Get a head start on your future. A step-by-step guide to the coming Cornell University Retirement Plan updates

Get a head start on your future. A step-by-step guide to the coming Cornell University Retirement Plan updates

Retirement program updates are coming. Cornell University is committed to offering you the services you need to pursue the retirement you want and deserve. Starting on October 1, 2014, important updates are coming to the Cornell University Retirement Plan and the Cornell University Tax-Deferred Plan (the Plans). Here is what to expect: Cornell University is introducing a new tiered investment menu. See page 2. Cornell University is adding a new Self-Directed Brokerage Account option through TIAA-CREF. See page 2. Continue to receive personalized retirement plan advice from a TIAA-CREF Financial Consultant. One-on-One Counseling Sessions are available as part of your retirement program at no additional cost to you. See page 5. Why are these changes being made: Recently, the Retirement Plan Oversight Committee (RPOC) was formed to fulfill Cornell and Weill Cornell s fiduciary responsibility with respect to the participants in Cornell s retirement plans. One of the RPOC s responsibilities is to evaluate and monitor the investment offerings made available to you. The changes to the plans are being implemented as a result of a recent review by the RPOC in conjunction with their independent investment advisors. They are designed to provide you with a range of broadly diversified mutual fund and annuity options to better help you pursue your retirement goals more effectively. What does this mean for me: Starting on October 1, 2014, you will have the opportunity to move your current balances or any new contributions you may make to the new investment options on the plan. You will also be able to participate in a Self-Directed Brokerage Account. If you do not take action, no changes will be made to your account. Contents Be prepared for the updates ahead... 1 A new tiered investment menu... 2 Your new investment menu................................................... 3-4 Get investment advice... 5 Q&A.... 5 II Get started. Call 800 842-2252 or visit www.tiaa-cref.org/cornell

Be prepared for the updates ahead. Action plan for the updates 1. Be informed Visit www.tiaa-cref.org/cornell for information on the updates, including a current schedule of on-site events. Review the new investment options and determine your investment strategy. Attend a Transition Seminar dates will be communicated prior to the meetings. Schedule a One-on-One Counseling Session with a TIAA-CREF Financial Consultant to get personalized retirement plan advice. Review your beneficiary designation. 2. Take action The updates will be completed on or about October 1, 2014. You can then make investment and beneficiary designation changes. Remember, you will receive assistance updating your account when you schedule a One-on-One Counseling Session. If you do not take action, no changes will be made to your account. To update your account, you will need: Your TIAA-CREF Contract Number(s) or current login information. Your Social Security Number. Your beneficiary s birth date, address and Social Security Number, if available. If your beneficiary is a trust, include the trust name, date established, and type of trust. ONLINE To update your account online, go to www.tiaa-cref.org/ cornell and select Log In. PHONE If you prefer, you can update your account by calling TIAA-CREF at 800 842-2252, Monday through Friday, 8 a.m. 10 p.m., or Saturday, 9 a.m. 6 p.m. (ET). Get started. Call 800 842-2252 or visit www.tiaa-cref.org/cornell 1

