MS 0075700757 Microsite Pages** 1601 THOMASGREEN 757 Emory University 757 Emory University 2010-02-19T11:25:37.495001 12/31/2009 757 Emory University GA 100195, 100196. Y Y (770) 399-5200 N ( ) - N ( ) - Premier Non-Sole Recordkeeper 1 http://www.tiaa-cref.org/emory Y 304 emory http://www.tiaa-cref.org/emory http://enroll.tiaamax.com/staging/emory http://emory.hr.emory.edu/benefits.nsf/ Y 3 1631 2051 Emory Univ web.gif Y Y 1631 7480 1630 1631 Emory University 403(b) DC Emory Basic Retirement Plan (Employer Sponsored Matching Plan) RA 0 1 100195 001 1 1 1 1 1 0 1 1 Paper 1 0 This is HARDCODED URL N Important: To enroll in the Group Supplemental Retirement Plan you must choose between a Retirement Annuity (RA) contract and a Group Supplemental Retirement Annuity (GSRA) contract. Each offers a possible advantage based on your retirement goals. An explanation appears on the <A href="plan_det_home_1630.html">RA</A> and <A href="plan_det_home_7480.html">GSRA</A> Plan Details pages. Please read it carefully before you apply.   <DIV style="FONT-SIZE: 10pt">Online Enrollment</DIV>Online enrollment is the fastest and easiest way to enroll. Before you enroll, have the following information available: <UL> <LI>Your investment allocations, which you select from your <A href="inv_opt_home.html">investment choices</A> <LI>Your Social Security number <LI>Your beneficiary's Social Security number, birth date and address </LI></UL> Next, select the link for the plan(s)* you wish to enroll in: <UL> <LI><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb?id=GAS050" target=_blank>Emory Basic Retirement Plan (Employer-Sponsored Matching Plan)</A>  <LI><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb?id=GAS051" target=_blank>Emory Group Supplemental Plan (Voluntary Contributions GSRA)</A> <LI><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb?id=GAS052" target=_blank>Emory Group Supplemental Plan (Voluntary Contributions RA)</A></LI></UL> We're here to Help You If you need assistance with online enrollment, contact TIAA-CREFat 800 TIAA-CREF (800 842-2273). * Note: Your enrollment is not complete until you also download, complete and return the required <A href="../emory/Resources/sra_1631.pdf" target=_blank>Salary Reduction Agreement</A> to: Emory University Benefits Office 1559 Clifton Road Atlanta, GA 30322 To ensure that you can to view PDF files on this page correctly, disable your browser's pop-up blocker if it is in use. N N Lifecycle Fund N 0 20090721 1 <DIV style="FONT-SIZE: 10pt">TIAA-CREF BROKERAGE SERVICES</DIV>Emory University allows you to open a TIAA-CREF Brokerage Services account through your retirement plans once you enroll. Click on the link below for details and features, or <A href="http://www.tiaa-cref.org/services/brokerage/open/index.html" target=_blank>open an account now</A>. TIAA-CREF Brokerage Services (PDF) 20080930 1 Please refer to the <A href="Resources/emory_brokerage_guide.pdf" target=_blank>TIAA-CREF Brokerage Services Memo</A> for additional information. NOTE: You may transfer up to 100% of your current retirement plan accumulations to any of more than 1,000 no-transaction-fee mutual funds and more than 1,500 transaction-fee mutual funds through the Brokerage Account. You may also transfer money you may have in the TIAA Traditional Account and CREF annuity accounts to your brokerage account and back again, with certain restrictions. (You may not make direct contributions to the Brokerage Account.) The minimum initial investment is $5,000, with subsequent investments of $1,000. The annual account fee is $40.00, paid in quarterly installments of $10.00. 0 N CUSTOM All Full-time and part-time employees who are at least 21 years of age are eligible for Emory contributions to the Savings Plan after completion of 1 year of service, and 1,000 hours worked in a 12-consecutive-month period. Effective January 1, 2006, any eligible employee who has not completed the 1 year service requirement may be eligible for employer contributions if they certify that they were a participant and contributing in a qualified retirement plan with their previous employer. Employee After-Tax Matched (G) Employee After-Tax (K) Employer Match (D) Employee Pre-Tax Matched (A) Employer (F) Rollover (9) CUSTOM Emory will contribute 6% of regular salary for eligible employees. None 0 0 CUSTOM In addition to the 6% non-contributory contribution, if an employee elects to contribute 1% of regular salary, Emory will match it with a 1.5% contribution; or for a 2% contribution, Emory will match it with a 3% contribution. The matching contributions vest after 3 years of employment. N CUSTOM You are always 100% vested in your own contributions, but become vested in matching contributions and employer contributions over time.   