2000 Analysis of Possibilities for ORP/TDA

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1 TEXAS ASSOCIATION OF COLLEGE TEACHERS TEXAS COMMUNITY COLLEGE TEACHERS ASSOCIATION 2000 Analysis of Possibilities for ORP/TDA The Texas Optional Retirement Program (ORP) is designed for full-time faculty at state supported institutions of higher education. Created by the Texas Legislature in 1967, it is offered as an alternative to participation in the Teacher Retirement System of Texas (TRS). Upon employment at an institution, an employee is given 90 days to choose whether to invest his or her retirement fund in ORP or TRS. This choice is irrevocable. If a decision is not made within 90 days, an employee will be enrolled in TRS by default. More often than not, new faculty members participate in ORP. Why? While there are many reasons, the following are a few of the most important. First, there is a contribution of up to percent of salary placed into a retirement plan. This is the sum of the employee s contribution (6.65 percent of gross salary) and the state s contribution (from 6.0 to 8.5 percent of salary). Second, the retirement savings plan is self-directed, and the vesting period is one year and one day. If an employee does not vest, the state s monies are returned. The retirement benefit or monthly income is based on contributions and earnings on those contributions. The Teacher Retirement System is for all persons who opt not to be in ORP or are not eligible for ORP. TRS is a defined benefit program, in which the employee s retirement benefit is 2.2 percent of average salary in the highest three years, multiplied by the number of years of participation in the program. The current vesting period for TRS is five years. Whether the choice is ORP or TRS, most employees are eligible to place additional pre-tax contributions into a Tax Deferred Account (TDA). A TDA is a supplemental investment that may be made in addition to the mandatory program. TDAs receive no state contribution. While similar to an Individual Retirement Account (IRA) in that it is self-directed, TDAs differ from IRAs in several respects. The TDA usually allows an employee to contribute more pre-tax dollars than an IRA. There is a calculation required by the IRS to determine the additional amount that may be saved. The calculation is called a Maximum Exclusion Allowance (MEA). While the calculation is complicated, the additional amount that can be deferred usually ranges from four to eight percent of salary. The IRS has adopted certain guidelines and restrictions that affect ORP and TDA accounts. Whether one is a new employee or a veteran faculty member, there are three important dates to consider when analyzing retirement. First, the Tax Reform Act of 1986 added required minimum distributions beginning at the age of 70 1 / 2 for all contributions made after 1986, including the earnings on the Dec. 31, 1986 balance. There is one exception to this rule. A faculty member still employed in the college system past age 70 1 / 2 need not begin distributions until the calendar year in which the faculty member retires. Distributions on pre-1987 values are required at age 75. The 1986 law also added withdrawal restrictions to TDA annuities (mutual funds have always been restricted) and a ten percent penalty for premature distributions. The ten percent premature distribution penalty was effective Jan. 1, 1987, while withdrawal restrictions were effective Jan. 1, Those restrictions mean that money cannot be withdrawn before age 59 1 / 2 except in the event of death, disability, hardship (limited to contributions only) or separation from service. The ten percent penalty applies before age 59 1 / 2 unless the employee separates from service at age 55 or later, has a medical hardship, disability, Qualified Domestic Resolution Order, or dies. The Dec. 31, 1988 account value for annuities is grandfathered so that withdrawals can be made for any reason; however, the ten percent penalty will still apply. Most companies have incorporated TDA loan provisions into their policies or custodial agreements under the Tax Equity and Fiscal Responsibility Act of The IRS and each firm will have certain guidelines and criteria that must be followed. If the IRS rules are not followed, the loan could be considered a withdrawal or premature distribution and subject to tax and ten percent penalties. For specific information, the investor should contact representatives of the company. All performance figures quoted in this study are net of all administrative or management fees for the specific years mentioned. Net performance is a good starting place for comparison. Neither low nor high expenses and charges assure the best investment. Is an investment that has a gain of ten percent and charges only one percent per year (nine percent net) better than Editor s Note: For the twenty-sixth consecutive year, this Analysis has been made available to members of the Texas Association of College Teachers and the Texas Community College Teachers Association to assist in their retirement planning. The staff of the two associations who compiled this year s Analysis are grateful for the efforts of Frank L. Wright, who managed the Analysis for most of its history, and the many professionals of the ORP/TDA companies who cooperated in making this service possible. No investment decision should be based solely on the data reported in this Analysis. Investment needs vary, and, as we all know, Past performance does not guarantee future success.

2 A 2? Formulating the Decision 1 What will be my financial needs at retirement, and should I supplement my ORP with other investments such as a tax deferred account? 2 What is the likelihood of a good return throughout the term of my investment? Is it diversified enough to ensure stability? an investment that has a gain of 30 percent and charges three percent per year (27 percent net)? Historical investment performance does not and cannot guarantee future results. However, many individuals will use past performance to assist in the decision process. Flexibility and portability should also be considered. As an investor, it is important to analyze front end charges (which reduce the amount of money that goes to work immediately), and contingent deferral charges (which tend to limit flexibility and the portability of the investments). In order to maximize potential gains in the future through new products or innovations, flexibility and the allowance of change are important factors. Fixed Accounts Fixed accounts are traditionally investments in the general accounts of an insurance company. These accounts function similar to a bank s Certificate of Deposit. The dollars on deposit are lent to the insurance company. The insurance company agrees to repay both principal and a contractually-guaranteed minimum interest rate, presently ranging between 3 percent and 4 1 / 2 percent. Most companies pay the current interest rate, which is normally higher than the contractual minimum. This rate may change daily, monthly, quarterly, or annually. The current rate of interest is derived from the company s earnings, and is set by the board of directors. The actual formula for the current interest rate varies from firm to firm. It is largely an unknown and discretionary formula, subject to change. Other types of fixed accounts offer more specific information regarding their yields. They may offer a rate based upon a pool of specific underlying assets such as government bonds, treasuries, or other securities. These are sometimes called Market Value Adjusted accounts. Only when a firm will disclose and contractually guarantee the formula can investors be assured of the interest crediting method for their contract. While most insurance companies work on an old banking principle, paying policyholders two percent less than the company earns on its investments, the choice of formulas is still at the discretion of the company s board. Insurance companies credit or pay interest in many different methods. A widely used method is to band interest rates. As money is received by the company the current interest rate is applied. The current interest rate can be guaranteed for any period of time. However, as the rate changes, monies received from that point forward would be considered a new band and credited at the new rate. The old money, or band, may continue to earn the former rate of interest for the specified period of time. Once that time has elapsed, a new rate may be applied to that band. Over time, the contract may have many bands of different rates. Some firms band for a year and then the dollars drop into a pool or portfolio. The current rate paid on the pool or portfolio may be higher than the initial band. If the rates are quoted on a portfolio basis, the dollars earn the stated interest rate when deposited. To attract new participants, many companies will increase or enhance third quarter current rate declarations, when companies receive the lowest contributions of the year. Not all companies engage in this practice; however, one should be aware that this strategy is used to entice participation in certain programs. Another tool to entice participation is the two-tier crediting process. This process enhances the rate for dollars that are annuitized at retirement, and credits less interest to those wishing a cash option. Annuity contracts have two phases, accumulation and distribution. Annuitization is a distribution phase. By utilizing this distribution process, a participant can buy an income stream. The insurance company will guarantee, according to the contract choice made, to provide an income the annuitant cannot outlive. Other options can include: receiving money for a set period of time, or even an income stream for the spouse upon the annuitant s death (known as joint and last survivor option) or any other mutually-agreed combination. The loss of flexibility and liquidity for the dollars annuitized is assured, since the purchase of an income for life guarantees the accumulation in the account to be with the insurance company for a very long time. When comparing interest rates, be careful of the manipulations that companies may use to enhance their contracts. The highest interest rate is not necessarily the best bargain. Since interest rates have declined, a number of companies will pay a first-year bonus thereby enticing a move to that company. However, the enhanced first-year rate can be at the expense of the renewal rate. Not all enhancements to contracts are negative. Some bonus contracts truly provide a positive enhancement to earning potential. Annuitization is necessary to some people s financial planning, but is typically not recommended for all accumulations. Keep in mind, the firms currently available for ORP and TDA are focused upon creating competitive products for accumulations. At retirement, shopping for the best annuitization rate is a very prudent decision. In addition to checking with one s current firms, there are several companies that specialize in the distribution phase (annuitization).atretirement, all accumulations in both ORP and TDA accounts become 403(b)s. 403(b) is the section of the Internal Revenue Code that allows for these retirement programs. Therefore, all dollars could be comingled. By placing a larger sum on deposit, one could purchase a higher income stream, but do not forget to shop because it is a lifelong decision. Most fixed contracts, like CDs, will have a penalty for early withdrawal. The term for this is surrender or withdrawal penalty. This charge is usually assessed on payments made to the contract that have not been ondeposit for a specified period of time. Finally, it is important to consider ratings of firms if the dollars are invested in the fixed side of any contract. Since the money is guaranteed by the insurance company, solvency of the firm should be a factor for consideration. When placing assets in a fixed account, utilizing two or even three different rating services is considered prudent. (See Table 1.) Each rating service (such as A.M. Best, Standard and Poor s, Duff and Phelps, and Moody s) has a different area of expertise and specific evaluation criteria. Some of those areas include solvency and claims-paying ability. However, be advised that even these rating services are not infallible. In the past, several companies have been placed into receivership despite having high ratings by these services. Texas does have a guarantee program. This program offers protection of up to $100,000 of account value with each company. Mutual Funds Mutual funds are available for ORP and TDA deposits. An investment company or a mutual fund is either a corporation or a trust in which investors pool their funds and invest them in a wide variety of securities. An investment company or mutual fund is engaged in the business of investing in securities, managing funds for ORP/TDA Analysis

