changes. 6. How was Multnomah Group selected as the university s retirement savings plan fiduciary consultant? Multnomah Group was selected as the university s retirement savings plan fiduciary consultant through a request-forproposals process that resulted in the consideration of two fiduciary consulting firms. Staff from Human Resources and 1500 N WARNER #1064 TACOMA, WA PUGETSOUND.EDU

2 Accounting and Budget Services interviewed the two firms, checked references, and recommended to Vice President Sherry Mondou that the university engage Multnomah Group based on their investment consulting and vendor selection expertise, their higher education experience (Multnomah Group has worked with many other clients in higher education), and their alignment with Puget Sound s interests and goals. 7. What does fiduciary mean in the context of these changes? The four key concepts of an Employee Retirement and Income Security Act (ERISA) fiduciary are (1) A fiduciary has a duty of loyalty to plan participants this rule is often stated as the exclusive benefit rule and requires plan sponsors to act solely in the best interests of the plan and its participants; (2) A fiduciary is required to act with the care, prudence, skill and diligence that a knowledgeable person would use in a similar situation this is known as the prudent person rule; (3) A fiduciary must adhere to the plan document and comply with applicable law; and (4) The prudent person standard requires plan fiduciaries to evaluate plan investment options and to offer a diverse range of investment options. These fiduciary concepts apply to the plan s responsibilities to all plan participants, and are designed to address the investment needs and interests of investors with varying levels of expertise. 8. What are the fiduciary requirements for the consultant to the plan? Under its contract with the university, Multnomah Group is restricted from collecting any commissions or other revenue from the investment products utilized in the plan. Their fee is a fixed annual fee and is not based on assets under management or any other percentage calculation. Multnomah Group is required to adhere to the Code of Ethics and Standards of Professional Conduct for Chartered Financial Analysts. 9. What fiduciary responsibilities does the university have that it didn t have before and what relationship do these changes have to those responsibilities? The Internal Revenue Service issued new regulations (the most comprehensive changes in 40 years) for 403(b) plans like our retirement savings plan that clarify the university s fiduciary responsibility under ERISA to act in the interests of participants and in a prudent manner (see question 7 above). The regulations make it clear that plan sponsors like the university are responsible for the overall management of the retirement plan, including selecting asset classes and the specific fund options to be offered to plan participants. Prior to these regulations, the plans were effectively an agreement between the participant and the insurance company or mutual fund company. The plan sponsor was only practically responsible for plan funding and administration. That approach is no longer permitted. While the new regulations do not require the change to a single recordkeeper, the regulations do impose additional responsibilities on the university that can be more effectively met through the change to a single recordkeeper with a manageable number of investment funds. Moving to a single recordkeeper with an open investment platform will also help the university comply with the upcoming Department of Labor (DOL) participant fee disclosure requirements. The participant fee disclosure requirements are expected to expand significantly the amount of information on plan costs to be provided to participants. Previously, investment information could be provided to participants largely through prospectuses and by referencing information available through online access to the TIAA-CREF and Vanguard websites. While requiring investment funds to disclose their fees is a good thing for plan participants, the regulations mean that plan sponsors like the university will have to provide the fee information to plan participants for all of the investment options available under the plan. In summary, more investment options mean more disclosure which means higher plan costs. For example, the four-page sample disclosure provided by the DOL was for ten funds, which means that a plan with 100 funds would be required to provide a forty-page disclosure to all plan participants. 10. Why did the university decide to move from two retirement savings plan recordkeepers to one? After a thorough review and analysis of our retirement savings plan vendors, the university determined that working with a single recordkeeper would provide a consolidation service to plan participants and, when coupled with the open investment platform, provide flexibility in investment options with a history of competitive performance. It also helps us manage plan costs and helps to comply with applicable regulations. The annual audit of the existing plan is more complex and costly (both in auditor expense and in staff time) than will be the case with a single recordkeeper. 11. Why did Puget Sound choose TIAA-CREF as the retirement savings plan s single recordkeeper? With the advice and counsel of its independent fiduciary consultant, Multnomah Group, Puget Sound chose TIAA-CREF as the single recordkeeper for the plan. In addition to the company s record in providing superior investment performance, low expense ratios, excellent customer service, and complete, cost-effective compliance and administrative services, selecting