Anyone hired prior to January 1, 2003 is 100% vested in the plan. Effective January 1, 2003, a vesting schedule was implemented for employees hired after that date. * After completion of 1,000 hours worked in a 12-consecutive-month period, attainment of age 21 and one year of service, Emory contributes 6% of regular salary for eligible employees. These contributions vest after 5 years of employment. * Effective January 1, 2007 the 6% contribution vests going forward after 3 years. The 6% contributions that are within the years January 1, 2003 and December 31, 2006 remain on the 5 year vesting schedule. The 6% contributions starting on January 1, 2007 is on a 3-year vesting schedule * Employer matching contributions are vested after completing three years of service. STANDARD N Lump Sum Fixed Period Hardship IPRO Lifetime Income MDO (Minimum Distribution Option) RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD N STANDARD Y CUSTOM The plan allows employees to take loans from the following sources: employee money, employer base money and VESTED employer match money. 0 1 1321 - 1 7480 Emory Group Supplemental Plan Emory Group Supplemental Retirement Plan (Voluntary Contributions GSRA) GSRA 0 1 100196 003 <DIV class=cntDiv><A href="http://enroll.tiaamax.com/staging/emory/roth.html?planName=Emory Basic Retirement Plan (Employer Sponsored Matching Plan)&planId=1631">Read about the Roth feature</A> offered in this plan </DIV> <DIV class=cntDiv> </DIV> <DIV class=cntDiv>There are many things you need to know about the Emory Group Supplemental Retirement Plan (Voluntary Contributions RA) including eligibility requirements, vesting schedules and loan features. Select any of the links at right to learn more. Note: Emory University asks you to choose between two different contracts for your voluntary, tax-deferred contributions to this plan: the TIAA-CREF Retirement Annuity (RA) and the TIAA-CREF Group Supplemental Retirement Annuity (GSRA). There are several important considerations when making this choice. Please read the following carefully. The TIAA-CREF RA offers you the opportunity to earn a slightly higher interest rate in the <A href="http://www.tiaa-cref.org/performance/retirement/profiles/tiaa_traditional_annuity.html" target=_blank>TIAA Traditional Account</A>. However, certain restrictions apply: </DIV> <UL> <LI> <DIV class=cntDiv>You may not transfer or withdraw TIAA Traditional Account accumulations in a single lump sum. </DIV></LI> <LI>The most common distribution is in 10 substantially equal installments paid annually. <LI>You may not take a loan against your TIAA or CREF accumulations. </LI></UL>The TIAA-CREF GSRA earns a slightly lower interest rate in the <A href="http://www.tiaa-cref.org/performance/retirement/profiles/tiaa_traditional_annuity.html" target=_blank>TIAA Traditional Account</A>. But it offers certain benefits: <UL> <LI>You may transfer or withdraw TIAA Traditional Account accumulations in a single lump sum after separation from service. </LI> <LI>You may take a loan against your TIAA or CREF accumulations. Loans are subject to the availability of funds. </LI></UL>Please <A href="http://enroll.tiaamax.com/staging/emory/contact.html" target="">contact</A> TIAA-CREF for more details. C41272 1 1 1 0 1 0 1 1 Paper 1 0 This is HARDCODED URL N N N Lifecycle Fund N 0 19000101 0 19000101 0 0 Y STANDARD Employee After-Tax (K) Employee Pre-Tax (E) Rollover (9) STANDARD None 0 0 STANDARD Y STANDARD STANDARD N 59 -1/2 In Service Fixed Period Hardship IPRO Lifetime Income Lump Sum MDO (Minimum Distribution Option) RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD N STANDARD Y STANDARD 0 1 7271 - 0 1630 Emory University Group Supplemental Plan Emory Group Supplemental Retirement Plan (Voluntary Contributions RA) RA 0 0 999999 002 <A href="http://enroll.tiaa-cref.org/emory/roth.html?planName=Emory Basic Retirement Plan (Employer Sponsored Matching Plan)&planId=1631">Read about the Roth feature</A> offered in this plan Note: Emory University asks you to choose between two different contracts for your voluntary, tax-deferred contributions to this plan: the TIAA-CREF Retirement Annuity (RA) and the TIAA-CREF Group Supplemental Retirement Annuity (GSRA). There are several important considerations when making this choice. Please read the following carefully. The TIAA-CREF RA offers you the opportunity to earn a slightly higher interest rate in the <A href="http://www.tiaa-cref.org/performance/retirement/profiles/tiaa_traditional_annuity.html" target=_blank>TIAA Traditional Account</A>. However, certain restrictions apply: <UL> <LI>You may not transfer or withdraw TIAA Traditional Account accumulations in a single lump sum.