3 people more effectively than individuals ordinarily could for themselves. A fund operates as a single large account that is owned by many shareholders. Today, there are more mutual fund choices available than companies listed on the New York Stock Exchange. As the world economy continues to grow, opportunities for investing beyond our shores become increasingly viable options. Additionally, most funds are now grouped in families that offer a broad array of funds within one package or company. Here is a brief description of the kinds of investments available. 1. Money Market Funds invest in securities that mature in less than one year. These funds can be composed of one or more of the following: Treasury bills, certificates of deposit, commercial paper, Eurodollar CDs, and notes. The objective is to maintain a constant share value while producing a return slightly above bank money market funds. 2. Bond Funds can come in many varieties, including a government bond fund, a corporate bond fund, high yield bond fund, or others. Typically, the investment criterion requires that any holding purchased be a bond. 3. Stock Funds can be classified in three categories. Equity-Income Funds focus on income, with capital appreciation as a secondary concern. Growth and Income Funds attempt to produce both capital appreciation and current income. Growth Funds seek capital appreciation first while current income is a distant secondary concern. 4. Balanced Funds are also called total return funds. The objective is to provide total returns through growth and income. The fund typically purchases stocks, bonds, and convertible securities. Weighting of each asset class will depend upon the manager s perception of the market, interest rates, and risk levels. 5. International (Global) Equity Funds consist of two types. International or Foreign Funds may only invest in stocks of foreign companies. Global Funds can invest in both foreign and U.S. stocks. The objective of either category is growth of capital. 6. Aggressive Growth (Small Company) Funds are mutual funds that focus strictly on appreciation, with no concern about generating income. 7. Special Funds are grouped in two categories: Metal Funds and Non-Diversified Funds. A metal fund purchases metals in one or more ways: bullion, gold stocks, and mining stocks. Non-Diversified Funds are defined by the Securities and Exchange Commission as holding more than five percent of the funds total holdings in the security of one company. These funds can also be industry specific. The above definitions have been modified from those found in the Certified Fund Specialists guide. Each mutual fund comes with a prospectus, which must be provided to the investor before purchase. This prospectus will provide information such as the name and credentials of the fund manager, the goals and objectives of the specific fund, and information regarding fees and other expenses. It will also describe the limitations placed on the manager. All funds instruct the investor to read the prospectus carefully before investing or sending any money. Unfortunately, the prospectus is written in such technical terminology, most people would Table 1 Company Rankings Company AM Best S & P D & P Moody s Aetna Life and Annuity A AA- AA Aa3 Allmerica Financial A AA- AA A1 Annuity Investors Life A A+ AA- A3 AUSA A+ AAA AA+ Aa3 Conseco A- BBB A Baa1 CUNA Life A NR AA NR Delta Life A BBB NR Baa1 Equitable A+ AA AA Aa3 Franklin Life Insurance Company A+ AA+ AAA NR Great American Life A A+ AA- A3 Horace Mann Life A AA- AA NR Jackson National Life A+ AA AA+ Aa3 KILICO A+ AA+ AA Aa3 Lincoln National Life A AA- AA+ Aa3 SAFECO Life A+ AA- NR A1 Security Benefit Life A+ AA- AA- NR State Farm Life A++ AAA AAA Aaa TIAA-CREF A++ AAA AAA Aaa Transamerica Life A+ AAA AA+ Aa3 Travelers Life A+ AA AA Aa3 USAA Life A++ AAA NR Aa1 VALIC A+ AA+ AA+ Aa2 have difficulty interpreting its contents. All mutual funds have fees, including so-called noload funds. Who has not read beautiful, glossy brochures that funds use to market their products? Who pays for the marketing, research, administrative support, reports, fund managers, and other costs? The investor pays these expenses. Accepting the fact that there is no free lunch, what charges should one review before investing? The investment advisor or advisors, making the daily decisions to buy, sell, or hold the investments of the fund must be paid. The research and overhead costs for administering the fund must be paid. These are usually described as investment advisory expenses or management fees. Always find out what the management fees are. Does the fee amount affect the performance of the fund? Yes, it does. While one does not want to make this an overriding concern, an investor needs to be comfortable and understand the fees assessed. Generally, net performance, not internal cost, is the important factor to consider when investing. There are three pricing strategies for mutual funds. A-share mutual funds are front-loaded funds. The cost to invest will usually range from zero percent for Money Market Funds to more than five percent for International Funds. The load immediately reduces the amount going to work. These funds will typically be presented by a salesperson who receives a commission to represent that company. B-share mutual funds are sometimes known as noload with a contingent deferred sales charge. These shares have an early withdrawal penalty if the amount does not remain on deposit for a specified period of time. These funds typically have higher management fees than the A-shares and are often clones of an A- share fund. C- and D-share mutual funds are no load in, and if held for a period of time (up to one year), no load out. These are deemed no-service or self-service funds. This class of funds can be brought to the investor in two ways. The old line of funds has no sales force; transaction are made using a toll-free phone number. The new line of funds uses salespersons that may or may not 3 What are the outside rating firms evaluations of the carrier? Does the company have soundness and experience to fulfill its contract and provide good management? 4 What are the expenses involved with the program? Do transfer fees, surrender charges, and other costs permit flexibility as my investment needs change? ORP/TDA Analysis A 3

4 Table 2 Contract Expenses Annual Total Contract Expense Excess Company Contract ID Policy Fee M&E Admin. Exp. Ratios Transfer Fees Aetna Life and Annuity Group Var. Annuity/ORP n/a Allmerica Financial Pioneer Vision $25.00 Annuity Investors Life Commodore Series $25 over 12/year CUNA Life Members VA n/a Delta Life Flex No Load n/a Delta Life Flex Front Load n/a Diversified Inv. Adv. AUSA ORP n/a Diversified Inv. Adv. AUSA TDA n/a Equitable EQUI-VEST n/a Franklin Life Presidential Annuity n/a Great American Life TSA, GTSA, Equilink n/a Horace Mann Life Annuity Alternatives n/a Jackson National Life Action One, Flex 1, Bonus Max One n/a KILICO Advantage III n/a Lincoln National Life Multi Fund n/a Lincoln National Life Individual Fixed Annuity n/a SAFECO Life Spinnaker $10 over 12/year Security Benefit Life Variflex n/a State Farm Deferred Life Annuity n/a State Farm Variable Deferred Annuity $25 over 12/year TIAA-CREF Retirement Annuity (RA) n/a TIAA-CREF SRA/gSRA n/a Transamerica Life TransMark 100, n/a Travelers Life T-Flex n/a Travelers Life Universal Annuity n/a Travelers Life Gold Track Select n/a USAA Life Variable Annuity n/a VALIC Portfolio Director Plus n/a Total M&E Mortality and Expense Risk Expense Ratio the range of sub-accounts for Is my contract surrenderable for cash value, in whole or in part, after leaving covered employment for ORP, and after I turn 59 1 / 2 for TDA? Does it allow lump sum withdrawals in lieu of annuitization at retirement? 6 Do I have sufficient choices between fixed and variable types of investments and can I shift between them easily and without cost? A 4 receive an up front commission. The management fees will probably be higher than B-shares, therefore one should check the prospectus. More families will begin offering C- and D-shares. Another fee that may be assessed is a 12-b-1 fee, named after a federal government rule. This fee pays for distribution costs, including advertising and dealer compensation. The 12-b-1 fee may provide a venue for use, compensating a professional to work with an investor in the design of an investment plan. The professional will be paid based upon the amount invested and the performance of the account. If applicable, this fee will be found in the prospectus. Table 3 TDA Loans It has long been the subject of much discussion whether paying an up front charge is best or if it is preferable to have a contingent charge. One position holds that if the investment is for the long term (ten years) it will be better to pay up front charges, since this will make the annual management or investment charge significantly lower. However, this argument does not take into consideration personal, economic, or product changes. The original investment chosen today may not be the best investment for an individual in the future. Variable Annuities Variable annuities can be described as a combination of fixed annuities and mutual funds with a twist. Vari- Company Contract ID Interest Charged Fee Other Features Aetna Life and Annuity Group Variable Annuity 3% spread 0 Minimum $1,000 Allmerica Pioneer Vision 2% spread 0 Annuity Investors Life Commodore Series 3% spread 0 Minimum $1,000 CUNA Life Members VA 6.5% 0 Delta Life Flex No Load, Front Load 2% spread 0 Minimum $100 Diversified Investment Advisors ORP, TDA 3% spread 0 Minimum $1,000 Great American Life TSA, GTSA, Equilink 3.5 spread 0 Minimum $1,000 Horace Mann Life Annuity Alternatives 5.4% 0 Minimum $2,500 Jackson National Life Flex 1, Action One, Bonus Max One 2% spread 0 KILICO Advantage III 3% spread 0 Minimum $1,000 Lincoln National Life Multi Fund 2.5% spread 0 Minimum $2,500 Lincoln National Life Individual Fixed Annuity 2.5% spread 0 Minimum $2,500 SAFECO Life Spinnaker 2.5% spread $25 Minimum $1,000 Security Benefit Life Variflex 2% spread 0 Minimum $1,000 TIAA-CREF gsra Moody s Corp. Bond Rate 0 Minimum $1,000 Transamerica Life TransMark 100, 900 3% spread 0 Minimum $1,000 Travelers Life T Flex 2.5 % spread 0 Minimum $1,000 Travelers Life Universal, Gold Track Select 2% spread 0 Minimum $1,000 USAA Life Flexible Retirement Annuity 7.51% 0 Minimum $2,500 VALIC Portfolio Director Plus 2% spread 0 Minimum $1,000 ORP/TDA Analysis

5 able annuity contracts are life insurance contracts that have as few as one or as many as 30 variable investment options. These options are referred to as sub-accounts. The sub-accounts are, by law, separate accounts. The variable choices offered differ from the fixed account in that the investor, not the insurance company, absorbs the investment risk. There are no guarantees. The money is never commingled in the insurance company s general account. All earnings or losses are tied to investment performance of the underlying account. Many variable annuity contracts have fixed accounts. Research shows that almost 60 percent of assets in variable annuity contracts are in fixed accounts. While this may be prudent for a particular investor, the discussion provided in the fixed annuity section applies here. In some cases, the fixed portions of these contracts are not as competitive as a fixed only contract. Variable annuities are by design variable investments. The variable annuity is a product that is constantly evolving. The horizontal integration of these contracts is an innovation that seems to be growing. Previously, all programs were vertically integrated. Management, marketing, administration, and sales were all performed by the same company. In the late 1980s, several firms began adding external fund managers to the proprietary funds offered in the contract. Today, an investor can even cross fund families in one contract. Remembering that the variable annuity contract is offered by an insurance company may assist an investor with the following discussion regarding fees. The expense risk and mortality charge are fees assessed in most variable annuities. The expense charge guarantees from the date a contract is signed that the charges for management and annual contractual charges will not increase for the life of that contract. The mortality charge is unique to variable annuities. Mortality charges are guarantees by the insurance company that in the event of death, heirs will receive either the contributions (deposits) or the face value of the contract, whichever is greater. Today, several contracts have expanded the mortality feature. This is called a stepped-up death benefit. If available, the contract will increase the amount invested at a certain rate (e.g., five percent per year) or at a contract anniversary date (e.g., the fifth contract year). This value is the new floor that the heirs will receive. This can be a very attractive feature for older faculty investing in stock accounts late in their careers. Another fee assessed by the variable annuity is the investment advisory fee and, if applicable, a 12-b-1 fee. The surrender or withdrawal structure of the variable annuity is very similar to B-share Mutual Funds (no-load with a contingent deferred sales charge). Most contracts will not have front end charges, but will have surrender charges. These charges may be level (say, three percent for three years, then dropping to zero), reducing (say, six percent the first year, then reducing one percent per year), or level for a certain period of time then declining (say, six percent the first two years, then declining each year to zero). This penalty may be assessed upon each contribution. This type of surrender charge is called a rolling surrender charge. The penalty can also be based upon contract years. This type of surrender charge is called a non-rolling surrender charge. If dollars are moved to another firm before the time period for surrender charges has elapsed, the contributions can be penalized for early withdrawal. Unlike mutual funds, most companies allow a ten percent free withdrawal, allowing a transfer to another firm. This ten percent free withdrawal is usually not a cumulative privilege. Another feature offered by variable annuities is dollar cost averaging. This allows an investor to place a systematic transfer of a specific amount each month from one sub-account to another. Theoretically, if the investor purchases shares over a period of time when prices are high and low, the cost per share will be less expensive in the long term using dollar cost averaging. The availability of this option could be an additional feature to consider. Additional Options A recent innovation in ORP and TDA investment products is the trust. This option allows the investor to design a very personal investment. Unlike investing in one family with limited options, through the trust arrangement the investor can mix different funds and cross family lines. The ability to select the top performers, or specific asset classes from several mutual fund families, is a powerful investment tool. Currently, Table 4 Fixed Rates 7 Are my company s reporting and servicing policies sufficient for my needs? Interest rates Company Contract Name 2000 Min % Crediting Method Aetna Fixed Plus Portfolio Allmerica Pioneer Vision II Portfolio Conseco Maxiflex Q New Money Conseco Maxiflex NQ New Money CUNA Life Members VA Portfolio Delta Life Flex No Load Modified Portfolio Delta Life Flex Front Load Modified Portfolio Equitable EQUI-VEST New Money Franklin Life Presidential Annuity Portfolio Great American Life TSA III Banded Great American Life GTSA VI Banded Great American Life GTSA XI-SS Banded Great American Life TSA VII Banded Great American Life TSA VIII Banded Horace Mann Annuity Alternatives-5 year Banded Horace Mann Annuity Alternatives-10 year Banded Horace Mann Fixed Annuity-5 year Banded Horace Mann Fixed Annuity-10 year Banded Jackson National Life Action One New Money Jackson National Life Flex New Money Jackson National Life Bonus Max One New Money KILICO Advantage III Daily Lincoln National Life Multi Fund New Money/Portfolio Lincoln National Life Individual Fixed Annuity New Money/Portfolio SAFECO Life Spinnaker New Money SAFECO Life Preference New Money Security Benefit Life Variflex Portfolio State Farm Deferred Life Annuity New Money TIAA-CREF Retirement Annuity (RA) Banded TIAA-CREF SRA/gSRA Banded Transamerica Life TransMark Banded Transamerica Life TransMark Banded Travelers Life T Flex New Money Travelers Life Universal Annuity Portfolio Travelers Life Gold Track Select New Money/Portfolio USAA Flexible Retirement Annuity Portfolio USAA Personal Pension Annuity Portfolio VALIC Portfolio Dir. Plus Short-Term Portfolio VALIC Portfolio Dir. Plus Fixed Plus Portfolio ORP/TDA Analysis A 5