A new tiered investment menu This new menu, carefully selected for Cornell University employees, offers a wide array of investment options. These options include funds from TIAA-CREF and other leading fund families. These investments have been arranged into tiers to help make your decisions regarding where to allocate your balances in the Plans and any new contributions you may make even easier. A description of each tier follows and you can see the full investment menu on pages 3-4. Simply choose the fund that most closely matches the year you plan to retire (generally age 65). For example, if you will turn age 65 in 2044, you would choose the Lifecycle 2045 Fund. Tier One: Lifecycle The Lifecycle tier offers you the option of One-Step Investing. The One-Step Investing approach may be a good choice if you prefer a hands-off approach to managing your retirement portfolio. With One-Step Investing, all you need to do is select a Lifecycle Fund from the Tier One investment. Simply choose the fund that most closely matches the year you plan to retire (generally age 65). For example, if you will turn age 65 in 2044, you would choose the Lifecycle 2045 Fund. Note that, if you enrolled in the Retirement Plan and have not selected your investment options, you may have been automatically defaulted to an ageappropriate Lifecycle Fund within this tier. Tier Two: Core This tier includes a variety of new funds specifically selected for Cornell University employees. These new choices offer you flexibility to create a retirement portfolio that s aligned with your investment preferences and goals. They will be closely monitored by Cornell University to ensure they continue to meet performance benchmarks and are subject to change over time. You will be able to invest your current balances in the Plans and any future contributions you may make to these funds starting on October 1, 2014. The new options available under the Core Tier make this the perfect time to review your current account. TIAA-CREF Financial Consultants are available to help you determine if the new funds are right for you. See page 5 to learn more about accessing Advice and setting up a One-on-One Counseling Session. Tier Three: Non-Core Tier three includes all of the remaining investment options currently available through the Plans. Many of these choices enhance the investment strategies of funds found in the Core Tier. They provide additional variety for someone looking to invest beyond the Core options within the Plans. Over time, these options may be reviewed to ensure they meet the Plans standards and they are subject to change. Tier Four: Self-Directed Brokerage Account The Self-Directed Brokerage Account is a new enhancement to the Plans. If you choose to open a brokerage account, you can invest among thousands of mutual funds from many well-known families. Please note, however, that the entire risk of investing through the brokerage window is borne by the plan participant and that neither Cornell University nor their independent investment advisor monitor the funds that are available through the brokerage window. In addition, TIAA-CREF does not offer investment advice on brokerage assets. For more information on Self-Directed Brokerage, go to www.tiaa-cref.org/cornell. 2 Get started. Call 800 842-2252 or visit www.tiaa-cref.org/cornell

Cornell University Retirement Plan new investment menu The funds shown in bold text are new investment options TIER ONE: Lifecycle Asset Class Ticker Symbol TIAA-CREF Lifecycle Index 2010 Institutional* Multi-Asset TLTIX TIAA-CREF Lifecycle Index 2015 Institutional* Multi-Asset TLFIX TIAA-CREF Lifecycle Index 2020 Institutional* Multi-Asset TLWIX TIAA-CREF Lifecycle Index 2025 Institutional* Multi-Asset TLQIX TIAA-CREF Lifecycle Index 2030 Institutional* Multi-Asset TLHIX TIAA-CREF Lifecycle Index 2035 Institutional* Multi-Asset TLYIX TIAA-CREF Lifecycle Index 2040 Institutional* Multi-Asset TLZIX TIAA-CREF Lifecycle Index 2045 Institutional* Multi-Asset TLXIX TIAA-CREF Lifecycle Index 2050 Institutional* Multi-Asset TLLIX TIAA-CREF Lifecycle Index 2055 Institutional* Multi-Asset TTIIX TIAA-CREF Lifecycle Index Retirement Income Institutional* Multi-Asset TRILX TIAA-CREF Lifecycle 2010 Institutional Multi-Asset TCTIX TIAA-CREF Lifecycle 2015 Institutional Multi-Asset TCNIX TIAA-CREF Lifecycle 2020 Institutional Multi-Asset TCWIX TIAA-CREF Lifecycle 2025 Institutional Multi-Asset TCYIX TIAA-CREF Lifecycle 2030 Institutional Multi-Asset TCRIX TIAA-CREF Lifecycle 2035 Institutional Multi-Asset TCIIX TIAA-CREF Lifecycle 2040 Institutional Multi-Asset TCOIX TIAA-CREF Lifecycle 2045 Institutional Multi-Asset TTFIX TIAA-CREF Lifecycle 2050 Institutional Multi-Asset TFTIX TIAA-CREF Lifecycle 2055 Institutional Multi-Asset TTRIX TIAA-CREF Lifecycle Retirement Income Institutional Multi-Asset TLRIX The investment menu on the left is organized by tier and asset class to help make your investment decisions easier. On or about October 1, 2014, you can begin investing in the Plans new investment options which are shown in bold text on the menu. These new choices offer you flexibility to create a retirement portfolio that s aligned with your investment preferences and goals. You can see details on the new investment options online at www.tiaa-cref.org/cornell. Click on Plans & Investments and then select Investment Choices to view the individual investment information. For information on a TIAA-CREF Brokerage Services account, visit www.tiaa-cref.org/cornell. TIER TWO: CORE Asset Class Ticker Symbol TIAA Traditional** Guaranteed Guaranteed Annuity TIAA-CREF Money Market Institutional Money Market TCIXX BlackRock Long Duration Bond I Fixed Income BLDIX Federated Short-Term Income Institutional Fixed Income FSTIX PIMCO Total Return Fund Institutional Fixed Income PTTRX Vanguard Total Bond Market Index Fund Institutional Fixed Income VBTIX CREF Social Choice Multi-Asset Variable Annuity TIAA Real Estate Real Estate Variable Annuity CREF Stock Equities Variable Annuity Eagle Mid-Cap Growth R6 Equities HRAUX Goldman Sachs Small-Cap Value Fund Institutional Class Equities GSSIX John Hancock 3 Disciplined Value Mid Cap R6 Equities JVMRX MFS International Value R5 Equities MINJX MFS Value R5 Equities MEIKX Prudential Jennison Small Company Q Equities PJSQX T. Rowe Price Institutional Large-Cap Growth Equities TRLGX Vanguard Institutional Index Fund Institutional Equities VINIX Vanguard Mid-Cap Index Fund Institutional Equities VMCIX Vanguard Small-Cap Index Fund Institutional Equities VSCIX Vanguard Total Intl Stock Index Admiral Equities VTIAX Continued * Qualified Default Investment Alternative (QDIA) ** TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. Annuity account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance. Get started. Call 800 842-2252 or visit www.tiaa-cref.org/cornell 3

