The Best Place To Start. Take advantage of key Retirement Program changes

Transcription

1 The Best Place To Start Take advantage of key Retirement Program changes

2 UT System Retirement Programs The UT System recently completed a thorough review of the retirement platforms and Providers. This research revealed an opportunity to make positive changes to the Retirement Programs. Some enhancements include: Expanded investment options More comprehensive communications and education programs Significantly reduced costs Improved recordkeeping and administrative capabilities Your Future. Your Choice. UT System s research led to the creation of one platform the UT System Retirement Programs. This new structure is intended to provide you with easy access to quality retirement Providers and investment products for all UT System Retirement Programs. Please take a moment to review this brochure to: Find out about the new investment options that are being offered in the Retirement Programs Learn more about and consider participating in the Voluntary Programs Review the approved Provider list to ensure that your contributions are invested in a way that suits your personal investment goals If you have additional questions, a Frequently asked questions section is included in this brochure on page 7. Or contact your institution s Benefits Office, or a representative from your selected Provider. We hope that you will find the new investment options and education opportunities helpful as you continue on your journey of retirement planning. Table of Contents Programs at a glance 1 Voluntary participation why it s important 2 UT System approved Providers 3 Your investment options 4 Asset allocation 5 Enroll in and manage your accounts 6 Frequently asked questions 7 Provider summaries 10

3 Programs at a glance MANDATORY PROGRAMS Teacher Retirement System (TRS) All employees automatically enrolled Defined benefit plan TRS controls/monitors your investments Benefit based on years of service, salary, and actuarial formula Vested after five years Vested right to a lifetime annuity Disability benefit provided Optional Retirement Program (ORP) May be chosen (irrevocably) by certain eligible titles during initial period of eligibility Defined contribution plan You manage your investments Account growth based on performance of your selected investment portfolio Vested after one year and one day Vested right to employer contributions No disability benefit UTSaver TSA UTSaver DCP Traditional Roth* Eligibility All employees All employees All employees Employee contribution Pretax dollars After-tax dollars Pretax dollars Employer contribution None None None Employee withdrawals Taxable when withdrawn Tax free when withdrawn Taxable when withdrawn VOLUNTARY PROGRAMS General contribution limits Over age 50 catch-up contribution $15,000 IRS maximum for both traditional and Roth sources. (Each dollar of a Roth contribution reduces the amount that can be contributed pretax, and vice versa.) $5,000 combined with Roth $5,000 combined with traditional $15,000 $5, year catch-up contribution $3,000 combined with Roth $3,000 combined with traditional N/A Three years prior to retirement catch-up (special catch-up) N/A N/A Up to $15,000 (may not be used simultaneously with age 50 catch-up) Early distributions Distributions made prior to age 59½ will be subject to ordinary income tax and possibly a 10% penalty Nonqualified distributions made prior to age 59½ will be subject to ordinary income tax and possibly a 10% penalty Distributions made prior to age 59½ will be subject to ordinary income tax *Available after December 1, Contribution limits shown are IRS maximums for A qualified distribution occurs when the Roth account has been in place for five taxable years (from the year of first contribution) and one of the following events has occurred: (1) attainment of age 59½; (2) disability; or (3) death. Contribution limits may vary based on income, years of service, previous deferrals, and other factors. Contact your Benefits Office for a calculation of your personal contribution limit for each voluntary program. 1

4 Voluntary participation why it s important You are most likely familiar with the TRS and ORP because your participation in one of these programs is mandatory. Did you know that the UTSaver TSA and UTSaver DCP the voluntary programs to which you can make pretax and/or after-tax contributions are just as important a part of the Retirement Programs? Voluntary contributions to these programs have become an increasingly important part of saving for retirement. Consider why the extra savings could be important to you: Th anks to stunning advances in medicine, health, and nutrition, most Americans now anticipate living long past their traditional retirement age. One in five will probably celebrate his or her 100th birthday. This could stretch your retirement income over a span of several decades.* A decline in the popularity and coverage of traditional pension plans finds the average worker depending more often on personal retirement savings. Th e retirement of the baby boom generation over the next 10 years could lead to potential strains on Social Security benefits and a decrease in benefits for future retirees. * The 2003 Retirement Confidence Survey, Employee Benefit Research Institute, American Savings Education Council, Mathew Greenwald & Associates, April The UTSaver TSA and UTSaver DCP are designed to help you save more money on your own so that you have the income needed to last throughout your years in retirement. Consider making contributions and see the impact of how investing even a small amount can add up over the long term. $25,000 $20,000 How your savings can grow $21,486 $15,000 $10,000 $5,000 $0 $8,629 5 years of savings 10 years of savings 2 Assumptions: Annual salary $35,000 paid monthly, 4% contribution rate ($1,400 per year), 8% rate of return.

5 UT System approved Providers The UT System presents six quality retirement Providers with which you can invest your ORP, UTSaver TSA, and UTSaver DCP contributions. You may select one or more, or all six, depending on your investment and service needs. The Providers are: AIG VALIC Lincoln Financial Group Fidelity Investments MetLife Resources ING TIAA-CREF A summary of the investments and services offered by each Provider is included at the end of this brochure. If you are currently contributing to a Provider that is not listed above, you will receive communications later this year with information on standards that your Provider must meet to continue to receive your contributions. If your Provider cannot meet these standards or chooses not to, you will be asked to start investing your future contributions with one of the six approved Providers. You will not be required to transfer your accumulated balances, and you do not need to make any changes at this time. 3

6 Your investment options The six approved Providers each offer a wide variety of investment products. The UT System has categorized your options into tiers, below. Not all Providers offer investments in each tier. Specific investment product information can be found at the end of this brochure. Tier 1: Asset allocation or life cycle options These funds are designed for investors who want a simple yet diversified approach to investing. They are professionally managed funds that are rebalanced according to their investment objective. Life cycle funds are rebalanced according to a target retirement date; asset allocation funds are rebalanced based on risk objectives. Tier 2: Core investment options This tier includes a limited menu of investment options that represent mutual funds invested primarily in the three major asset classes (stocks, bonds, and short-term investments). You may want to consider these options if you are comfortable diversifying your investments on your own or with the assistance of an investment advisor and/or asset allocation tools. Tier 3: Expanded options This tier includes a much larger menu of additional investment options for more sophisticated investors. You may want to consider this approach if you are very comfortable managing your own portfolio, or have an investment advisor managing your portfolio, and understand how to research, evaluate, and monitor a wide variety of investments with different risk and return characteristics. Tier 4: Self-directed brokerage This tier offers you access to thousands of additional mutual funds, and, for the UTSaver DCP, individual securities. The broad spectrum of investments in this tier makes it a good choice for more sophisticated investors with an understanding of how to research and evaluate individual investments. There are some restrictions and additional fees for this type of account, and it is not offered through every Provider. Contact your Provider directly for more information. 4 Annuity options Some Providers also offer fixed and/or variable annuity products. An annuity is a contract with an insurance company enabling you to accumulate contributions in a separate account under which you can select a variety of investment options, including mutual funds and guaranteed fixed interest accounts. An annuity also provides the option for you to receive a regular series of income payments for a specified period or for life in return for your contributions.