6 this option is available for fund use only (not multiple variable annuities) through several different trust programs. Another innovation is on the money management side. Texas law, under the section of law that created ORP, allows the use of independent professional investment advisors. The fee for this service can vary, but may not exceed two percent annually. The recognition by the investment community that this service can be provided to faculty has added a new dimension to ORP and TDA accounts. Money management has many schools of thought. There are extremes. At one extreme are the institutional investors who typically use asset class selection with systematic rebalancing. At the other extreme are the market timers. This theory purports the ability to take advantage of upswings while limiting the downside. Of course, most theories and services fall between these extremes. Summary This study seeks to inform the potential investor of the pros and cons of many different types of investments, products, and styles of money management. As with all cash accumulation plans, investment performance may vary. There are no guarantees. This study should not be the sole basis for investment decisions. As investment decisions are very personal, criteria important to some may not be important to others. The final decision regarding retirement investments should remain between the investor and the investment professional, when utilized. A properly designed program can be developed to enhance performance and maximize gains given the investor s risk tolerance level. This study has been designed to assist in analyzing the cost, performance, and flexibility of programs available for the investor. Annual Policy Fee Fee assessed by an insurance company for administrative costs associated with printing the contract and mailing statements and confirmations. This is sometimes called a contract charge. Banded interest rate Rate of interest that is attached and credited to each deposit. The rate, when changed, constitutes a new band and the old band will continue to earn the rate through the guarantee period. Contingent Deferred Sales Charge (CDSC) Fee assessed from the date of purchase; can be a rolling charge or a nonrolling charge. This is as a back-end load. Current Interest Rate Rate of interest paid by an insurance company on deposits and accumulations in a fixed account. The current interest rate is usually higher than the minimum guaranteed rate. Custodian charge Fee assessed by a mutual fund for administrative costs associated with printing the contract and mailing statements and confirmations. Dollar Cost Averaging Systematic purchase of shares at a specified period of time each month. Shares purchased in this manner are typically less expensive over the long term. Expense Risk Cost paid by the holder of a variable annuity contract that guarantees all expenses associated with the contract will not increase for the life of that contract. Investment Advisory Expenses Fee assessed against a variable account or mutual fund for the cost of administering the fund, such as the investment advisor, overhead costs, research, and other expenses. Load Sales charges assessed for buying a product, usually discussed when purchasing certain types of mutual funds. Glossary of Terms Minimum Guaranteed Rate Contractually guaranteed minimum amount or floor interest rate paid on deposits and accumulations in a fixed account by an insurance company. Mortality Expense An insurance cost, unique to a variable annuity, that guarantees the greater of deposits or face value of the contract to the heirs at the participant s death. No-Load Denotes no front-end charges are assessed upon the purchase. Non-Rolling Charge Upon expiration of some specified contract anniversary, penalties will no longer be assessed on any deposit. Portfolio interest rate A stated rate of interest paid on a pool of money regardless of when the money is received. Rolling Charge Penalty assessed for early withdrawal based upon a contract period calculated for each deposit. Stepped-up death benefit An enhanced mortality feature under which an insurance company guarantees to pay the heirs a value greater than deposits. Surrender Charges Penalty charge assessed on contributions when the contract owner does not meet his obligations of time in the contract. TEFRA Tax Equity & Fiscal Responsibility Act of b-1 charge An ongoing expense paid to the investment professional by the investor. Two-tier interest rates A contract stating two rates of interest. If annuitized, the rate is A; if a cash option is elected, the rate is B. The A rate is always higher than the B rate. Withdrawal Charges Penalty charge assessed on contributions when the contract owner does not meet his obligations of time in the contract. Table 5 Mutual Fund Money Market Accounts Firm Fund Name 1 Year 5 Year 10 Year Since Inception Exp. R. Mgmt Frt Load 12-b-1 American Century Capital Preservation American Century Prime American Century Government Agency American Century Premium Government Reserve American Century Premium Capital Reserve American Funds Dist. Cash Mgmt. Trust American Funds Dist. CTRS Diversified Investment Advisors Money Market Fidelity Investments Retirement Gov Fidelity Investments Retirement Fidelity Investments Cash Reserves Fidelity Investments Daily Income Trust Fidelity Investments US Government Reserves Pioneer Cash Reserves SAFECO Life Money Market Security Management Co. Security Cash Fund T. Rowe Price Prime Reserve T. Rowe Price US Treaury Money Waddell & Reed United Cash Management USAA Inv. Mgmt. Co. Money Market USAA Inv. Mgmt. Co. Treasure Money Market Van Kampen Reserve Fund Footnotes: Exp. R. expense ratio for each fund for Mgmt. the cost associated with the investment advisor, which is included in the expense ratio. Frt. Load the sales charge associated with the fund. 12-b-1 an ongoing expense for the fund. A 6 ORP/TDA Analysis

7 ORP/TDA PRODUCT DESCRIPTIONS Aetna Life Insurance and Annuity Company has an ORP product with a number of investment options. There are three fixed options and more than 35 variable options. The company utilizes several fund managers, including Aetna, AIM, Calvert, Fidelity, Janus, MFS, Oppenheimer, Scudder, and T. Rowe Price. There are no annual fees or deferred sales charges on withdrawals. The Web site allows participants to access account information, change the allocation of future contributions, and make transfers between existing investment options. In addition, the Web site allows customers to look up contact information on their local Aetna representatives by campus. Phone: AETNA. Web: American Century Investments offers a full family of no-load mutual funds. With the acquisition of the Benham Group in 1996, American Century s family has grown to more than 60 funds in three groups: the Benham Group, the American Century Group, and the Twentieth Century Group. Phone: , Ext American Funds Distributors is a front-load family of mutual funds with 22 investment options. This family of mutual funds offers break points at certain levels of investment. The maximum sales charge for stock and stock-bond funds is 5.75%. The maximum sales charge for bond funds is 3.75%, while money market funds have no sales load. However, if one invests first in the money market fund, then moves to a bond or equity fund, the appropriate sales charge will be assessed. Investments of $1,000,000 or more, and investments made by employer-sponsored defined-contribution-type plans with 100 or more eligible employees are sold with no initial sales charge. A 1% contingent deferred sales charge may be imposed on certain redemptions by accounts that invest with no initial sales charge (other than employer-sponsored plans), if redemptions are made within one year of purchase. A dealer concession of up to 1% may be paid by the fund under its Plan of Distribution and and/or by American Funds Distributors on investments made with no initial sales charge. This information may be found in each fund s prospectus. Additionally, there is a total operating expense ratio that ranges from 0.55% to 1.40% and the custodial account charges $10 for set-up and $10 annually. This family s investment choices include: 2-Money Market, 5-Bond, 1- Balanced, 4-Domestic Growth, 1-Small Cap Global Growth, 3-International/Global, 4- Domestic Growth and Income, 2-Equity Income. Phone: Web: Annuity Investors Life Insurance Company offers the Commodore family of variable annuities, a flexible financial instrument that permits adjustment of investment strategy in response to changing economic opportunities. It offers a variety of investment options (stocks, bonds and money market portfolios, and fixed account options). Commodore Navigator offers investment flexibility that allows modification of a portfolio mix as needs change, while matching personal investment style; taxdeferred growth and earnings; a wide selection of diversified investment subaccounts, along with five fixed account options with interest rates guaranteed by Annuity Investors Life Insurance Company; the flexibility to help balance risk and return over time; a stepped-up death benefit guaranteed by Annuity Investors Life Insurance Company; and a variety of settlement options including a lifetime income option. Commodore Advantage offers an immediate 3% bonus on each purchase payment, guaranteed by Annuity Investors Life Insurance Company; investment flexibility that permits modification of a portfolio mix as needs change, while matching personal investment style; tax-deferred growth and earnings; a wide selection of diversified investment sub-accounts, along with five fixed account options with interest rates guaranteed by Annuity Investors Life Insurance Company; the flexibility to help balance risk and return over time; a steppedup death benefit guaranteed by Annuity Investors Life Insurance Company; and a var- Table 6 Mutual Fund Stock Bond Accounts Total Return, Balanced, or Managed Firm Fund Name 1 Year 5 Year 10 Year Since Inception Exp. R. Mgmt Frt Load 12-b-1 American Century Balanced American Century Strategic Alloc.: Conserv American Century Strategic Alloc.: Mod American Century Strategic Alloc.: Aggr American Funds American Balanced Diversified Investment Advisors Balanced Fidelity Investments Balanced Fidelity Investments Puritan Pioneer Balanced SAFECO Life Balanced (4.76) Security Management Co. Growth and Income Security Management Co. Total Return T. Rowe Price Balanced T. Rowe Price Personal Strategy Balanced T. Rowe Price Personal Strategy Growth T. Rowe Price Personal Strategy Income USAA Inv. Mgmt. Co. Cornerstone Strategy USAA Inv. Mgmt. Co. Balanced Strategy USAA Inv. Mgmt. Co. Income Strategy USAA Inv. Mgmt. Co. Growth Strategy Waddell & Reed United Asset Strategy Waddell & Reed United Continental Income Waddell & Reed United Retirement Shares Waddell & Reed Asset Strategy Footnotes: Exp. R. expense ratio for each fund for Mgmt. the cost associated with the investment advisor, which is included in the expense ratio. Frt. Load the sales charge associated with the fund. 12-b-1 an ongoing expense for the fund. ORP/TDA Analysis A 7