3 TIAA-CREF as the plan s recordkeeper also minimizes the impact on current plan participants, because TIAA-CREF manages the majority (88 percent) of current plan assets. Additionally, all participants will now have access to TIAA- CREF education staff for personal counseling on their plan elections, an option that is not currently available to Vanguard participants. Some knowledgeable faculty and staff members may not need or want these services, but the plan as a whole and the average participant does need and want them. 12. On what basis did the RPAC evaluate the funds selected for the open investment platform? In selecting funds to recommend for the open investment platform the RPAC, advised by Multnomah Group, considered the following: Multnomah Group s fund research and analyses, based on such factors as investment style, expenses, experience, diversification, manager skill, efficiency and risk. The RPAC wanted to minimize the impact on the majority of participants. The RPAC identified a broad range of asset classes (14 in total) designed to provide significant diversification for the open investment platform. The RPAC identified existing funds with significant accumulations to ensure that the majority of participants interests would be represented on the open investment platform. Other funds, including both actively managed and passive (indexed) funds, were included based on analyses of available funds recommended by Multnomah Group and RPAC members within the selected asset classes. Fundamentally, the RPAC recommended a plan that best meets the needs of the participant population as a whole. It s not possible in the current regulatory environment to both provide for each participant s personal investment preferences and to address the plan s fiduciary responsibilities. 13. When does this change take effect? Vanguard will no longer serve as a recordkeeper starting June You will be able to allocate contributions to the new fund options under the open investment platform, when you receive your welcome packet from TIAA-CREF. Additional details will be sent to you in the mail. 14. Why are we making this change now? The primary reason for moving forward at this time is to ensure the plan s compliance with applicable laws and regulations (see the references to fiduciary responsibility under ERISA and IRS regulations in earlier questions). As the university is the plan administrator, the Board of Trustees holds the fiduciary responsibility for the plan, so it is in the Board s interests to move this process forward now. The risks to the university in not moving forward now include the possibility of an IRS audit of the plan which with the current set of funds might result in a determination that Puget Sound is not meeting its fiduciary responsibilities. The IRS announced on May 4 that its Employee Plans Compliance Unit (EPCU) is expanding its compliance check project to include a random sample of over 300 public and private higher education institutions that sponsor 403(b) plans. Doing so now also enables Puget Sound s retirement savings plan to better serve all plan participants by addressing the investment needs and interests of investors with varying levels of expertise; to advance the RPAC monitoring process in the most effective way; and to make the change in advance of the new plan year which starts on July 1, Will there be future changes in the investment options available to me under the plan? As part of its ongoing responsibilities, the RPAC meets regularly to review the performance of investment options available under the plan. As needed, the RPAC will make recommendations, informed by the research, knowledge, and expertise of Multnomah Group consultants, to change the investment menu in support of participants retirement savings goals. Participant input regarding both the funds on the open investment platform as well as about funds participants might like to have included on the platform is welcome and can be directed to RPAC members Shannon Briggs Katherine Davis Rosa Beth Gibson Doug Goodman Janet Hallman and Renee Kurdzos