7 Asset allocation A variety of asset classes is available within each of the investment tiers to help you better diversify your accounts. The following chart illustrates the potential risk and return of these primary asset classes. The lower left corner of the chart shows more stable investments with lower investment risk. As you move up the diagonal, your investment risk increases, as does your potential for return. More investment risk Less infl ation risk Specialty International/ Global Equity Domestic Equity Balanced/ Hybrid Bond Money Market/ Short-Term Less investment risk More infl ation risk Shorter time horizon Longer time horizon Need help choosing an investment mix? Each Provider has representatives available to meet with you to help put together your retirement portfolio. In addition, many Provider Web sites offer online planning tools to help you manage and track your portfolio on your own. To schedule a consultation, contact your Provider directly. 5

8 Enroll in and manage your accounts Enroll/Make Changes by Using UTRetirement Manager UTRetirement Manager is your online enrollment and education Web site provided by the UT System. It is your place to start contributing to and managing your UT System Retirement Programs and is available 24 hours a day, 7 days a week. Visit today to: Learn about your UT System Retirement Programs Enroll in and make changes to your Retirement Programs View a summary of your Retirement Program balances Read helpful articles on a range of financial planning topics Use financial calculators to help you determine how much you may need to save for your future Manage Your Investments Directly through Your Provider Each of the six Providers offers direct online access to your accounts. Access specific account information directly through: AIG VALIC (888) Fidelity Investments (800) ING (800) Lincoln Financial Group (800) *8 MetLife Resources (877) TIAA-CREF (800)

9 Frequently asked questions Q: I am currently investing with a Provider that is not on the approved Provider list. What do I need to do? A: You do not have to make any changes to your account at this time. However, the UT System is implementing standards that your Provider must meet to continue to receive your contributions. If your Provider cannot meet these standards or chooses not to, you will be asked to start investing your future contributions with one of the six approved Providers. You will not be required to transfer your accumulated balances. If you are affected by these changes, you will receive a separate letter with instructions later this year. Q: Can I invest with a Provider that s not on the list? A: No. For new contributions starting September 1, 2006, you must invest with one of the six approved Providers featured in this brochure. Q: How much can I contribute to the UTSaver TSA? A: You can contribute as little as $25 per pay period or as much as 100% of your eligible compensation, up to $15,000 (for 2006) in the UTSaver TSA (traditional and Roth combined). There are also two catch-up provisions: Age 50 Catch-up: If you are age 50 or older, you may contribute an additional $5, Years of Service Catch-up: If you have 15 years of UT System service, and your previous deferrals in the UTSaver TSA have averaged less than $5,000 per year, you may defer up to an additional $3,000. The additional deferral cannot exceed a lifetime maximum of $15,000. Eligibility for the amount you can contribute under this catch-up provision must be calculated by your Benefits Office. Q: How much can I contribute to the UTSaver DCP? A: You can contribute as little as $20 per pay period or as much as 100% of your eligible compensation, up to $15,000 (for 2006) in the UTSaver DCP. There are also two catch-up provisions: Age 50 Catch-up: If you are age 50 or older, you may contribute an additional $5,000. Special Catch-up: If you are within three years of the taxable year in which you attain normal retirement age, you may be able to contribute up to an additional $15,000 per year. Eligibility for this special catch-up provision is dependent upon your unused elective deferrals for the previous years you were eligible to participate in a 457(b) plan, and must be calculated by your Benefits Office. The Age 50 Catch-up and the Special Catch-up may not be used simultaneously. Q: How do I enroll in the Voluntary Programs? Log on to UTRetirement Manager and click on the Enroll/Change page for either the UTSaver TSA or UTSaver DCP. For the 7

10 8 UTSaver TSA, you should contact your Benefits Office for a calculation of your contribution limit. Choose a Provider from the list of approved Providers and follow their enrollment instructions to set up an account. Complete applications and beneficiary forms and return them directly to the Provider before contributions are deducted from your paycheck. Q: How do I change my Provider for future contributions? Log on to UTRetirement Manager and click on the Enroll/Change page for the program you wish to modify. Choose your new Provider from the list and follow the enrollment instructions to set up an account. Q: How do I transfer my accumulated balances to a new Provider? Log on to UTRetirement Manager and click on the Enroll/Change page for the program you wish to modify. Choose your new Provider from the list and complete a Transfer Verification form for both your current and your new Provider. Contact the current Provider s representative and/or your Benefits Office for processing. Q: Can I direct future contributions to a new Provider while maintaining my account balance with my existing Provider? A: Yes, you may change the destination of your future contributions without transferring your accumulated account balances. Q: How do I move to a different investment option within my current Provider? A: Contact your Provider directly. Each of the approved Providers offers a toll-free customer service number, Web site, and representatives to make account and investment changes. Q: Can I choose more than one Provider? A: Yes, you may wish to invest with more than one Provider, depending on the investment products and services you want to have in your personal retirement portfolio. However, some people like the convenience of having all their retirement balances consolidated within one Provider for easier management. The choice is yours. You will need to complete an account application for each Provider with which you wish to invest. Q: What is the difference between a mutual fund and an annuity? A: A mutual fund is a type of investment that pools your money with that of other investors who have similar investment goals. A professional money manager invests the money in stocks, bonds, and/or short-term investments. Each fund you select is managed with a goal of achieving certain objectives including a certain balance of risk and potential return. Your return depends on the performance of the various funds you choose. In other words, your returns will vary. Variable annuities are professionally man- aged investments that allow you to select a portfolio of investment options made up of stocks, bonds, and short-term investments. With a variable annuity,