8 Table 7 Mutual Fund Stock Accounts Equity-Income, Income, or Growth Firm Fund Name 1 Year 5 Year 10 Year Since Inception Exp. R. Mgmt Frt Load 12-b-1 American Century Equity Growth American Century Income and Growth American Century Equity Income (0.20) American Century Value (0.80) American Century Small Cap Value (0.90) American Century Small Cap Quantitative American Funds AMCAP Fund American Funds Growth Fund of America American Funds New Economy Fund American Funds Washington Mutual Inv American Funds Capital Income Builders (2.77) American Funds Income Fund of America American Funds AMF (0.12) American Funds Investment Co. of America American Funds FI Diversified Investment Advisors Growth and Income Diversified Investment Advisors Equity Value (30.70) Diversified Investment Advisors Equity Income Diversified Investment Advisors Stock Index Fidelity Investments Convertible Securities Fidelity Investments Equity Income Fidelity Investments Equity Income II Fidelity Investments Fidelity Fund Fidelity Investments Growth and Income Fidelity Investments Spartan US Equity Index Fidelity Investments Blue Chip Growth Fidelity Investments Contrafund Fidelity Investments Disciplined Equity Fidelity Investments Growth Company Fidelity Investments Magellan Fidelity Investments OTC Fidelity Investments Retirement Growth Fidelity Investments Stock Selector Fidelity Investments Trend Fidelity Investments Value Pioneer Equity-Income Pioneer Pioneer Fund Pioneer Pioneer II Pioneer Mid-Cap SAFECO Life Equity (1.15) SAFECO Life Dividend Income (4.44) SAFECO Life Northwest SAFECO Life US Value (3.56) Security Management Co. Equity Security Management Co. Value T. Rowe Price Capital Appreciation T. Rowe Price Equity Income T. Rowe Price Blue Chip Growth T. Rowe Price Dividend Growth (2.82) T. Rowe Price Equity Index T. Rowe Price Growth and Income T. Rowe Price Mid Cap Value T. Rowe Price New Era T. Rowe Price Spectrum Growth T. Rowe Price Total Equity Market Index T. Rowe Price Value T. Rowe Price Capital Opportunity T. Rowe Price Extended Equity Mkt. Index T. Rowe Price Mid Cap Growth T. Rowe Price New America Growth T. Rowe Price Small Cap A 8 ORP/TDA Analysis

9 Table 7, continued Mutual Fund Stock Accounts Equity-Income, Income, or Growth Firm Fund Name 1 Year 5 Year 10 Year Since Inception Exp. R. Mgmt Frt Load 12-b-1 T. Rowe Price Small Cap Value Waddell & Reed United Income Waddell & Reed United Accumulative Waddell & Reed Science and Technology Waddell & Reed United New Concepts Waddell & Reed United Van Guard Waddell & Reed Total Return USAA Inv. Mgmt. Co. Growth and Income USAA Inv. Mgmt. Co. Growth USAA Inv. Mgmt. Co. Income (3.85) USAA Inv. Mgmt. Co. Income Stock USAA Inv. Mgmt. Co. First Start Growth USAA Inv. Mgmt. Co. Science and Technology USAA Inv. Mgmt. Co. S&P Van Kampen Comstock Van Kampen Equity-Growth Van Kampen Equity-Income Van Kampen Growth and Income Van Kampen Harbor Van Kampen Utility Van Kampen Value Van Kampen Real Estate Securities (3.15) Footnotes: Exp. R. expense ratio for each fund for Mgmt. the cost associated with the investment advisor, which is included in the expense ratio. Frt. Load the sales charge associated with the fund. 12-b-1 an ongoing expense for the fund. iety of settlement options including a lifetime income option. Commodore Independence offers no deferred sales or surrender charges on all annuity withdrawals; investment flexibility that modification of a portfolio mix, while matching personal investment style; taxdeferred growth and earnings; a wide selection of diversified investment subaccounts, along with five fixed account options with interest rates guaranteed by Annuity Investors Life Insurance Company; the flexibility to help balance risk and return over time; a stepped-up death benefit guaranteed by Annuity Investors Life Insurance Company; and a variety of settlement options including a lifetime income option. Phone: AUSA s contracts are offered through Diversified Investment Advisors. This company has three contracts, a fixed fund and government fixed fund as the fixed-only contract and a variable-only product. The two fixed contracts have an annual policy fee of $30 for ORP accounts and $24 for TDA accounts. The two fixed accounts also have a 10-year declining surrender charge, starting at 5% for the years 0-5, 4% for years 6-7, 3% for years 8-9, 2% for years 9-10, and 0% thereafter. The variable product offers 10 choices, including: 1-Money Market, 3-Bond, 2-Balanced, 6-Stock, 1-International Stock, 3-Asset Allocation funds. The mortality and expense assurances are assessed against the account at 0.9%. For 1999 the expense ratios ranged from 0.25% to 0.88%. The variable contracts utilizes external fund managers. There are no withdrawal charges assessed against the contract. Phone: Conseco Annuity Assurance Co. (previously Great American Reserve, a Conseco Co.) offers three fixed annuity products: Superflex III, Superflex VIII and Superflex XX+, all of which have no sales charges or annual fees. The differences between the products relate to the surrender charge period. All of the products offer free withdrawal periods with 10% of accumulated value or IRS-required minimum distribution. The Conseco Maxiflex offers 45 investment options offered by 16 well-known money managers. There are no up-front charges so your money can start to work for you immediately. There is a $20 annual contract fee for flexible Purchase Payment Contracts and $25 for single Purchase Payment Contracts. The dollar cost averaging option allows the investor to purchase shares at regular intervals. An interest sweep option and an Asset Rebalancing feature are available. Phone: CUNA Mutual Life has a flexible premium deferred variable and fixed annuity product called Members VA. It offers a choice of variable and/or fixed investment options, a guaranteed death benefit, and a nursing home/ terminal illness provision (where available). There are 10 variable sub-accounts, 5 guaranteed investment accounts, and 1 dollar cost averaging fixed account (DCA). Phone: Delta Life and Annuity only offers fixed annuities. Two versions of flexible premium annuities are available. The Flexible Premium No Load annuity has an 10 year declining surrender charge beginning at 8% for the first three years, declining by 1 percent each year thereafter. It has a contractual minimum interest rate of 4%. There is a minimum policy fee of $3 per quarter, not to exceed $6 per quarter, and is waived for accounts of $100,000 or more. This product has a yield spread (pass-through) method of crediting interest. The Flexible Premium Front Load annuity has no surrender charge. Sales charges range from 3 to 5% and guarantees a 4% return. There is a minimum policy fee of $3 per quarter, not to exceed $6 per quarter and is waived for accounts of $100,000 or more. The front load has a 1% yield spread for the life of the policy. Phone: Equitable Life Assurance Society of the United States (Equitable) offers the EQUI- VEST TSA university annuity contract, which is a deferred variable annuity contract. The company offers participants a guaranteed interest option and 32 variable investment funds. Equitable Advisors Trust does not impose a sales charge, or load, for buying and selling its shares. All dividend distributions on a portfolio s shares are reinvested in full and fractional shares of the portfolio to which they relate. Fund choices include: 18- Domestic, 4-International Stock, 4-Fixed Income, 6-Balanced/Hybrid. EQUI-VEST imposes an annual administrative charge for each contract or certificate issued equal to the lesser of 2% of the contract s value or $30. Phone: ORP/TDA Analysis A 9

10 Table 8 Mutual Fund Aggressive Growth Accounts Firm Fund Name 1 Year 5 Year 10 Year Since Inception Exp. R. Mgmt Frt Load 12-b-1 American Century Select American Century Ultra American Century Growth American Century Heritage American Century Vista Diversified Investment Advisors Equity Growth Diversified Investment Advisors Special Equity Diversified Investment Advisors Aggressive Equity Fidelity Investments Capital Appreciation Fidelity Investments New Millennium Pioneer Growth Shares Pioneer Capital Growth SAFECO Life Small Company Value SAFECO Life Growth Opportunity Security Management Co. Ultra Security Management Co. Small Cap Growth T. Rowe Price Div. Small Cap Growth T. Rowe Price New Horizons USAA Inv. Mgmt. Co. Aggressive Growth Van Kampen Aggressive Growth Van Kampen Enterprise Van Kampen Pace Van Kampen Emerging Growth Waddell & Reed United Science and Tech Waddell & Reed Growth Footnotes: Exp. R. expense ratio for each fund for Mgmt. the cost associated with the investment advisor, which is included in the expense ratio. Frt. Load the sales charge associated with the fund. 12-b-1 an ongoing expense for the fund. Fidelity Investments Tax Exempt Services Company offers over 100 proprietary Fidelity mutual funds. Fidelity s retirement plan mutual funds range from conservative and income-oriented to more aggressive and growth-oriented. These investment options enable participants to build a retirement strategy tailored to their specific investment objectives and personal financial situations. Each fund has an annual maintenance fee, ranging from $0 to $24. Phone: Web: Great American Life Insurance Company (GALIC) has six products available. There is no policy fee assessed against any contract, but only TSA VII, TSA VIII, Equilink, GTSA VI, and GTSA XI-SS offer a 10% free withdrawal. All contracts use a banding method for interest crediting. However, there are differences in the rate of interest credited and the surrender charges assessed. 1. TSA III (A109), available since 1987, offers a minimum guaranteed rate of interest of 4%. The current rate of interest as of 12/31/99 was 5.75%. The contract has a declining surrender charge based on a contract year that starts at 5% in year 1 and declines by 1% annually to 0% in year 6 and thereafter. 2. GTSA VI (GTS6/CTS6) has a minimum guaranteed interest rate of 4%. This product was first available in 1991, and had a current rate of interest of 5.8% on 12/31/99. A 1% bonus is credited on all premiums. Another 3% bonus is possible, depending on qualifications. This contract has a 30% A 10 surrender charge assessed against the first year s deposits. The 30% surrender charge is also applicable to increased premiums received in years 2-5. No surrender charges will apply if the policy is annuitized. 3. The GTSA XI-SS available since February 1, 1999, is a rollover annuity contract and accepts one single-sum transfer. The minimum interest rate is 3%. The current rate on 12/31/99 was 5.75%. This product has a declining surrender charge that starts at 12% and declines by 1% annually to 0% in year 13 and thereafter. A 15% bonus is available upon annuitization during years 5-11 and is added to the death benefit payable if the beneficiary elects a payout of 7 years or longer. The bonus is also available on year 12 and thereafter, regardless of the payout period selected. 4. TSA VII (A107), first offered in 1992, has a guaranteed minimum interest rate of 3%. The contract paid 5.6% as of 12/31/99. This contract has a declining surrender charge based upon contract year. The surrender charge starts at 10% and declines by 1% annually over a ten year period to 0% in year 11 and thereafter. 5. TSA VIII (A108), first offered in 1994, has a guaranteed minimum interest rate of 3%. The contract paid 6% as of 12/31/99. This contract has a declining surrender charge based upon contract year, and includes bonuses which are available during policy years 10-14, subject to qualifications. 6. The Equilink available in Texas since July 1, 1996, allows you to participate, in part, in the growth potential of the S&P 500 Index, while offering the security of a fixed annuity. The contract guarantees a 3% minimum annual rate of interest of 90% of the purchase payments, assuming no loans or withdrawals, prior to the end of the 10-year term. A minimum deposit of $5,000 is required. 7. Equilink Choice Plus, available in Texas since August 19, 1999, is an annuity with two account options, the Fixed Account and the Indexed Account. The policy owner decides which percentage is allocated to each account. Funds in the Fixed Account earn a competitive interest rate that is guaranteed never to fall below 3% per year. The Indexed Account earnings are linked in part to the S&P 500 Index and gains are locked in each year. The account value will never be less than the sum of 85% of all purchase payments received in the first contract year and 90% of all purchase payments received thereafter. The death benefit will be equal to the greater of the account value as of the owner s death and will never be less than all purchase payments less withdrawals and any surrender charges applied to those withdrawals. Loans and annual 10% penalty-free withdrawals are available. Phone: The Horace Mann fixed-only annuity is a fixed-only contract. It is available as a 403(b) Tax-deferred Annuity, an IRA, a Roth IRA, or as a non-qualified deferred annuity. It is not available as part of the ORP program. The ORP/TDA Analysis