4 PLANNING FOR THE CHANGE 1. How will I be affected? You will be sent a notice with additional information about the plan changes in early May. Updated content detailing the plan s new investment choices will be available beginning May 3, 2011 on University of Puget Sound s dedicated plan website at 2. I currently contribute to Vanguard. What happens to my current assets and future contributions? Investment options offered directly through Vanguard will be closed to future contributions on June 1, Additionally, on or around June 16, 2011, your existing Vanguard assets will be automatically transferred to the most similar investment options on the new investment menu. There are 6 Vanguard funds available on the new investment menu. 3. Why can t I keep my current accumulation at Vanguard, even if my future contributions will go to the funds on the new investment platform? You will be automatically enrolled into TIAA-CREF s open investment platform and be sent a welcome packet in the latter half of June. This packet will contain information regarding your newly issued TIAA-CREF contract(s), instructions on how to create a secure-access login to the TIAA-CREF website (if you don t already have one), and information regarding how to change your asset allocation and beneficiary designation. All future contributions will also be automatically directed to similar investment options on the new investment menu. After contracts have been issued, you will have the opportunity to change the way your future contributions are invested. Keeping current accumulations with Vanguard would mean (1) maintaining a two recordkeeper structure, (2) a high number of plan investments that are not being monitored by the RPAC, and (3) a more complex and costly annual plan audit. As a result, the plan s administrative costs would increase and the university would be less able exercise its required fiduciary responsibilities. 4. On what basis did the RPAC determine how existing Vanguard investments would be mapped to funds on the new investment platform? The RPAC considered two factors in developing the mapping strategy. One factor was the asset class in which the existing fund was invested in (e.g., large cap value equity). The second factor was whether the existing fund utilized a passive (indexing) or active management strategy. The RPAC felt that the second factor was more critical and as a result if the two factors would have resulted in different mapping results, the new investment option that matched the passive/active strategy was selected. 5. Where can I review the mapping plan? You can review the mapping plan on the TIAA-CREF microsite for the University of Puget Sound Retirement Savings Plan at and clicking on the Investment Menu link. 6. If I don t want my Vanguard investments to be mapped to investments on the new platform, may I transfer my Vanguard accumulations now to investments of my choosing that are currently available under the plan through TIAA-CREF? Yes. To do so, you may call Michael Williamson of TIAA-CREF s Seattle Office at , ext , during regular business hours, Monday through Friday. He will assist you in opening a new account(s) with TIAA-CREF and transferring your existing assets from Vanguard. If you are making voluntary contributions, you ll also need to complete a new salary reduction agreement, available at Human Resources, directing contributions to TIAA-CREF instead of Vanguard. 7. Why can the university transfer my Vanguard accumulations to TIAA-CREF for recordkeeping and to similar investments on the new investment platform without my authorization? The university can transfer funds from Vanguard participants accounts because Vanguard accounts are covered by a custodial agreement with the university which permits such mutual fund transfers by the plan administrator. RPAC chose to make this recommendation in order to address the university s fiduciary responsibilities by moving to a single recordkeeper, reducing the number of funds to be monitored, and providing enhanced services (including personal financial counseling and other educational services) to all plan participants.

5 8. I currently contribute to TIAA-CREF. What happens to my current assets and future contributions? Existing assets in your current TIAA-CREF contracts (your legacy funds ) cannot be transferred to the new contracts automatically. No new contributions will be made to the funds in your existing contract(s) after June 1, The accumulations in your legacy funds will continue to earn interest or participate in the investment experience of the funds in which you re invested, and you will continue to have the opportunity to transfer your existing accumulations among the funds within the legacy funds contracts. Legacy funds will not be monitored by RPAC. As of the June 15, 2011 payroll, all future contributions will be automatically directed to similar investment options on the new investment menu. After contracts have been issued you will have the opportunity to change the way your future contributions are invested. You will be automatically enrolled into new TIAA-CREF contracts and will receive a welcome packet in mid-june. This packet will contain information regarding your newly issued TIAA-CREF contract(s), instructions on how to create a secureaccess login to the TIAA-CREF website (if you don t already have one), and information regarding how to change your asset allocation and beneficiary designation. 9. Do TIAA-CREF legacy funds have to be moved to the new contract(s)? No. It s up to each participant to determine if and when he/she wants to move TIAA-CREF legacy funds into the new contract(s). There will be opportunities to meet with TIAA-CREF representatives on campus in order to assist you in making this decision. 10. I currently contribute to both TIAA-CREF and Vanguard. What happens to my current accumulations and future contributions? The answers to questions 2 through 9 apply here as well. Note that your legacy and new investments will begin to appear on a single consolidated statement from TIAA-CREF. 11. How will this change affect the costs associated with the plan? The vast majority of participants may experience lower costs. Some faculty and staff members currently investing in Vanguard may experience a slight increase in costs because some of the new investment options have slightly higher expense ratios than current Vanguard options in the same asset class. However, current Vanguard participants will no longer pay the quarterly administrative fee. A single recordkeeper with an open investment platform results in greater investment flexibility and access to low-cost investment options for all participants. 12. What will happen to my beneficiary designation? If you re currently invested only with TIAA-CREF, your existing beneficiary designation(s) will automatically transfer to your new contract(s). If you received a kit providing reference to your original contract number in the Beneficiary section and don t know who s designated as your current beneficiary, please call TIAA-CREF at and a consultant will help you. If you invest with TIAA-CREF and Vanguard, your current TIAA-CREF beneficiary information will apply to your new TIAA-CREF contract(s). If you received a kit providing reference to your original contract number in the Beneficiary section and don t know who s designated as your current beneficiary, please call TIAA-CREF at and a consultant will help you. If you re currently invested only with Vanguard, your Vanguard beneficiary designation will be provided to TIAA-CREF by Vanguard and applied to your new contract(s). However, if allocations among your beneficiaries at Vanguard are not clearly defined, your beneficiary designation will be set to Estate unless and until you contact TIAA-CREF to change it. Keep in mind; if your beneficiary is set as Estate and you are married, your benefits are subject to certain survivor benefit rules. Specifically, if your spouse did not sign a waiver to give up his or her right to receive at least half of the benefit, in the event of your death, your spouse would receive half the benefit; the remaining half would go to your estate. Regardless of your current investments, once you re enrolled in the new contract(s), you ll want to review your beneficiary designation to make any necessary updates to ensure that your beneficiary designation is appropriate for you.