11 your investment return is also a function of the specific investments or subaccounts you choose. Again, your returns will vary. It s up to you to select subaccounts that suit your investment objectives and risk tolerance. However, unlike mutual funds, most variable annuity contracts will offer you a guaranteed death benefit and distribution features that can help protect your assets. (Review your contract to see if the guaranteed death benefit applies to your particular variable annuity.) A fixed annuity lets you lock in a guaranteed rate of interest for a specific period normally between three months and one year. As each guarantee period comes to a close, the insurance company sets a new interest rate for the upcoming period. Interest rates and time periods vary depending on the annuity contract. Q: What are the risks involved with mutual funds vs. annuities? A: Almost every type of investment comes with risk. The level of risk you assume with a mutual fund depends on the investments you select (based on your investment objective, risk tolerance, need for liquidity, and market conditions). Variable annuity risk is similar it depends on the investments you select in the annuity subaccount, and whether your contract comes with a guaranteed death benefit or other distribution features. With fixed annuities, there are different risks. The insurance company issuing the fixed annuity will likely guarantee that your money earns a certain rate of interest for a specific period. This guaranteed rate may be adjusted up or down by the insurance company as you enter each new guarantee period. However, the contract will contain a minimum interest rate guarantee. Q: How do fees differ between mutual funds and annuities? A: Mutual funds charge an investment management fee. Certain mutual funds also charge short-term trading fees if shares of the fund are held for less than a stated number of days. Variable annuities charge investment management fees and may charge short-term trading fees for certain underlying fund options. In addition, an annual mortality and risk expense fee (M&E fee) may be charged. Because fixed annuities provide a guaranteed rate of return, that guarantee already takes into account any expenses the insurance company may incur in managing the investment. Some fixed annuity contracts may have withdrawal restrictions that may impact the timing of your withdrawal of assets from fixed accounts. Q: I am currently investing with a Provider whose variable annuity fees are being reduced. How can I take advantage of the reduced fees? A: Your Provider will contact you with information on any reduction in annuity fees and how you can take advantage of these reduced fees. For specific questions on this process, contact your Provider directly. 9

12 AIG VALIC For half a century, AIG VALIC has specialized in providing tax-qualified retirement programs, and today is the thirdlargest retirement plan provider to employees of major colleges and universities across the nation. We manage long-term investment programs for more than 28,000 organizations nationwide. Our trusted and experienced financial advisors provide the highest level of personal, face-to-face service. Plan Highlights Your retirement plan with AIG VALIC offers the advantages of pretax contributions and tax-deferred growth. It is a great way to accumulate money for your future. We offer plan participants annuity and mutual fund options in addition to a self-directed brokerage account. University of Texas System plan participants also have access to Guided Portfolio Services, SM a pioneering retirement planning and asset management program offering expert third-party investment advice from Ibbotson Associates. Guided Portfolio Services (GPS) is a service-oriented program that will: Help you establish retirement goals based on your personal situation Recommend exactly which funds to buy Guide you as to how much you need to invest Demonstrate the probability of meeting your retirement goal With GPS, it s easy to get a cost-effective and diversified investment offering, overseen and implemented by industry experts. Bear in mind that investment values for both annuities and mutual funds will fluctuate; when redeemed, they might be worth more or less than the original value. Exceptional client service Personal, face-to-face service at your convenience from a local salaried VALIC financial advisor who knows you State-of-the-art portfolio optimizers that take a complex process and turn it into an easy-to-understand, step-bystep process Annual review to make sure your retirement savings plan is on track to meet your goals Ongoing financial education through on-site seminars or at AIG VALIC s Financial Planning and Education Center The Schwab Personal Choice Retirement Account (PCRA) A self-directed brokerage account, the PCRA provides access to more than 2,500 mutual funds, including 1,200 funds with no loads and no transaction fees, from well-known and respected providers. It is generally used by experienced investors to diversify over a larger group of investments and to direct a more aggressive investment strategy. A prospectus(es) containing more complete information, including management fees, charges and expenses, is available from Schwab ( ). Please read the prospectus(es) carefully before investing. Access to your funds AIG VALIC offers a choice of payout options. For example, you can: Purchase an annuity to receive regular income payments Leave funds on deposit Take systematic withdrawals Take partial withdrawals Take a lump-sum distribution Your plan was established to encourage long-term savings. Withdrawals before age 59½ might be subject to federal restrictions and a 10% tax penalty. Withdrawals are not subject to the federal 10% tax penalty if you are age 55 or older at separation from service from your employer. Penalty-free distributions will also be made if you become totally disabled, or will be distributed to your beneficiary when you die. Generally, a maximum of 20% of your Fixed-Interest Option account balance will be available for in-service withdrawals or transfers to another investment option each year. 10