Cornell University Retirement Plan new investment menu (Continued) TIER THREE: NON-CORE Asset Class Ticker Symbol CREF Money Market Money Market Variable Annuity CREF Bond Market Fixed Income Variable Annuity CREF Inflation-Linked Bond Fixed Income Variable Annuity TIAA-CREF Bond Plus Institutional Fixed Income TIBFX TIAA-CREF High-Yield Institutional Fixed Income TIHYX TIAA-CREF Short-Term Bond Fund Institutional Fixed Income TISIX Western Asset Core Plus Bond Fund Institutional Fixed Income WACPX TIAA-CREF Managed Allocation Institutional Multi-Asset TIMIX American Funds EuroPacific Growth Fund R6 Equities RERGX American Funds Washington Mutual Investors Fund R6 Equities RWMGX CREF Equity Index Equities Variable Annuity CREF Global Equities Equities Variable Annuity CREF Growth Equities Variable Annuity TIAA-CREF Equity Index Institutional Equities TIEIX TIAA-CREF Growth and Income Institutional Equities TIGRX TIAA-CREF International Equity Institutional Equities TIIEX TIAA-CREF International Equity Index Institutional Equities TCIEX TIAA-CREF Large-Cap Growth Institutional Equities TILGX TIAA-CREF Large-Cap Growth Index Institutional Equities TILIX TIAA-CREF Large-Cap Value Institutional Equities TRLIX TIAA-CREF Large-Cap Value Index Institutional Equities TILVX TIAA-CREF Mid-Cap Growth Institutional Equities TRPWX TIAA-CREF Mid-Cap Value Institutional Equities TIMVX TIAA-CREF Real Estate Securities Institutional Equities TIREX TIAA-CREF S&P 500 Index Institutional Equities TISPX TIAA-CREF Small-Cap Blend Index Institutional Equities TISBX TIAA-CREF Small-Cap Equity Index Institutional Equities TISEX TIAA-CREF Social Choice Equity Institutional Equities TISCX TIER FOUR: SELF-DIRECTED BROKERAGE ACCOUNT The Self-Directed Brokerage Account offers you the ability to invest among thousands of mutual funds. Learn more about opening a brokerage account by going to www.tiaa-cref.org/cornell and selecting the Brokerage Brochure. 4 Get started. Call 800 842-2252 or visit www.tiaa-cref.org/cornell