6 13. I m retiring this year. Can I keep my accounts where they are until I retire? If you have existing funds with TIAA-CREF, they will remain in their current contract(s) with the current investment allocations unless you decide to transfer your existing assets into the new contract(s), which you may do at any time after you receive your new contract(s). If you have existing funds at Vanguard, those funds will be automatically transferred into similar investment options under the open investment platform. All contributions made on and after June 1, 2011, will be directed to your new TIAA-CREF contract(s). Upon retiring, you ll have a number of retirement savings plan distribution choices available to help meet your investment and income needs. At that time, you ll want to review carefully the options available and consult with a TIAA-CREF consultant or your financial advisor to design a retirement income strategy suitable for you. GROUP PRESENTATIONS AND PERSONAL FINANCIAL COUNSELING SESSIONS 1. How can I find out more about this change, how it will affect me, and whether I should change my allocation mix? Group presentations will be available on campus the weeks of May 9 and May 16. Personal financial counseling sessions will be available on campus the weeks of May 23, June 6, and June 13. Group presentations and personal financial counseling sessions will be offered in the daytime and evenings to accommodate the needs of Puget Sound s faculty and staff members and their families. You will receive an message with available dates and times. 2. How do I register for a group presentation or personal financial counseling session? To attend a group presentation or schedule an on-campus, personal financial counseling session for investment advice, please call (press 0 to bypass the automated message). 3. Can I bring my spouse/partner to a group presentation or personal financial counseling session? Yes. Your spouse/partner is welcome to attend a group presentation and/or personal financial counseling session. 4. What do I need to bring with me to a TIAA-CREF personal financial counseling session? Please bring your current retirement account statements and your (and your spouse/partner s) most recent Social Security statement to help the TIAA-CREF consultant get a more complete financial picture. You may also want to bring information on other retirement assets that you and your spouse/partner have to allow the consultant to address your needs more holistically. 5. How long does a personal financial counseling session last? What if I need more time? A personal financial counseling session with a TIAA-CREF consultant lasts approximately 45 minutes. You may schedule as many appointments as you need to help assist you with your retirement planning. 6. When will the updated website be available? The website will be updated with detailed investment and fund information for your review in early May, at ACCESSING AND LEARNING ABOUT THE FUNDS 1. How can I see my accounts and perform transactions online? Once you receive your new contract information, you can view your account information, change allocations, and make transfers by visiting You will need a user ID and password to use this portion of TIAA-CREF s website. In the packet you will receive from TIAA-CREF, you will find instructions on how to create a secure-access login to the TIAA-CREF website if you don t already have one. MORE INFORMATION For additional information about Puget Sound s retirement savings plan, please contact Human Resources or ). Please read the prospectus and consider the investment objectives, risks, charges and expenses carefully before investing.

7 1 Past performance cannot guarantee future results. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call , or go to tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Brokerage Services are provided by TIAA-CREF Brokerage Services, a division of TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC. Advice and Planning Services is a division of TIAA-CREF Individual & Institutional Services LLC. AP (4/11)

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