13 Investment options AIG VALIC is pleased to offer our group mutual fund platform to The University of Texas System at no cost to the client except for a 0.50% fee on assets held in the SSgA S&P 500 Index Fund, and underlying fund expenses as listed below. This fee proposal is net of reimbursements received by the mutual fund companies. Fund Name Fund Expense Ratio (%) Foreign Large Cap Blend American Funds EuroPacific R World Stock Oppenheimer Global N 1.51 Specialty Real Estate American Century Real Estate Adv 1.41 Small Cap Growth Dreyfus Prem Future LdrA 1.39 Small Cap Blend Dreyfus Small Cap Stock Index 0.50 Small Cap Value Columbia Small Cap Value II A 1.47 Mid Cap Growth JP Morgan Capital Growth A 1.17 Mid Cap Blend Dreyfus MidCap Index 0.50 Mid Cap Value Pioneer Mid-Cap Value R 1.32 Large Cap Growth Smith Barney Aggr Growth A 1.21 An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. While the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money while investing in the fund. International (global) and foreign funds can experience significant price fl uctuation and returns due to business and currency risks, as well as adverse political developments. High-yield bond funds, which invest in bonds that have lower ratings, typically experience greater price fl uctuation and carry a greater risk of loss of principal and income than when investing directly in U.S. government securities such as U.S. Treasury bonds and bills, which are guaranteed by the government for repayment of principal and interest if held to maturity. Investors should carefully assess the risk associated with an investment in the fund. Small- or mid-cap funds can carry greater investment risk as well as short-term volatility. Risks for smaller companies include, for instance, business risks, significant stock price fl uctuations, and illiquidity. 1 Expenses of 0.16% do not refl ect the wrap fee of 0.50%. 2 Policy Form GFA-504, a fixed annuity, issued and guaranteed by The Variable Annuity Life Insurance Company (VALIC), Houston, Texas. Enrolling in AIG VALIC Enroll on line by visiting and select the Enroll Now button, or you can contact your VALIC financial advisor, who will work with you through each step of the enrollment process. Information about your account Fund Name Fund Expense Ratio (%) Large Cap Blend Davis NY Venture R 1.15 SSgA S&P 500 Index Large Cap Value Merrill Large Cap Value A 1.23 Life Cycle T. Rowe Price Rtmt Income 2010 Ad 0.91 T. Rowe Price Rtmt Income 2020 Ad 0.98 T. Rowe Price Rtmt Income 2030 Ad 1.02 T. Rowe Price Rtmt Income 2040 Ad 1.02 T. Rowe Price Rtmt Income Ad 0.81 High-Yield Bond American Funds High Income Tr R Intermediate-Term Bond Dreyfus Bond Market Index Inv 0.40 Franklin Total Return R 1.10 Intermediate Government Bond American Funds U.S. Government Sec R Money Market American Century Government MMkt Inv 0.48 Stable Value VALIC Fixed Interest Option 2 N/A You can access your account information 24 hours a day, seven days a week, through AIG VALIC Online ( or through AIG VALIC by phone ( ). Quarterly account statements detailing account transactions and balances(s) are mailed directly to you. You can also reach a Client Service Professional at the phone number shown above from 7:00 A.M. to 8:00 P.M. CT, or contact us at , ext To obtain a prospectus, visit or call The prospectus contains the investment objectives, risks, charges, expenses and other information about the fund and the investment company, which you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. Securities and investment advisory services are offered by VALIC Financial Advisors, Inc., member NASD, SIPC, and an SEC-registered investment advisor. AIG VALIC is the marketing name for the group of companies comprising VALIC Financial Advisors, Inc.; VALIC Retirement Services Company; and The Variable Annuity Life Insurance Company (VALIC); each of which is a member company of American International Group, Inc. 2006, American International Group, Inc. All rights reserved. Houston, Texas VL18919 (06/2006) J

14 Fidelity Investments Why Fidelity? Chances are you already know Fidelity Investments by reputation. Founded in 1946, and America s largest privately held investment company, Fidelity has always been committed to superior customer service and state-of-the-art technology. As the number one provider of retirement savings plans,* Fidelity is committed to providing a range of investment options, strong long-term performance, educational resources, and superior customer service to all University of Texas employees to help you plan for retirement. Investment Options When it comes to mutual funds, Fidelity has a long-standing commitment to research and performance. By investing your UT System Retirement Program contributions at Fidelity, you have access to thousands of investment products, all categorized in an easy-to-understand format: Level 1: Ready-mix Life cycle Fidelity Freedom Funds Choose a fund based on your expected retirement date Level 2: Core Investments Concise menu of mutual funds (listed on the other side) Represents the primary asset classes (stocks, bonds, short-term instruments) Level 3: Expanded Options More than 300 additional investments through American Century, Dodge & Cox, Evergreen, Fidelity, Janus, Legg Mason, Merrill Lynch, Morgan Stanley, PIMCO, Oakmark, Scudder, T. Rowe Price, Vanguard, and Wells Fargo Level 4: Self-directed brokerage Broad access to thousands of mutual fund products Designed for more sophisticated investors who can research and evaluate investments on their own Customer Service At Fidelity, we do more than just provide investment opportunities. We also offer the types of tools and resources that can help you become a better investor. Our commitment to investor education means you ll always have easy access to the people and information you need to make informed investment decisions. Simply log on to Fidelity NetBenefits, virtually anywhere, any time, for immediate access to your account. You can view your account balances, request exchanges between investment options, track your contributions, access fund information, and more Call us toll free, virtually 24 hours a day, seven days a week, for account balance transactions and more. And with our system s natural language capabilities, you can quickly and easily monitor and manage your account by using simple phrases and voice commands. Experienced representatives Call a Fidelity Retirement Services Specialist at , Monday through Friday, from 7:00 A.M. to 11:00 P.M. CT, for account information and assistance. Fidelity s representatives are knowledgeable and dedicated professionals committed to helping you take full advantage of your retirement plans through the University of Texas System. Local representation Planning successfully for retirement can be a daunting task. Because you shouldn t have to go it alone, we encourage you to meet in person with a Fidelity representative. Your local Fidelity Retirement Counselor is on campus frequently to conduct confidential consultations. Set up a consultation today by calling , or go to d elity.com/atwork/reservations. 12 A self-directed brokerage account entails greater risk and is not appropriate for everyone. Additional fees apply to a BrokerageLink account. Please call Fidelity at and request a fact sheet for a more detailed description of BrokerageLink and its associated risks before deciding to invest in BrokerageLink. *Based on 5/31/06 assets in IRAs and employer-sponsored retirement plans for which Fidelity provides trustee or custodial services.

15 Core Investment Options Investment options to the left have potentially more inflation risk and less investment risk Investment options to the right have potentially more investment risk and less inflation risk Money Market/ Short-Term Bond Balanced/ Hybrid Domestic Equity International/ Global Equity Specialty Fidelity Cash Reserves PIMCO Total Return Fund Administrative Class Vanguard Total Bond Market Index Fund Investor Class Fidelity Balanced Fund LARGE VALUE American Beacon Large Cap Value Fund PlanAhead Class LARGE BLEND Neuberger Berman Partners Fund Trust Class Spartan U.S. Equity Index Fund Investor Class LARGE GROWTH American Funds Growth Fund of America Class R4 Fidelity Contrafund American Funds Euro- Pacific Growth Fund Class R4 Fidelity Diversified International Fund Fidelity Real Estate Investment Portfolio MID VALUE Fidelity Value Fund MID BLEND CRM Mid Cap Value Fund Investor Class MID GROWTH Rainier Small/ Mid Cap Equity Portfolio Investor Class SMALL VALUE Mainstay Small Cap Opportunity Fund Class I SMALL BLEND Pennsylvania Mutual Fund Investment Class SMALL GROWTH Columbia Acorn Fund Class Z An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in these funds. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges and expenses. For this and other information, call Fidelity at or visit for a free mutual fund prospectus. Read it carefully before you invest. Investments in smaller companies may involve greater risks than those in larger, more well known companies. Because of their narrow focus, sector funds may be more volatile than funds that diversify across many sectors Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political and economic uncertainties of foreign countries, as well as the risk of currency fl uctuation. Unless otherwise noted, transaction requests confirmed after the close of the market, normally 3:00 P.M. CT, or on weekends or holidays, will receive the next available closing prices. The investment options available through the plan reserve the right to modify or withdraw the exchange privilege. Fidelity Investments Tax-Exempt Services Company A division of Fidelity Investments Institutional Services Company, Inc. 82 Devonshire Street, Boston, MA FMR Corp. All rights reserved