Get retirement plan investment advice. Support for every step of your retirement journey Get personalized retirement plan advice on the plan s investment options from a TIAA-CREF Financial Consultant. This service is available as part of your retirement program at no additional cost to you. A TIAA-CREF Financial Consultant can guide you through the transition and help tailor your portfolio to your individual needs. This service is available at your convenience online, via phone or during a One-on-One Counseling Session. Whatever method you choose, TIAA-CREF is standing by to support you in building a strategy that can help you pursue your retirement savings goals. HOW TO ACCESS ADVICE: Online: Get quick, convenient answers via the online tool. Visit www.tiaa-cref.org/cornell, click Log In and select the Advice & Guidance tab. TIAA-CREF s advice is designed to help you answer these important questions: Am I on track to reach my retirement savings goals? We ll help you analyze how your investments are performing, and determine if you re saving enough to help meet your needs. Which combination of retirement plan investments is right for me? Get assistance picking the right investments, diversifying properly and allocating contributions to balance your need for growth potential with your tolerance for risk. How can I meet my income needs in retirement? Get help determining the amount you ll need to meet your retirement income goals. One-on-One Counseling Sessions: You can receive personalized retirement plan investment advice either over the phone or in person. To schedule your session, call 800 732-8353, Monday through Friday, 8 a.m. 8 p.m. (ET), or visit www.tiaa-cref.org/schedulenow. Q&A 1. Why is Cornell University updating the retirement program? Cornell University is committed to providing the best retirement program available. The updates are designed to strengthen the program and help you pursue your retirement savings goals more effectively. 2. How can I get familiar with my new investment options? A menu of new investment options is included in this guide for your review. You can also visit the dedicated retirement program website at www.tiaa-cref.org/cornell. 3. What if I need help making investment choices? You can get help selecting your investments. Get personalized retirement plan advice on the plan s investment options from a TIAA-CREF Financial Consultant. This service is available as part of your retirement program at no additional cost to you. To schedule a counseling session, call TIAA-CREF at 800 732-8353, Monday through Friday, 8 a.m. 8 p.m. (ET). You can also schedule online at www.tiaa-cref.org/schedulenow. 4. What should I expect from a TIAA-CREF One-on-One Counseling Session? Counseling sessions last approximately one hour. Bring all your investment account statements, including any retirement investments outside of the retirement program, and your most recent Social Security statement, if available. A TIAA-CREF Financial Consultant can use this information to understand your current financial situation and help you select the appropriate investment options. 5. My spouse/partner/friend is very involved in my finances. Can I bring him/her to a meeting? Yes. Participants can bring anyone they choose to group meetings or individual counseling sessions. 6. Will I pay any fees to make investments in the retirement plan? All investment options have expense ratios and other fund-specific fees that can be found in the prospectuses at www.tiaa-cref.org/cornell. Some investment options may also have redemption fees. 7. What happens if I do not take any action? Starting on October 1, 2014, you will have the opportunity to move your current balances or any new contributions you may make to the new investment options on the plan. You will also be able to participate in a Self-Directed Brokerage Account. However, if you do not take action, no changes will be made to your account. Distributions from 403(b) plans before age 59½, severance from employment, death, or disability may be prohibited, limited, and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans. Get started. Call 800 842-2252 or visit www.tiaa-cref.org/cornell 5

Contact TIAA-CREF PHONE Call 800 842-2252 Monday through Friday, 8 a.m. 10 p.m., or Saturday, 9 a.m. 6 p.m. (ET). ONLINE Visit www.tiaa-cref.org/cornell to learn about the program s investment choices, make transactions, and access retirement planning tools. ONE-ON-ONE COUNSELING SESSIONS Get personalized retirement plan advice on the plan s investment options from a TIAA-CREF Financial Consultant. This service is available as part of your retirement program at no additional cost to you. To schedule a session, call 800 732-8353, Monday through Friday, 8 a.m. 8 p.m. (ET), or visit www.tiaa-cref.org/schedulenow. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org/cornell for details. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or go to www.tiaa-cref.org/cornell for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Brokerage Services are provided by TIAA-CREF Brokerage Services, a division of TIAA-CREF Individual & Institutional Services, LLC, member FINRA. 2014 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017 C9977A 356620_446315 (08/14)