11 Table 9 Mutual Fund Bond Accounts Firm Fund Name 1 Year 5 Year 10 Year Since Inception Exp. R. Mgmt Frt Load 12-b-1 American Century GNMA American Century Limited Term American Century Short Term Government American Century Inflation-Adjusted Treas American Century Long Term Treasury (8.70) American Century Bond (2.10) American Century Premium Bond (1.20) American Century Intermediate Term Bond (0.60) American Century Intermediate Term Treas. (2.10) American Century High Yeild American Century International (10.40) American Century Target American Century Target 2005 (5.80) American Century Target 2010 (11.80) American Century Target 2015 (14.60) American Century Target 2020 (18.40) American Century Target 2025 (20.70) American Funds Amer. High-Income Trust American Funds Bond Fund of America American Funds Capital World Bond Fund (3.18) American Funds Intermed. Bond Fund of Amer American Funds U.S. Gov. Securities (1.59) Diversified Investment Advisors High Quality Diversified Investment Advisors Intermediate Government Diversified Investment Advisors Government-Corporate (1.43) Diversified Investment Advisors High Yield Fidelity Investments Short Term Fidelity Investments US Bond Index (0.95) Pioneer Bond (3.20) Pioneer America Income Trust (2.52) Pioneer Limited Maturity SAFECO Life High Yeild Bond (7.19) SAFECO Life Intermed. Term US Treasury (3.61) SAFECO Life Managed Bond (4.61) SAFECO Life Municipal Bond (7.57) SAFECO Life California Tax Free Income (9.20) Security Management Co. Diversified Income (3.60) Security Management Co. Municipal Bond (3.50) Security Management Co. High Yield (0.51) T. Rowe Price Short Term T. Rowe Price Short Term US Gov T. Rowe Price GNMA T. Rowe Price New Income (1.58) T. Rowe Price Spectrum Income T. Rowe Price US Treasury Intermediate (3.22) T. Rowe Price US Treasury Long Term (8.75) T. Rowe Price Corporate Income (0.83) T. Rowe Price High Yield USAA Inv. Mgmt. Co. Short Term USAA Inv. Mgmt. Co. GNMA (3.61) Van Kampen Corporate Bond (3.32) Van Kampen Government Securities (3.02) Van Kampen High Income Corporate Van Kampen High Yield Van Kampen Limited Maturity Govt Van Kampen U.S. Government (0.11) Van Kampen U.S. Govt Trust for Income (1.47) Waddell & Reed United Bond (6.77) Waddell & Reed Limited Term Bond (2.45) Waddell & Reed United High Income (3.00) Waddell & Reed United High Income II (4.38) Waddell & Reed United Govt. Securities (4.86) Waddell & Reed High Income Footnotes: Exp. R. expense ratio for each fund for Mgmt. the cost associated with the investment advisor, which is included in the expense ratio. Frt. Load the sales charge associated with the fund. 12-b-1 an ongoing expense for the fund. ORP/TDA Analysis A 11

12 minimum premium is $25 per pay period or $225 annually. There is an annual policy fee of $30 deducted at each anniversary until the contract value exceeds $10,000. There is a surrender charge beginning at 8% and declining over a 5 year period to zero. An early withdrawal penalty of 5% applies to withdrawals between renewal dates for the 5 year or 10 year investment options. A 15% penalty-free withdrawal is available every 365 days after the contract has been in force for two years. There is a guaranteed death benefit. The Annuity Alternatives contract is a fixed and variable annuity featuring a fixed account with 2 investment options and a variable account with 9 investment options. It is available as a 403(b) tax-deferred annuity, an IRA, a Roth IRA, or as a non-qualified deferred annuity. It is not available as part of the ORP program. The minimum premium is $25 per pay period or $225 annually. There is an annual policy fee of $25 deducted at each anniversary until the contract value exceeds $10,000. There is a surrender charge beginning at 8% and declining over a 5 year period to zero. An early withdrawal penalty of 5% applies to withdrawals from the fixed account between renewal dates for the 5 year or the 10 year investment options. A 15% penalty-free withdrawal is available every 365 days after the contract has been in force for two years. There is an annual mortality and expense fee of 1.25%, applicable to the variable account only, which is deducted when dividends are declared, upon surrender of the contract, or when transfers occur from the variable investment options of the variable account. There is a guaranteed death benefit. Phone: Lincoln National Life Insurance offers two products, a variable annuity and a fixed contract. The Multi-Fund variable annuity is a fixed and variable annuity product. There are 22 variable investment options and one fixed option: Bond, Growth & Income, Special Opportunities, Money Market, Managed, Global Asset Allocation, Social Awareness, International, Equity-Income, Aggressive Growth, Capital Appreciation, DGPF Trend, DGPF Growth and Income, IFT Equity 500 Index, VIP II Contrafund, VIP Growth, AMT Mid Cap Growth, AMT Partners, Aspen Worldwide Growth, Capital Asset, IFT Small Cap Index, DGPF Global Bond, and the Fixed Account. The Multi- Fund variable annuity uses the multi-manager approach which offers outside sub-advisors, including: Janus, Fidelity Investments, Putnam Investments, Delaware Investments, and Table 10 Mutual Fund International/Global Accounts Firm Fund Name 1 Year 5 Year 10 Year Since Inception Exp. R. Mgmt Frt Load 12-b-1 American Century Global Growth American Century International Growth American Century Emerging Markets American Funds EuroPacific Growth American Funds New Perspective American Funds SMALLCAP World American Funds Cap. World Growth and Inc Diversified Investment Advisors International Equity Fidelity Investments Overseas Fidelity Investments Worldwide Pioneer Europe Pioneer International Growth Pioneer Indo-Asia Pioneer Emerging Markets Pioneer World Equity SAFECO Life International Stock Security Management Co. Global T. Rowe Price Global Bond (6.69) T. Rowe Price Emerging Markets Bond T. Rowe Price International Bond (7.86) T. Rowe Price Global Stock T. Rowe Price Internat. Growth and Income T. Rowe Price Internat. Stock T. Rowe Price Spectrum International T. Rowe Price European Stock T. Rowe Price Emerging Markets Stock T. Rowe Price International Discovery T. Rowe Price Latin America T. Rowe Price New Asia USAA Inv. Mgmt. Co. International USAA Inv. Mgmt. Co. World Growth USAA Inv. Mgmt. Co. Emerging Markets Van Kampen Asian Growth (0.67) Van Kampen Emerging Markets Van Kampen European Equity Van Kampen Global Equity Allocation Van Kampen Global Fixed Income (7.80) Van Kampen Latin American Van Kampen Worldwide High Income Waddell & Reed United International Growth Waddell & Reed International Growth Footnotes: Exp. R. expense ratio for each fund for Mgmt. the cost associated with the investment advisor, which is included in the expense ratio. Frt. Load the sales charge associated with the fund. 12-b-1 an ongoing expense for the fund. A 12 ORP/TDA Analysis

13 Table 11 Mutual Fund Specialty Accounts Metal Funds or Non-Diversified Firm Fund Name 1 Year 5 Year 10 Year Since Inception Exp. R. Mgmt Frt Load 12-b-1 American Century Utilities American Century Real Estate (2.70) American Century Global Gold (3.20) (12.00) (6.30) (4.30) 0.71 American Century Global Natural Resources Pioneer Real Estate (4.70) Security Management Co. Social Awareness T. Rowe Price Financial Services T. Rowe Price Media and Telecomm T. Rowe Price Science and Technology USAA Inv. Mgmt. Co. Gold 7.17 (6.97) (4.14) (2.30) Van Kampen Focus Equity Footnotes: Exp. R. expense ratio for each fund for Mgmt. the cost associated with the investment advisor, which is included in the expense ratio. Frt. Load the sales charge associated with the fund. 12-b-1 an ongoing expense for the fund. Vantage. For the Multi-Fund variable annuity, there are no surrender/withdrawal charges at any time for the following reasons: death, total and permanent disability, annuitization, separation from service, and retirement. Surrender charges for withdrawals other than the above reasons are: 6% for contract years 1-6, 4% for contract year 7, and 0% thereafter. Lincoln Life offers an Internet Web site providing participants direct access to information about their accounts at lincolnlife.iscaccount.com/iss. Phone: Web: Pioneer Investments offers 18 mutual funds alternatives. This mutual fund family offers A-shares (front-loaded), B-shares (backloaded), and C-shares (no load). The maximum load (A-shares) varies depending on the fund and the amount invested. The load ranged between 0% and 5.75%. There is also a 12-b-1 fee associated with this investment. There is no front load on B- shares, although a contingent deferred sales charge of up to 4% may be assessed on contributions withdrawn within six years of the purchase date. The custodial account assesses a maximum fee of $10 annually for a single fund, up to a maximum of $20 for two or more funds, or an investor may pay a one-time fee of $100 to waive any further annual custodial fee. The choices of investment options include: Money Market, Bond, Balanced, Growth and Income, Growth, International/Global. This custodial account offers a loan provision for TSA accounts. This provision allows a participant to request a minimum loan of $1,000 annually. The interest rate charged for each loan is the prime rate on the business date prior to the loan s approval. There is a $50 loan initiation charge. Pioneer has three variable annuity products from which to chose. Pioneer Vision 2 offers a distinctive death benefit. Pioneer XtraVision credits 4% on every dollar invested and Pioneer C-Vision has no initial or deferred sales charges. Effective May 2000, all products became multi-managed, offering a total of 24 variable sub-accounts, 9 guaranteed period accounts, and a fixed account. There are no front-end sales charges and the contingent deferred sales charges (CDSC) decline from 7% over seven years for Pioneer Vision 2; from 8.5% over nine years for Pioneer XtraVision; and Pioneer C- Vision has no CDSC. The mortality, expense, and administration charge for all products is 1.4%. Features include systematic withdrawals, automatic account rebalancing, and dollar cost averaging. The minimum investment for salary deferral is $25 per month for Vision 2 and XtraVision; C-Vision has a $25,000 initial investment requirement. There is a loan provision on Vision 2 and C- Vision TSAs. Phone: QUADS is a trust company specializing in the qualified retirement plan market. They act as custodian for participants funding 403(b)(7) TSA and ORP accounts. QUADS offers the participant all mutual fund companies as investment options. The fee schedule is as follows: $25 one-time set-up fee; $75 annual trust company fee; $25 termination fee; $150 TDA loan fee; $15 transaction fee between families; no charge for fund exchange within same family. Phone: Web: Security Benefit Life Insurance Company offers the General Account that is a fixed account within in its Variflex variable annuity. This combination contract has the advantage of offering a fixed investment account and variable investment options under the same contract. It has been available to faculty members since New deposits earn the current rate of interest for one year and then are placed in a pool that earns at the pool rate. The interest is compounded and credited daily from date of deposit until date of withdrawal. The rate of interest for new deposits in the General Account was 5% as of 12/31/99 and is guaranteed during the accumulation period at 4%. Variflex features a non-rolling, eight-year declining deferred withdrawal charge starting at 8%. After the eighth contract year, both monies in the contract and monies deposited thereafter are not subject to surrender charges. The contract administrative fee is $30 annually and is waived during a contract year if a contract has been in force for eight years or more and the contract value is $25,000 or more at yearend. The Variflex variable annuity is a combination variable and fixed annuity contract also available to faculty members since It offers 17 variable investment options and one guaranteed general account. The variable investment options are managed and advised by multiple professional investment managers. Variflex features a non-rolling, eight-year declining deferred withdrawal charge starting at 8% with both monies in the contract and monies deposited after the eighth contract year not subject to a surrender charge. It has a stepped-up death benefit. The contract administrative fee is $30 annually and is waived during a contract year if a contract has been in force for eight years or more and contract value is $25,000 or more at yearend. The variable options include a Money Market, Growth, Growth-Income, Equity Income, High Grade Income Bond, Aggressive Growth, Managed & Balanced Stock-Bond, Social Awareness and Global Equity funds. Security Management Company offers the Security Funds family of 18 A-, B-, and C- class mutual funds. The funds are managed and advised by multiple professional investment managers. All share classes are available offering flexibility in cost planning and retirement. A-shares have a front-end load with no deferred sales charge upon liquidation, while the B-shares have no frontend load but a deferred sales charge upon liquidation, and C-shares offer no sales charge, a 1% CDSC for one year, and slightly higher distribution fees. These include a Money Market, Growth, Bond, Aggressive Growth, Growth-Income, Balanced & Managed Stock-Bond, Global Equity, Value, and Specialty funds. Phone: Web: State Farm Life is currently marketing the Deferred Life Annuity (DLA) to new ORP/TDA Analysis A 13