16 ING ING is one of the largest financial services providers in the world, committed to giving you the tools you need to plan for the retirement you want. The ING family of companies has been providing smart financial solutions to employees of higher education institutions for nearly 40 years, and constantly strives to provide you with innovative products and superior customer service to help you meet your objectives. Visit ING at for more information about ING at The University of Texas System! Product Highlights ING is proud to offer both Mutual Fund and Annuity Options under each of The University of Texas System retirement plans - the Optional Retirement Plan (ORP) [403(b)(1) and 403(b)(7)], UTSaver Tax-Sheltered Annuity Program [403(b)(1) and 403(b)(7)], and the UTSaver Deferred Compensation Plan [457(b)]. ING provides a choice of two levels of service within each option, and you can change your service option choice as your needs change, providing you with the flexibility you need to help you build a portfolio to support the retirement you want. Please review the following chart for product highlights, fees, and investment and service options. Features Mutual Fund Option Annuity Option Funds We offer fund options under each of the three Tiers as discussed previously in this book. For a list of the available options, please contact an ING Representative or view the lists at Over 80 no-load mutual funds Five life cycle funds A Self-Directed Brokerage Account with over 10,000 funds (available under Direct Access Model - fee applies) Deferred Sales Charge None None Service Options Fees Restrictions Please refer to the Contract Prospectus Summary for details on these restrictions. Enrollment Other Features Electronic delivery of documents available under all product and service options The Advisor Model is designed for individuals who want personalized advice, including recommended allocation of assets and an investment portfolio model. Under this model, you will receive ongoing advice from a dedicated UT Certified Representative. The Direct Access Model is designed for those participants who prefer the Internet and do not desire advice from a local representative. Advisor Model: 1% Advisory fee Direct Access Model: No administrative fee Transfers between mutual fund options are subject to ING s policy on market timing and excessive trading. Advisor Model: One-on-one investment advice and enrollment assistance from UT Certified Representatives Direct Access Model: Online enrollment Advisor Model: Access to ING s Asset Allocation Software Morningstar Advice Online* Direct Access Model: ING Service Team available for assistance Over 70 institutional funds Five life cycle funds ING Fixed Plus Account II The Mentor Model is designed for individuals who want help in determining amounts to save, appropriate asset allocation, and retirement planning. Under this model, you will receive ongoing support from a dedicated UT Certified Representative. The Direct Access Model is designed for those participants who prefer the Internet and do not desire one-on-one support from a local representative. Mentor Model: 0.50% mortality and expense charge (M&E) Direct Access Model: No M&E Transfers between variable investment options are subject to ING s policy on market timing and excessive trading. Restrictions apply to transfers and withdrawals from ING Fixed Plus Account II. Mentor Model: One-on-one enrollment assistance from UT Certified Representatives Direct Access Model: Online enrollment Mentor Model: Guaranteed Death Benefit (guarantees based on the claims-paying ability of ING Life Insurance and Annuity Company) Direct Access Model: ING Service team available for assistance Account information access Via Web and toll-free number Via Web and toll-free number 14 * Through an alliance with Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar Inc., ING makes available to employees Morningstar Advice Online, SM an online investment advice service that includes an annual Advice Statement. The Morningstar name and trademarks are used, under license, from Morningstar Associates, LLC. ING and its companies have no infl uence or input into the specific content of the advice or fund recommendations from, and are not affiliated with, Morningstar Inc. ING receives no fee or other direct financial benefits from Morningstar in connection with the use of its services. Morningstar Associates, LLC, is not an affiliate of ING.

17 Accessing Your Funds Once you are eligible for a distribution from your retirement program, you must complete and send the appropriate withdrawal request form to ING s Hartford, CT office for processing. Contact the ING service center at to obtain the appropriate form. Customer Service Representatives are available Monday through Friday, 7:00 A.M. to 9:00 P.M., Saturday 7:00 A.M. to 3:00 P.M (CT). You can also obtain the appropriate form by contacting the ING offices listed below. How to Enroll If you select either the Advisor Model under the Mutual Fund Option or the Mentor Model under the Annuity Option, you will have a one-on-one meeting with your UT Certified Representative prior to enrolling in the plan, which will include a retirement needs analysis and asset allocation assistance. Your UT Certified Representative can help you fill out the paper enrollment form and submit it for you. If you select the Direct Access Model for either the Mutual Fund or Annuity Option, you will enroll online rather than fill out a paper enrollment form. It s simple to enroll online - visit ING for more information. For more information, please visit ING s UT System retirement programs Web site at ING at: [email protected], or contact one of the following ING Offices: Austin Office: ING Financial Advisers, LLC Suite Capital of Texas Highway Austin, TX (800) Dallas Office: ING Financial Advisers, LLC Millennium I, Suite 1205R Dallas Parkway Addison, TX (800) Houston Office: ING Financial Advisers, LLC Suite North Loop West Houston, TX (888) Insurance products issued through ING Life Insurance and Annuity Company, 151 Farmington Ave., Hartford, CT Investment advisory services and securities offered through ING Financial Advisers, LLC (member SIPC). You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options, or mutual funds offered through a retirement plan, carefully before investing. The prospectuses/prospectus summaries/information booklets contain this and other information, which can be obtained by contacting your local representative. Please read the information carefully before investing. Important note: Variable annuities and mutual funds are long-term investments designed for retirement purposes. Early withdrawals from contracts prior to age 59½ may be subject to a 10% federal tax penalty (not applicable to 457 contracts). Amounts distributed will be taxed in the year the distribution is received. Account values fl uctuate with market conditions and, when surrendered, the principal may be worth more or less than the original amount invested. Tax deferral is provided by the plan, and the annuity does not provide any additional tax-deferral benefit. Annuities may be subject to additional fees and expenses to which other tax-qualified plan funding vehicles may not be subject. However, annuities provide features and benefits such as lifetime income payments and death benefits, which may be valuable to you. There are restrictions on when you may take a withdrawal from your ING account, based on the UT System retirement programs and the Internal Revenue Code. For more information, please refer to the appropriate UT System retirement program documentation and the ING product enrollment materials. 15

18 Lincoln Financial Group A Fortune 500 company with headquarters in Philadelphia, Lincoln Financial Group had consolidated assets of $128 billion as of March 31, Lincoln Financial Group s oldest affiliate celebrated its centennial in 2005, marking 100 years of growth, strength, and integrity in financial services. A century of success may be viewed as a strong measure of client satisfaction. A leader in employer markets for nearly 40 years, Lincoln Financial has a solid reputation for outstanding customer service and overall expertise as a plan provider. More than 55,000 employer groups have chosen Lincoln Financial to help their employees save for retirement. Product Highlights Lincoln Financial offers a mutual fund program and a group variable annuity product. The Lincoln Alliance Program offers: 19 core mutual funds - seven asset allocation models (providing a guideline percentage allocation among program investment options) Guaranteed fixed annuity (3% minimum) No surrender charges The Multi-Fund Group Variable Annuity offers: 23 investment options Guaranteed fixed account (3% minimum) Guaranteed minimum death benefit 1 Lifetime annuity guarantees No surrender charges Participant Service Options Access to your account is available 24 hours a day, 7 days a week, at Knowledgeable customer service representatives are available from 7:00 A.M. to 7:00 P.M. CT by calling LINCOLN *T ( *8). Your local Lincoln Financial representative is available to assist you with your retirement planning needs, from enrollment to retirement. Please visit for a listing of local Lincoln Financial representatives. Various educational materials providing detailed information about Lincoln Financial s products and services, investments, market conditions, and retirement planning needs are available at any time at no charge. Local seminars on various interesting topics are offered. Fees and Restrictions The Lincoln Alliance Program offers: No annual administrative fees No surrender charges No M&E charges Fund expenses (0.63% 1.50%) 2 20% annual limit on Fixed Annuity transfers The Multi-Fund Group Variable Annuity offers: No annual administrative fees No surrender charges 0.55% annual M&E fee Fund expenses (0.28% 0.92%) 20% annual limit on fixed account transfers Refer to the applicable prospectus for complete information on risks, fees, and expenses Guarantees are backed by the claims-paying ability of the Lincoln National Life Insurance Company. 2 Data is provided by Morningstar and it is subject to change. Lincoln Financial does not guarantee its accuracy.

19 Mutual Fund Investment Options The Lincoln Alliance Program offers a variety of widely recognized mutual funds. Asset Allocation Models LifeSpan SM Conservative Model LifeSpan SM Moderate Model LifeSpan SM Aggressive Model 2011 LifeSpan SM Model 2021 LifeSpan SM Model 2031 LifeSpan SM Model 2041 LifeSpan SM Model Annuity Investment Options The Multi-Fund Group Variable Annuity offers 23 variable investment options. Preservation of Capital Fixed Account Lincoln VIP Money Market Income Lincoln VIP Bond Growth and Income AllianceBernstein Growth and Income American Funds Growth-Income Delaware VIP Value Delaware VIP REIT Accessing Your Funds Lincoln Financial offers a number of payout options and personalized service to assist you with electing the option that best meets your retirement needs. We offer: Annuitization: Fixed and variable annuitization options that include Single Life and Joint and Survivor payouts as well as guarantee periods that range from three to 20 years. Guarantees are backed by the claims-paying ability of the issuer. Full or partial cash withdrawal: At retirement the vested accumulated value of your account may be withdrawn without restriction or charge. You may receive the distribution in a lump sum or a convenient Automated Withdrawal Service. Withholding may apply. Minimum distribution: Lincoln Financial will automatically send you the amount necessary to satisfy the IRS Required Minimum Distribution at the later of age 70½ or retirement for this account (this will not take into account any other retirement accounts you may have). Distributions will be taxed if taken prior to age 59½, and may be subject to additional 10% federal tax penalties. How to Enroll Stock-based Funds AllianceBernstein Intl Val K Allianz NFJ Dividend Value A American Funds American Balanced R4 American Funds Capital Inc Bldr R4 American Funds Capital World G/I R4 American Funds EuroPacific Gr R4 American Funds Fundamental Invs R4 American Funds Grth Fund of Amer R4 Baron Partners Lincoln VIP Equity-Income Lincoln VIP Managed Long Term Growth American Funds Global Growth American Fund Growth American Funds International DWS VIT Equity 500 Index Fidelity VIP Contrafund Fidelity VIP Growth Lincoln VIP Capital Appreciation Core Mutual Funds Columbia Acorn USA Z Columbia Mid Cap Value Z Fidelity Advisor Leveraged Co Stk A James Small Cap Neuberger Berman Partners Tr Oppenheimer Small & Mid Cap Value A T. Rowe Price Real Estate Advisor Bond-based Funds American Funds American Hi Inc Tr R4 Delaware Diversified Income A PIMCO Total Return Admin Lincoln VIP Growth and Income Lincoln VIP International Fund Lincoln VIP Social Awareness Fund Lincoln VIP Special Opportunities Fund Maximum Capital Appreciation DWS Small Cap Index VIP Delaware VIP Trend Lincoln VIP Aggressive Growth Contact your Lincoln Financial professional to help you enroll in your retirement plan or visit the UTRetirement Manager Web site for information on Lincoln Financial s retirement programs, developed exclusively for University of Texas employees. For a complete list of Lincoln Financial representatives by institution, please visit our Web site at Consider the investment objective, risks, charges and expenses of the investment, and, for the variable annuity, the underlying investment options, carefully before investing. The prospectus contains this and other information about the investment. A prospectus is available by calling 800-4Lincoln *T or by visiting Read it carefully before investing or sending money. The Lincoln Fixed Annuity and the Multi-Fund Group Variable Annuity are issued by the Lincoln National Life Insurance Company, Fort Wayne, IN 46802, on contract forms and and state variations thereof. Securities offered through Lincoln Financial Advisors Corp., a broker/dealer, 1300 South Clinton Street, Fort Wayne, IN Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. CRN /06 17