14 Table 12 Variable Annuity Money Market Accounts Company Contract Name Portfolio Name/Advisor 1 Year 5 Year 10 Year Since Incept. Exp. R. Aetna Life and Annuity Group Variable Annuity Money Market VP Allmerica Financial Pioneer Vision II Money Market Annuity Investors Life Navigator, Adv., Indep. Money Market/Dreyfus CUNA Members VA Money Market Diversified Inv. Adv. AUSA Variable Funds Money Market Equitable EQUI-VEST Alliance Money Market Horace Mann Life Insurance Annuity Alternatives Short Term KILICO Advantage III Kemper Money Market Lincoln National Life Multi-Fund Money Market SAFECO Life Spinnaker RST Money Market Security Benefit Life Variflex Money Market State Farm Variable Deferred Annuity Money Market TIAA-CREF RA,SRA,GSRA Money Market Travelers Gold Track Select Money Market/Travelers Travelers Universal Annuity Money Market/Travelers USAA Variable Money Market VALIC Portfolio Director Plus American Gen. Money Market Footnote: Exp. R. expense ratio for each fund for participants. This product was introduced in January It offers a base rate of interest for contract values of $10,000 or less. The base rate was 5% as of 12/31/99. The average annual interest rate was 4.6% for The minimum guaranteed interest rate for this contract is 3%. The contract also credits bonus interest at certain break points. The Deferred Life Annuity allows premium payments of $25 or more on any date as long as minimum initial premium requirements are met. The initial annual premium for individuals under issue age 66 must be at least $600. The initial premium for special monthly payment modes is $50. The initial premium for individuals issue age 66 and over must be at least $25,000. The surrender charge assessed for this product is based on issue age. For clients issue ages 65 and under the surrender charge is 7% for years 1-2, 6% in year 3, 4% in year 4, 2% in years 5-10, and 0% in year 11 and thereafter. For clients issue ages 66 and over the surrender charge starts at 5% for years 1-2, 4% in year 3, 3% in year 4, 2% for year 5, and 0% in year 6 and thereafter. If annuitized after the 5th year, the surrender charge does not apply. The product offered by State Farm Life prior to January 1994 was the Flexible Premium Retirement Annuity. Phone: State Farm Life offers a Variable Annuity and a fixed-only Deferred Life Annuity (DLA). The Variable Annuity has a fixed account plus 6 variable sub-accounts. Fund choices include: Large Cap Equity Index, Small Cap Equity Index, Stock/Bond balanced fund, Bond fund and Money Market fund. The surrender charge starts at 7% in the first policy year and declines by 1% in each following policy year until it reaches 0% in the eighth policy year. The separate account portion of the contract has a $30 annual administrative fee, which is waived if total premiums of at least $50,000 have been paid. The mortality and expense charge is 1.15% of net assets. The fund advisory fees A 14 range from 0.14% to 0.75%. Phone: TIAA-CREF, a not-for-profit organization, offers one contract for ORP participants and two other contracts for TDA participants. The contract for ORP participants is the Retirement Annuity (RA) contract. TDA participants are offered either Supplemental Retirement Annuity (SRA) or Group Supplemental Retirement Annuity (gsra) contracts. Under all three contracts participants are offered a choice of a guaranteed annuity (TIAA Traditional) and nine variable annuity options (TIAA Real Estate and 8 CREF accounts including the Stock Account, the Money Market Account, the Bond Market Account, the Growth Account, the Social Choice Account, the Equity Index Account, the Global Equities Account, and the Inflation-Linked Bond Account). There are no front-end loads, surrender charges, or annual administration fees for any of the RA, SRA, or gsra contracts. All funds are managed by internal investment advisors. As of 12/31/99, TIAA Traditional Annuities total current interest rate (including both the minimum guaranteed rate and additional dividends) was 7.25% for RA contracts and 6.75% for SRA and gsra contracts. The guaranteed minimum interest rate paid on accumulations in TIAA Traditional Annuities is 3%. There are no front-end loads or surrender charges. There are no restrictions on withdrawals or transfers from TIAA Traditional Annuities under SRA or gsra contracts. Withdrawals or transfers from TIAA Traditional Annuities under RA contracts are made in annual installments over a 10-year period. There are no restrictions on transfers or withdrawals from CREF accounts under RA, SRA, or gsra contracts. Transfers from the TIAA Real Estate account are limited to one per quarter. Phone: Web: Transamerica Life Insurance & Annuity Company offers two fixed annuities, TransMark 100 and TransMark 900 for TSA flexible premium. TransMark 100 has a 14- year declining surrender charge starting at 18 percent (lower for older-issue ages). The guaranteed interest rate is 3%, with a 5% annuitization bonus. TransMark 900 has a ten-year declining surrender charge starting at 9%. The guaranteed interest rate is 3%, with a 5% annuitization bonus. Phone: Travelers Life and Annuity offers three investment options, Gold Track Select, Universal Annuity, and T-Flex. Gold Track Select, a group variable annuity contract tailored for the Texas Optional Retirement Program only, offers 18 investment alternatives and a fixed rate account. Investment advisors include Alliance, American Odyssey, Delaware, Dreyfus, Federated, Janus, Smith Barney, and Travelers. There is no front-end charge, administrative charge, or surrender charge. Expense ratios range from 0.45 to 0.90% for separate accounts. The mortality and expense charge is 0.80%. Universal Annuity, a variable annuity contract issued by Travelers Insurance Company, offers a comprehensive package of investment options, including a fixed rate account. Investment professionals include: Alliance, American Odyssey, Dreyfus, Fidelity, Janus, MFS, Putnam, Smith Barney, Templeton, and Travelers. There is no frontend charge, although a contingent deferred sales charge of 5% may be assessed on contributions withdrawn within 5 years of deposit. There is a $15 semi-annual contract administrative charge. The mortality and expense ratio is 1.25%. ORP/TDA Analysis

15 T-Flex is a fixed rate annuity contract which offers a new money interest rate declared each month and guaranteed for one year. The minimum guaranteed interest rate is 3.5%. There is no front-end charge, although a contingent deferred sales charge of 7% may be assessed on contributions withdrawn within 5 years of deposit. Phone: , Ext. 2. USAA Life Insurance offers a variable annuity, VA, and two fixed-only annuities, FRA and PPA. The variable annuity has a fixed account, plus 12 variable accounts. Fund choices include: 3-Growth, 1-Money Market, 1-Diversified Assets, 3-Index, 1-Growth and Income, 2-International, 1-Aggressive Growth. Only the fixed account has surrender charges. The Flexible Retirement Annuity, FRA, offers a 1% bonus on all first-year deposits and 10% free withdrawal. Loans are available. The surrender charge schedule is: 7% in years 1-3, 6% in year 4, 5.2% in year 5, 4% in year 6, and 3% in year 7. The Personal Pension Annuity, PPA, also offers a 1% bonus on all first-year deposits. This contract pays a higher interest rate then the FRA. There are no withdrawal or surrender provisions in this contract. USAA Investment Management Company s mutual fund family has 23 investment choices available for both TSA and ORP. These funds Table 13 Variable Annuity Bond Accounts Company Contract Name Portfolio Name/Advisor 1 Year 5 Year 10 Year Since Incept. Exp. R. Aetna Life and Annuity Company Group Var. Annuity Bond VP (1.73) Aetna Life and Annuity Company Group Var. Annuity Flexible Income Portfolio/Janus Aspen Aetna Life and Annuity Company Group Var. Annuity High Yield VP Aetna Life and Annuity Company Group Var. Annuity Strategic Bond/Oppenheimer Allmerica Financial Pioneer Vision II America Income (3.84) Allmerica Financial Pioneer Vision II Swiss Franc (14.80) Annuity Investors Life Navigator, Adv., Indep. Fixed Income/Morgan Stanley (2.99) Annuity Investors Life Navigator, Adv., Indep. High Yield/Invesco Annuity Investors Life Navigator, Adv., Indep. US Real Estate/Morgan Stanley (2.83) (0.13) 1.10 Conseco Maxiflex CST Government Securities (3.44) Conseco Maxiflex Limited Maturity/Neuberger & Berman Conseco Maxiflex High Income Bond II/Federated CUNA Members VA Bond Diversified Investment Advisors Variable Funds Intermediate Government Diversified Investment Advisors Variable Funds Government-Corporate (1.74) Diversified Investment Advisors Variable Funds High Quality Diversified Investment Advisors Variable Funds High Yeild (0.31) Equitable EQUI-VEST Alliance High Yeild (7.27) Equitable EQUI-VEST Alliance Internediate Gov. Securities Equitable EQUI-VEST Alliance Quality Bond (0.72) Horace Mann Annuity Alternatives Income (2.91) KILICO Advantage III Investment Grade/Kemper (3.34) KILICO Advantage III Government Securities/Kemper (0.63) KILICO Advantage III Bond/Scudder (3.82) KILICO Advantage III High Yeild/Kemper Lincoln National Life Multi-Fund Bond (4.20) Lincoln National Life Multi-Fund DGPF Global Bond (4.60) SAFECO Life Spinnaker RST Bond Portfolio (1.18) SAFECO Life Spinnaker VIF Quality Bond Portfolio/Dreyfus SAFECO Life Spinnaker High Income Bond Fund II/Federated (3.87) SAFECO Life Spinnaker US Government Fund Class 2/Franklin (1.92) Security Benefit Life Variflex High Yeild Security Benefit Life Variflex Diversified Income (3.77) Security Benefit Life Variflex Global Strategic Income State Farm Var. Deferred Annuity Bond (0.57) TIAA-CREF RA,SRA,GSRA Bond Market Account (1.12) TIAA-CREF RA,SRA,GSRA Inflation-Linked Bond Account Travelers Gold Track Select Intermediate Term Bond/American Odyssey Travelers Gold Track Select Long Term Bond/American Odyssey (3.52) Travelers Gold Track Select High Yield/Federated Travelers Gold Track Select High Income/Smith Barney Travelers Gold Track Select High Yield Bond Trust/Travelers Travelers Gold Track Select US Government Securities/Travelers (4.91) Travelers Universal Annuity Intermediate Term Bond/American Odyssey Travelers Universal Annuity Long Term Bond/American Odyssey (3.95) Travelers Universal Annuity High Income/Fidelity VIP Travelers Universal Annuity Diversified Income/Putnam (0.15) Travelers Universal Annuity High Income/Smith Barney Travelers Universal Annuity Global Bond/Templeton (7.04) Travelers Universal Annuity Quality Bond/Travelers Travelers Universal Annuity High Yield Bond/Travelers Travelers Universal Annuity US Government Securities/Travelers (5.34) Footnote: Exp. R. expense ratio for each fund for ORP/TDA Analysis A 15

16 Table 14 Variable Annuity Stock Accounts Equity-Income, Income, or Growth Company Contract Name Portfolio Name/Advisor 1 Year 5 Year 10 Year Since Incept. Exp. R. Aetna Life and Annuity Group Var. Annuity Value Opportunity VP Aetna Life and Annuity Group Var. Annuity Growth VP Aetna Life and Annuity Group Var. Annuity VIP Growth Portfolio/Fidelity Aetna Life and Annuity Group Var. Annuity VIP II Contrafund Portfolio/Fidelity Aetna Life and Annuity Group Var. Annuity Growth Portfolio/Janus Aspen Aetna Life and Annuity Group Var. Annuity Growth and Income VP Aetna Life and Annuity Group Var. Annuity Index Plus Large Cap VP Aetna Life and Annuity Group Var. Annuity VIP Equity Income/Fidelity Aetna Life and Annuity Group Var. Annuity Growth/AIM V.I Aetna Life and Annuity Group Var. Annuity Value/AIM V.I Aetna Life and Annuity Group Var. Annuity Capital Opportunities/PPI MFS Aetna Life and Annuity Group Var. Annuity Research Growth/PPI MFS Aetna Life and Annuity Group Var. Annuity Growth Equity/PPI T. Rowe Price Aetna Life and Annuity Group Var. Annuity Growth and Income/AIM V.I Aetna Life and Annuity Group Var. Annuity Real Estate Securities VP (5.17) (7.78) 0.95 Allmerica Financial Pioneer Vision II Real Estate Growth (5.52) Allmerica Financial Pioneer Vision II Equity Income (0.48) Annuity Investors Life Navigator, Adv., Indep. SmallCap/Dreyfus Annuity Investors Life Navigator, Adv., Indep. Opportunity Fund II/Strong Annuity Investors Life Navigator, Adv., Indep. Mid-Cap Growth Fund II/Strong Annuity Investors Life Navigator, Adv., Indep. Equity Income Fund/INVESCO Annuity Investors Life Navigator, Adv., Indep. Total Return Fund/INVESCO (4.73) Annuity Investors Life Navigator, Adv., Indep. Large Cap Growth/Pilgrim Baxter Annuity Investors Life Navigator, Adv., Indep. Growth and Income/Dreyfus Annuity Investors Life Navigator, Adv., Indep. Mid Cap/Morgan Stanley Annuity Investors Life Navigator, Adv., Indep. Capital Appreciation/Dreyfus Conseco Maxiflex Growth and Income/Berger IPT Conseco Maxiflex Utility Fund II/Federated Conseco Maxiflex Growth Portfolio/Janus Conseco Maxiflex Growth/Alger American Conseco Maxiflex Mid-Cap Growth/Alger American Conseco Maxiflex Small-Cap Growth/Alger American Conseco Maxiflex Leveraged All-Cap/Alger American Conseco Maxiflex VP Value/American Century (1.84) Conseco Maxiflex Stock Index/Dreyfus Conseco Maxiflex Small Company Growth/Berger IPT Conseco Maxiflex Disciplined Stock Portfolio/Dreyfus Conseco Maxiflex Retirement Equity Portfolio/Lazard Conseco Maxiflex Retirement Small-Cap/Lazard 4.08 (1.33) 1.25 Conseco Maxiflex Equity Income/INVESCO Conseco Maxiflex Growth and Income Port./Lord Abbett Conseco Maxiflex Growth Income/Mitchell Hutchins Conseco Maxiflex Opportunity Fund II/Strong Conseco Maxiflex CST Equity Portfolio CUNA Members VA Ultra G & I CUNA Members VA Ultra Capital Apprecitation CUNA Members VA MFS Emerging Growth CUNA Members VA High Income/Oppenheimer Diversified Investment Adv. AUSA Variable Funds Equity Income Diversified Investment Adv. AUSA Variable Funds Equity Value (3.47) Diversified Investment Adv. AUSA Variable Funds Growth and Income Equitable EQUI-VEST Alliance Common Stock Equitable EQUI-VEST Alliance Equity Index Equitable EQUI-VEST Alliance Growth and Income Equitable EQUI-VEST Alliance Premier Growth Equitable EQUI-VEST Alliance Small Cap Growth Equitable EQUI-VEST Alliance Capital Guardian Research Equitable EQUI-VEST Alliance Capital Guardian US Equity Equitable EQUI-VEST Evergreen Equitable EQUI-VEST Emerging Growth/MFS Equitable EQUI-VEST Growth and Income/MFS Equitable EQUI-VEST Research/MFS Equitable EQUI-VEST Mercury Basic Value Equity Equitable EQUI-VEST Growth and Income Value/Putnam (13.77) Equitable EQUI-VEST Equity Income/T. Rowe Price (9.31) Equitable EQUI-VEST Small Company Value/Warburg Pincus (0.49) (0.17) 1.10 Horace Mann Life Insurance Annuity Alternatives Equity (3.87) A 16 ORP/TDA Analysis

17 Table 14, continued Variable Annuity Stock Accounts Equity-Income, Income, or Growth Company Contract Name Portfolio Name/Advisor 1 Year 5 Year 10 Year Since Incept. Exp. R. KILICO Advantage III Growth/Kemper KILICO Advantage III Growth/Janus Aspen KILICO Advantage III VIP Equity Income/Fidelity KILICO Advantage III Growth/Fidelity KILICO Advantage III VIP II Index 500/Fidelity KILICO Advantage III Contrarian Value/Kemper (11.38) KILICO Advantage III Value and Growth/Kemper KILICO Advantage III American Growth/Alger KILICO Advantage III Capital Growth/Scudder KILICO Advantage III Income and Growth/American Century KILICO Advantage III VIP II Contrafund/Fidelity KILICO Advantage III Value/American Century (2.14) Lincoln National Life Multi-Fund DGPF Growth and Income (3.90) Lincoln National Life Multi-Fund Capital Appreciation Lincoln National Life Multi-Fund Growth and Income Lincoln National Life Multi-Fund Equity-Income Lincoln National Life Multi-Fund Special Opportunities (5.40) Lincoln National Life Multi-Fund IFT Equity 500 Index Lincoln National Life Multi-Fund VIP Growth Lincoln National Life Multi-Fund AMT Partners SAFECO Life Spinnaker RST Equity SAFECO Life Spinnaker VIF Appreciation/Dreyfus SAFECO Life Spinnaker Utility II/Federated SAFECO Life Spinnaker VIP III Growth and Income/Fidelity 3.67 (1.40) 0.60 SAFECO Life Spinnaker US Disciplined Equity/J.P. Morgan SAFECO Life Spinnaker RST Northwest SAFECO Life Spinnaker V.I. Growth Fund/AIM SAFECO Life Spinnaker IP Mid Cap/Dreyfus SAFECO Life Spinnaker VIP Growth/Fidelity SAFECO Life Spinnaker VIP III Growth Opportunity/Fidelity Security Benefit Life Variflex Large Cap Value Security Benefit Life Variflex Equity Income Security Benefit Life Variflex Equity Security Benefit Life Variflex Mid Cap Value State Farm Variable Deferred Annuity Large Cap Equity TIAA-CREF RA, SRA, GSRA Stock Account TIAA-CREF RA, SRA, GSRA Equity Index Travelers Gold Track Select Core Equity/American Odyssey (1.07) Travelers Gold Track Select Small Cap Value/Delaware (5.62) Travelers Gold Track Select Capital Appreciation/Dreyfus Travelers Gold Track Select Large Cap Value/Smith Barney (0.73) Travelers Gold Track Select Utilities/Smith Barney (0.88) Travelers Universal Annuity Core Equity/American Odyssey (1.52) Travelers Universal Annuity Stock Index/Dreyfus Travelers Universal Annuity Equity Income/Fidelity VIP Travelers Universal Annuity Large Cap Value/Smith Barney (1.18) Travelers Universal Annuity Growth and Income Stock/Travelers Travelers Universal Annuity Utilities/Smith Barney (1.32) USAA Variable Income (5.99) USAA Variable Growth and Income USAA Variable Equity 500 Index/Deutsche USAA Variable American Growth/Alger USAA Variable Capital Growth/Scudder USAA Variable Small Cap Index/Deutsche USAA Variable EAFE Equity Index/Deutsche VALIC Portfolio Director Plus Dreyfus Growth/Founders VALIC Portfolio Director Plus Vanguard Winsor II (6.96) VALIC Portfolio Director Plus Growth and Income/Scudder Kemper VALIC Portfolio Director Plus Amer. Gen. Large Cap Value/State Street VALIC Portfolio Director Plus AGSPC Growth/Wellington VALIC Portfolio Director Plus AGSPC Stock Index VALIC Portfolio Director Plus AGSPC Mid Cap Index VALIC Portfolio Director Plus Amer. Gen. Mid Cap Growth/Brown VALIC Portfolio Director Plus Amer. Gen. Mid Cap Value/Neuberger Berman VALIC Portfolio Director Plus Amer. Gen. Large Cap Growth VALIC Portfolio Director Plus AGSPC Growth and Income VALIC Portfolio Director Plus AGSPC Science and Tech./T.Rowe Price Footnote: Exp. R. expense ratio for each fund for ORP/TDA Analysis A 17

18 Table 15 Variable Annuity Stock Bond Accounts Total Return, Balanced, or Managed Company Contract Name Portfolio Name/Advisor 1 Year 5 Year 10 Year Since Incept. Exp. R. Aetna Life and Annuity Company Group Var. Annuity Balanced VP Aetna Life and Annuity Company Group Var. Annuity Balanced Portfolio/Janus Aspen Aetna Life and Annuity Company Group Var. Annuity Ascent VP Aetna Life and Annuity Company Group Var. Annuity Crossroads VP Aetna Life and Annuity Company Group Var. Annuity Legacy VP Allmerica Financial Pioneer Vision II Balanced Allmerica Financial Pioneer Vision II Pioneer Fund Annuity Investors Life Navigator, Adv., Indep. Balanced/Janus Aspen Annuity Investors Life Navigator, Adv., Indep. Small Cap/Bankers Trust Annuity Investors Life Navigator, Adv., Indep. EAFE Equity/Bankers Trust Annuity Investors Life Navigator, Adv., Indep. Equity 500/Bankers Trust Annuity Investors Life Navigator, Adv., Indep. Stock Index/Dreyfus Annuity Investors Life Navigator, Adv., Indep. Growth/Janus Aspen Annuity Investors Life Navigator, Adv., Indep. Value/Morgan Stanley (3.17) Annuity Investors Life Navigator, Adv., Indep. GrowthII/Pilgrim Baxter Conseco Maxiflex VIF High Yeild/INVESCO CUNA Members VA Ultra Balanced Diversified Investment Adv. AUSA Variable Funds Balanced Equitable EQUI-VEST Balanced Equitable EQUI-VEST Alliance Conservative Investors Equitable EQUI-VEST Alliance Growth Investors Equitable EQUI-VEST Evergreen Foundation Equitable EQUI-VEST Mercury World Strategy Equitable EQUI-VEST Balanced/Putnam (8.20) Horace Mann Annuity Alternatives Balanced (2.46) KILICO Advantage III Total Return/Kemper KILICO Advantage III Horizon 5/Kemper KILICO Advantage III Horizon 10+/Kemper KILICO Advantage III Horizon 20+/Kemper KILICO Advantage III VIP II Asset Manager/Fidelity KILICO Advantage III Balanced/Janus Aspen Lincoln National Life Multi-Fund Managed Lincoln National Life Multi-Fund Global Asset Allocation Lincoln National Life Multi-Fund VIP II Contrafund Security Benefit Life Variflex Managed Asset Allocation State Farm Variable Deferred Annuity Balanced Travelers Gold Track Select Managed Assets Trust/Travelers Travelers Universal Annuity Asset Manager/Fidelity VIP Travelers Universal Annuity Total Return/MFS Travelers Universal Annuity Global Asset Allocation/Templeton Travelers Universal Annuity Managed Assets Trust/Travelers USAA Variable Annuity Diversified Assets VALIC Portfolio Director Plus AGSPC Asset Allocation VALIC Portfolio Director Plus American General Growth Lifestyle VALIC Portfolio Director Plus American General Moderate Growth Lifestyle VALIC Portfolio Director Plus American General Conserv. Growth Lifestyle Footnote: Exp. R. expense ratio for each fund for are no-load with at $20 flat fee for termination/withdrawal of all funds. Fund choices are: 2-Money Market, 4-Bond, 4- Strategy Fund, 1-Growth and Income, 1- Aggressive Growth, 6-Growth, 1-Index, 3- International, 1-Gold. Phone: Web: Van Kampen Trust Company (VKTC) offers its ORP/TSA account owners the opportunity to invest in regulated investment companies pursuant to 403(b)(7) of the Internal Revenue Code. Van Kampen has been marketing TSA products since 1984 and A 18 has roots in investment management services dating back to VKTC offers 28 Van Kampen mutual funds to participants in both its TSA and ORP. Fund choices are: 1-Money Market, 8-Growth and Income, 7-Bond, 4- Aggressive Growth, 7-International, 1-Non- Diversified. Phone: Web: The Variable Annuity Life Insurance Company (VALIC) offers participants an enhanced version of its Portfolio Director Plus product, featuring an enhanced current interest rate on the long-term fixed account, no policy fee, no surrender charge, liberal transfer provision, and a reduction in separate account fees. Portfolio Director Plus is a combination fixed and variable annuity product offering thirty customized investment options including two fixed sub-accounts (long-term and short-term) and a full range of variable fund options. The variable options include: 4-International Growth, 6- Aggressive Growth, 8-Growth, 7-Growth and Income, 1-Balanced, 1-Current Income, 1- Current Income & Capital Preservation, and 1-Liquidity, Income & Protection of Capital. Introduced in July 1998, Portfolio Director ORP/TDA Analysis