20 MetLife Resources Introduction/History MetLife s mission is to provide financial freedom for everyone. MetLife has a long history of providing defined contribution retirement plans to employees nationwide. MetLife and its family of companies: Have been a leading provider of employee retirement benefits since 1921 Provide benefits to approximately 37 million employees and family members through their plan sponsors Have $30 billion in retirement plan assets MetLife Resources (MLR) is a division of MetLife that specializes in providing retirement programs and other financial solutions to employers and employees in the education, health care, and nonprofit markets. MLR is dedicated to providing employees of The University of Texas System with personalized service to help them achieve a secure financial future. Plan Highlights MLR offers several choices and tools to help you meet your retirement needs. You can review the benefits of each retirement savings program and decide which is best for you. Your choices include a variable annuity based program called Gold Track Select, a mutual fund based program called Mutual Fund Select Portfolio, or a combination of the two. Fully Liquid Fixed Account: With both programs, you have access to a fully liquid fixed account, which means you can transfer your account balance to and from the fixed account without limitation. Additionally, the fixed account is guaranteed by the financial strength and claims-paying ability of MetLife. Unlimited Transfers: You can make unlimited transfers among all the investment options (some restrictions may apply). Various Payout Options: Once you are ready to receive your account balance, you have several payout options. You can take a lump sum, systematic withdrawal, or annuitize some or all of your account balance. Individual Employee Consultations and Enrollments MLR Financial Services Representatives are specially trained to provide personal service to help individuals meet their financial objectives. MLR Financial Services Representatives are available for a one-on-one consultation to assist you in determining your retirement needs and making retirement planning decisions. Please call to locate your local MetLife representative. Accessing Account Information You have access to your account virtually 24 hours a day via the Internet and our toll-free telephone service. Just log on to or dial WITH-MET ( ) to obtain account information, make transactions, and utilize online calculators. In addition, you can speak with a Client Service Representative, Monday through Friday, from 7:00 A.M. to 7:00 P.M. CT. MetLife Resources Program Offerings Mutual Fund Select Portfolio The Mutual Fund Select Portfolio (MFSP) is a retirement savings program that is designed specially for health care, educational, governmental, and other nonprofit employers and their employees. It features: Mutual funds purchased at net asset value (NAV) Various payout options No administrative fees Unlimited transfers 18

21 Investment Options With the MFSP, you may purchase mutual funds with no sales charges. All funds are purchased at NAV, which means that 100% of your contributions are deposited into your mutual fund selections. Other fees and expenses apply to continued investments and are described in the current prospectuses. Asset Class Name Ticker Guaranteed Fixed Gold Track Select Fixed Account N/A Cash/Cash Equivalent SSgA Money Market A SSMXX Intermediate-Term Bond Morgan Stanley Institutional Fund Trust Core Plus Fixed Income Portfolio Adviser Class MFXAX High Yield Bond JPMorgan High Yield Bond Fund Class A OHYAX Large Value American Funds Fundamental Investors SM Class R4 RFNEX Large Blend Vanguard 500 Index Fund Admiral Class VFIAX Large Growth T. Rowe Price Growth Stock Fund Class R RRGSX Mid Cap Value Pioneer Mid-Cap Value A PCGRX Mid Cap Growth Allianz CCM Mid Cap Fund Administrative Class PFMAX Small Value Columbia Small Cap Value I Fund Class Z CSCZX Small Growth Columbia Acorn USA Fund Class Z AUSAX Foreign Large Blend American Funds EuroPacific Growth Fund Class R4 REREX Target Date/Asset Allocation T. Rowe Price Retirement 2010 Fund RRTAX T. Rowe Price Retirement 2020 Fund RRTBX T. Rowe Price Retirement 2030 Fund RRTCX T. Rowe Price Retirement 2040 Fund RRTDX Please note that the State Street Global Markets Self Managed Account is available for the UTSaver Deferred Compensation Plan. Fees and Expenses There are no administrative fees associated with MFSP. However, mutual fund companies charge certain fees and expenses. Please see the prospectus(es) for more information. Gold Track Select a variable annuity The Gold Track Select (GTS) Variable Annuity is a long-term financial vehicle that may suit your individual needs and overall retirement strategy. It features: Guaranteed death benefit Unlimited transfers Various payout options Automatic rebalancing Investment Options GTS offers 25 investment options plus a guaranteed Fixed Account. These options focus on diversification, performance, and investment management. Fees & Expenses The mortality and expense fee is 0.60%. Each funding option charges its own fees and expenses. Please see the prospectus for more information. Enroll today Enrolling is easy. You can do it yourself or enlist the help of one of the MetLife Financial Services Representatives. Self-enroll: To self-enroll, visit the UTRetirement Manager Web site and download the MetLife forms. Need assistance? Sign up for a one-on-one consultation with a MetLife Financial Services Representative. To locate your local MetLife representative, call MetLife representatives are available at all University of Texas institutions. They can help you with retirement income needs projections, asset allocation, paycheck analysis, and other retirement planning needs. Gold Track Select is issued by MetLife Insurance Company of Connecticut, One City Place, Hartford, CT MetLife Investors Distribution Company is the principal underwriter. Mutual Fund Select Portfolio is offered through MetLife Securities, Inc., 200 Park Ave., New York, NY MetLife or its affiliates receive fees from the fund families for recordkeeping, distributions, and administrative services. Variable annuities are subject to investment risk, including the possible loss of principal. The contract and the underlying fund prospectuses are available through your Registered Representative or by writing to the address above. They contain additional information regarding charges and expenses. Please read this information carefully before you invest. The fixed account is guaranteed by the financial strength and claims-paying ability of the issuing insurance company. Circular 230: To ensure compliance with requirements imposed by the IRS, we inform you that any federal income tax information contained in this document is not intended to (and cannot) be used by anyone to avoid IRS penalties. It is intended to support the sale of MetLife insurance products. Our customers should seek advice based on their particular circumstances from an independent tax advisor. Neither MetLife nor its representatives or agents are permitted to give legal or tax advice. Any discussion of taxes included in or related to this brochure is for general informational purposes only. Such discussion does not purport to be complete or to cover every situation. Like most annuity contracts, Travelers Life & Annuity contracts contain surrender charges and terms for keeping them in force. Your MetLife representative can provide you with costs and complete details. 19