19 Table 16 Variable Annuity International/Global Accounts Company Contract Name Portfolio Name/Advisor 1 Year 5 Year 10 Year Since Incept. Exp. R. Aetna Life and Annuity Company Group Var. Annuity VIP Overseas Portfolio/Fidelity Aetna Life and Annuity Company Group Var. Annuity Worldwide Growth Portfolio/Janus Aspen Aetna Life and Annuity Company Group Var. Annuity International/PPI Scudder Aetna Life and Annuity Company Group Var. Annuity International VP Aetna Life and Annuity Company Group Var. Annuity Global Securities/Oppenheimer Aetna Life and Annuity Company Group Var. Annuity International Growth/PPI Scudder Allmerica Financial Pioneer Vision II International Allmerica Financial Pioneer Vision II Europe Allmerica Financial Pioneer Vision II Emerging Market Annuity Investors Life Navigator, Adv., Indep. Worldwide Growth/Janus Aspen Annuity Investors Life Navigator, Adv., Indep. International Growth/Janus Aspen Annuity Investors Life Navigator, Adv., Indep. Emerging Markets/Morgan Stanley Conseco Maxiflex International Equity/Federated Conseco Maxiflex International Value/Dreyfus Conseco Maxiflex Worldwide Growth/Janus Aspen Conseco Maxiflex VP International/American Century Conseco Maxiflex BIAM IPT International/Berger CUNA Members VA International/T. Rowe Price CUNA Members VA MFS Global Governments Diversified Investment Adv. AUSA Div. Invest. Funds Group International Equitable EQUI-VEST Alliance Global Equitable EQUI-VEST Alliance International Equitable EQUI-VEST Emerging Markets Equity/Morgan Stanley Equitable EQUI-VEST International Stock/T. Rowe Price Horace Mann Annuity Alternatives International Equity KILICO Advantage III International/Kemper KILICO Advantage III Worldwide Growth/Janus Aspen KILICO Advantage III International/Scudder KILICO Advantage III Emerging Markets/Lexington Lincoln National Life Multi-Fund International Lincoln National Life Multi-Fund Worldwide Growth/Aspen SAFECO Life Spinnaker VP International/American Century SAFECO Life Spinnaker VLIP International/Scudder SAFECO Life Spinnaker Developing Markets Securities/Templeton (5.45) 1.81 Security Benefit Life Variflex Global Total Return Security Benefit Life Variflex Global State Farm Variable Deferred Annuity International Equity Index TIAA-CREF RA, SRA, GSRA Global Equities Travelers Gold Track Select International Equity/American Odyssey Travelers Universal Annuity International Equity/American Odyssey Travelers Universal Annuity International Equity/Smith Barney Travelers Universal Annuity Global Stock/Templeton USAA Variable Annuity World Growth USAA Variable Annuity International VALIC Portfolio Director Plus American General International Value VALIC Portfolio Director Plus Foreign/Templeton VALIC Portfolio Director Plus AGSPC International Equities VALIC Portfolio Director Plus Global Growth/Putnam Footnote: Exp. R. expense ratio for each fund for Table 17 Variable Annuity Social Awareness and Gold Specialty Accounts Company Contract Name Portfolio Name/Advisor 1 Year 5 Year 10 Year Since Incept. Exp. R. Aetna Life and Annuity Company Group Var. Annuity Socially Balaced Portfolio/Calvert Annuity Investors Life Navigator, Adv., Indep. Socially Responsible Growth/Dreyfus Annuity Investors Life Navigator, Adv., Indep. Small Cap/Timothy Plan Conseco Maxiflex Hard Assets/Van Eck (3.53) (0.02) 1.26 Conseco Maxiflex Socially Responsible/Dreyfus Conseco Maxiflex Worldwide Bond/Van Eck (8.74) Diversified Inv. Adv. AUSA Variable Funds Responsibly Invested Balanced/Calvert Horace Mann Annuity Alternatives Socially Responsible KILICO Advantage III Socially Responsible/Dreyfus Lincoln National Life Multi-Fund Social Awareness SAFECO Life Spinnaker Socially Responsible Growth/Dreyfus SAFECO Life Spinnaker Real Estate Opportunities/INVESCO (9.21) 0.90 Security Benefit Life Variflex Social Awareness TIAA-CREF RA, SRA, GSRA Social Choice TIAA-CREF RA, SRA, GSRA Real Estate Travelers Unversal Annuity Social Awareness Stock/Smith Barney VALIC Portfolio Director Plus American General Socially Responsible Footnote: Exp. R. expense ratio for each fund for ORP/TDA Analysis A 19

20 Plus uses internal and external fund managers and sub-advisors, including T. Rowe Price, Franklin Templeton, Vanguard, Putnam, American Century, Scudder Kemper Investments, Founders, Neuberger Berman, and VALIC. Phone: Web: Waddell & Reed offers two funds families with investment options in the following categories: Capital Preservation, Income, Growth and Income, Growth, High Yield, Aggressive Growth, and International. The United Group of mutual funds offers 18 mutual fund alternatives. Waddell & Reed Funds, Inc., offers 8 mutual funds alternatives of Class C shares only. These shares do not have a front-end load, however, a contingent deferred sales charge of 1% may be assessed on contributions withdrawn within 12 months of the purchase date. There is also an annual 12-b-1 fee associated with this investment of up to 1%. Phone: Zurich-Kemper Investors Life Insurance Company Kemper Investors Life Insurance Company (KILICO) offers a fixed and variable annuity, called Kemper Advantage III. Available since 1982, it has 35 investment options, offered through 8 investment management companies, including: Scudder-Kemper Investments, Janus Capital Corp., Fidelity Investments, Lexington Capital Corp., Fred Alger Management, American Century Investments, Dreyfus, and J.P. Morgan. The separate account portion of the contract has a decreasing annual contract fee. The fees are assessed quarterly, ranging from $0 to $7.50. The mortality and expense risk fee is assessed at 1% annually. There is also a 0.3% administrative cost assessed annually and the portfolio management fees ranged from 0.28% to 1.70% in Phone: Table 18 Variable Annuity Aggressive Growth Accounts Company Contract Name Portfolio Name/Advisor 1 Year 5 Year 10 Year Since Incept. Exp. R. Aetna Life and Annuity Company Group Var. Annuity Small Company VP Aetna Life and Annuity Company Group Var. Annuity Aggressive Growth/Janus Aspen Aetna Life and Annuity Company Group Var. Annuity Capital Appreciation/AIM VI Aetna Life and Annuity Company Group Var. Annuity Index Plus Mid Cap Aetna Life and Annuity Company Group Var. Annuity Index Plus Small Cap Aetna Life and Annuity Company Group Var. Annuity Emerging Equities/PPI MFS Allmerica Financial Pioneer Vision II Mid Cap Value Allmerica Financial Pioneer Vision II Growth Shares Annuity Investors Life Navigator, Adv., Indep. Aggressive Growth/Janus Aspen Annuity Investors Life Navigator, Adv., Indep. Tech. and Communications/Pilgrim Baxter Conseco Maxiflex Aggressive Growth/Janus Aspen Diversified Investment Adv. AUSA Variable Funds Special Equity Diversified Investment Adv. AUSA Variable Funds Equity Growth Equitable EQUI-VEST Aggressive Stock Horace Mann Annuity Alternatives Small Cap KILICO Advantage III Aggressive Growth/Janus Aspen KILICO Advantage III Small Cap Growth/Kemper KILICO Advantage III Small Cap Value/Kemper KILICO Advantage III Small Company/J.P. Morgan KILICO Advantage III Small Cap/Alger American KILICO Advantage III Naturel/Lexington Lincoln National Life Multi-Fund Aggressive Growth Lincoln National Life Multi-Fund DGPF Trend Lincoln National Life Multi-Fund AMT Mid-Cap Growth Lincoln National Life Multi-Fund IFT Small Cap Index Lincoln National Life Multi-Fund Capital Asset SAFECO Life Spinnaker RST Growth Opportunity SAFECO Life Spinnaker RST Small Company Value SAFECO Life Spinnaker V.P. Aggressive Growth/AIM SAFECO Life Spinnaker Small Cap Fund Class II/Franklin Security Benefit Life Variflex Mid-Cap Growth Security Benefit Life Variflex Small-Cap Growth State Farm Variable Deferred Annuity Small Cap Equity Index TIAA-CREF RA, SRA, GSRA Growth Travelers Gold Track Select Alliance Growth Travelers Gold Track Select Emerging Opportunities/American Odyssey Travelers Gold Track Select Capital Appreciation/Janus Travelers Gold Track Select Small Cap Portfolio/Dreyfus Travelers Universal Annuity Growth/Alliance Travelers Universal Annuity Emerging Opportunities/American Odyssey Travelers Universal Annuity Capital Appreciation/Janus Travelers Universal Annuity Small Cap/Dreyfus Travelers Universal Annuity Growth/Fidelity VIP Travelers Universal Annuity Disciplined Mid Cap Stock/Travelers USAA Variable Annuity Aggressive Growth VALIC Portfolio Director Plus AGSPC Small Cap Index VALIC Portfolio Director Plus Amer. Gen. Small Cap Growth/JP Morgan VALIC Portfolio Director Plus New Opportunities/Putnam VALIC Portfolio Director Plus 20th Century Ultra Fund/American Century VALIC Portfolio Director Plus OTC & Emerging Growth/Putnam Footnote: Exp. R. expense ratio for each fund for A 20 ORP/TDA Analysis

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