22 TIAA-CREF TIAA-CREF: Financial services for the greater good For more than 85 years, we have been helping millions of people in the academic, medical, and cultural fields plan for their retirement. With more than $380 billion in combined assets under management as of March 31, 2006, we are currently the retirement services provider of choice for more than 3 million of your colleagues. Low costs TIAA-CREF is committed to keeping costs low, with expenses that are among the lowest in the variable annuities and mutual funds industries. And unlike many other financial companies, our consultants receive no sales commissions as part of their total compensation. They are compensated through a salary plus incentive program that rewards client service excellence rather than product promotion. Top ratings For its stability, sound investments, claims-paying ability, and overall financial strength, TIAA currently holds top ratings from all four leading insurance company ratings agencies: A.M. Best Co. A++ (as of 6/05) Standard & Poor s AAA (as of 6/05) Fitch AAA (as of 3/06) Moody s Investors Service Aaa (as of 3/06) These ratings of TIAA-CREF as an insurance company do not apply to the performance or safety of the variable accounts. We ll help you achieve your retirement goals Advice and planning We are committed to helping you develop an effective retirement plan in collaboration with a skilled TIAA-CREF consultant. You can learn how your retirement plan works, the choices you have, how to set up a starting portfolio and how to assess your overall retirement strategy. To accomplish this, your TIAA-CREF consultant will use planning tools from Ibbotson Associates, one of the nation s leading financial advisors, known for its independence, experience in portfolio analysis, and sound business practices. To support the broader investment menus now available, we have expanded our range of services to offer personalized advice about all the funds on our platform, including those from other companies, at no cost to you. We can also provide a retirement strategy review that includes the full range of your retirement assets and presents models that illustrate the likelihood of reaching your retirement income goals. Financial education seminars Designed to help make complex financial concepts simple, TIAA-CREF s Financial Education Seminars cover numerous financial topics. Whether you re just starting out, see retirement on your horizon, or are anywhere in between, we can help you learn basic financial facts, demonstrate strategies for allocating your assets, and explain ways that could help you identify appropriate investment vehicles for a variety of different financial goals. Your Benefits Office will be able to tell you when a TIAA-CREF Financial Education Seminar is scheduled on your campus. Service options available to you TIAA-CREF consultants are available to conduct one-on-one review sessions either by our toll-free number weekdays from 7:00 A.M. to 9:00 P.M. CT or Saturday from 8:00 A.M. to 5:00 P.M. CT, or by appointment. You can schedule an appointment to meet with a consultant by logging on to 20 Log on to to access your retirement plan and account information, change the allocation of your future contributions, transfer existing assets, and/or sign up for e-delivery of statements, transaction confirmations, and prospectuses. You may also order booklets and forms on line and find detailed information about retirement income, beneficiary, and tax withholding options, including illustrations of potential benefits. Quarterly statements that show all account activity are also provided.

23 Your TIAA-CREF investment options Guaranteed Account TIAA Traditional Annuity Money Market CREF Money Market Account Fixed Income CREF Bond Market Account CREF Inflation-Linked Bond Account Western Asset Core Plus Bond Fund Real Estate TIAA Real Estate Fixed Income/Equity CREF Social Choice Account Multi-Asset TIAA-CREF Lifecycle Funds: 2010, 2015, 2020, 2025, 2030, 2035, 2040 Equities CREF Stock Account CREF Global Equities Account CREF Equity Index Account CREF Growth Account TIAA-CREF Institutional Large-Cap Value Fund TIAA-CREF Institutional Mid-Cap Value Fund TIAA-CREF Institutional Mid-Cap Growth TIAA-CREF Small Cap Equity Fund TIAA-CREF International Equity Index Fund American Funds EuroPacific Growth Fund T. Rowe Price Growth Stock Fund Allocation and transfer flexibility Allocating your contributions You can allocate your investments among any of the fixed and variable annuity accounts, as well as the mutual funds, in any way you choose. Transferring accumulations In the UT Saver TSA and the UT Saver DCP, you can transfer accumulations among the variable annuity accounts, TIAA Traditional Annuity, TIAA-CREF mutual funds, and from third-party funds within the TIAA-CREF plan, at any time. Participants in the Optional Retirement Program (ORP) can transfer funds among their TIAA-CREF annuity accounts and TIAA-CREF mutual funds, or from third-party funds within the TIAA-CREF plan, at no charge. Please note that transfers from the TIAA Traditional Annuity Account (1) require a $10,000 minimum (or the entire amount in the account, whichever is less) and (2) transfers can only be made over a 10-year period. Fees and expenses There are neither expense nor sales charges on contributions to the TIAA Traditional Annuity. In addition, there are no sales loads or redemption expenses associated with the TIAA Real Estate, CREF variable annuity accounts, TIAA-CREF mutual funds, or third-party funds within the TIAA-CREF plan. All expenses are deducted from investment earnings each year before rates of return are credited to participants CREF and TIAA Real Estate variable annuity accounts, TIAA-CREF mutual funds, and third-party funds within the TIAA-CREF plan. There are no charges for withdrawals from the TIAA Real Estate, CREF variable annuity accounts, TIAA-CREF mutual funds, or third-party funds within the TIAA-CREF plan. You should consider the investment objectives, risks, charges and expenses carefully before investing. This publication must be preceded or accompanied by a current prospectus. For additional copies, please call or log on to for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. TIAA (Teachers Insurance and Annuity Association), New York, NY and TIAA-CREF Life Insurance Co., New York, NY issue insurance and annuities. Retirement Annuity (RA) contract form series is issued by Teachers Insurance and Annuity Association (TIAA), 730 Third Avenue, New York, NY C36039 (6/06) 21

24 Important Information The content provided in this brochure has been provided by the UT System and is solely the responsibility of the UT System. It is intended for general informational purposes only. You should not consider it tax, legal, or investment advice. In the event that anything in this brochure conflicts with the UT System Retirement Programs plan documents, UT System policies, or state or federal law, the UT System Retirement Programs plan documents, UT System policies, and state and federal law will govern. Please consult with your tax, legal, or investment advisor for assistance with your personal situation