</LI> <LI>The most common distribution is in 10 substantially equal installments paid annually.</LI> <LI>You may not access your accumulations in the TIAA or CREF funds until you have terminated employment.</LI></UL> The TIAA-CREF GSRA earns a slightly lower interest rate in the <A href="http://www.tiaa-cref.org/performance/retirement/profiles/tiaa_traditional_annuity.html" target=_blank>TIAA Traditional Account</A>. But it offers certain benefits: <UL> <LI>You may transfer or withdraw TIAA Traditional Account accumulations in a single lump sum. </LI> <LI>You can withdraw funds once you reach age 59½, regardless of your employment status.</LI> <LI>The transfer and withdrawal features apply to both TIAA and CREF accumulations.</LI></UL> Please <A href="contact.html">contact</A> TIAA-CREF for more details. 1 1 1 0 1 0 1 1 Paper 1 0 This is HARDCODED URL N N N Lifecycle Fund N 0 20090721 0 20070227 1 0 Y STANDARD Employee After-Tax (K) Employee Pre-Tax (E) Rollover (9) STANDARD None 0 0 STANDARD Y STANDARD STANDARD N Lump Sum 59 -1/2 In Service Fixed Period Hardship IPRO Lifetime Income MDO (Minimum Distribution Option) RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD N STANDARD Y STANDARD 0 1 5741 - 1 Equities Variable Annuity CREF Equity Index Account 008 0 1 Proprietary Accounts - Equity N/A 41518 The investment seeks long-term return. The fund attempts to track the U.S. stock market as a whole by investing substantially all of its assets in stocks included in the Russell 3000 index. It does not hold all 3000 of the stocks included in the index. Instead, the fund may use a sampling method to try to emulate the index's overall investment characteristics. 194408308 1170 1630 1631 7480 Large Blend 04/29/1994 5.81 27.86 27.86 0.37 -0.56 7.63 0.48 90 105 25 34 46 49 90 104 105 121 122 CREF Global Equities Account 006 0 1 Proprietary Funds - International N/A 41518 The investment seeks long-term total return. The account invests at least 80% of assets in equity securities of foreign and domestic companies. It may invest at least 40% of assets in foreign securities and at least 25% in domestic securities. The remaining 35% is distributed between foreign and domestic securities. 194408100 1170 1630 1631 7480 05/01/1992 4.53 32.91 32.91 1.97 -1.25 7.00 90 105 25 34 46 90 104 105 107 121 122 CREF Growth Account 007 0 1 Proprietary Accounts - Growth N/A 41518 The investment seeks total return. The account normally invests at least 80% of assets in common stocks and other equity securities. It invests primarily in large, well-known, established companies, particularly when we believe they have new or innovative products, services, or processes that enhance future earnings prospects. The fund may invest in smaller, less seasoned companies with growth potential as well as companies in new and emerging areas of the economy. It invest up to 20% of its assets in foreign securities. 194408209 1170 1630 1631 7480 Large Growth 04/29/1994 7.83 36.54 36.54 1.31 -4.66 5.97 0.57 90 105 25 34 46 49 90 104 105 121 122 CREF Stock Account 002 0 1 Proprietary Account - Stock N/A 41518 The investment seeks long-term total return. The fund invests in foreign stocks and other equity securities. It also may invest in fixed-income securities and money market instruments traded on foreign exchanges, in other foreign securities markets or privately placed. The fund invests a portion of its foreign investments in emerging market securities and, to a lesser extent, foreign small-cap equities. It intents to transition weightings of its holdings to be approximately 70-75% domestic equities and 25-30% foreign equities, with approximately 5% of the Account comprised of emerging market investments. 194408803 1170 1630 1631 7480 Large Blend 08/01/1952 4.98 32.04 32.04 1.62 0.10 9.74 0.58 90 105 25 34 46 49 90 104 105 121 122 Mutual Fund TIAA-CREF International Equity Fund TRERX 013 0 1 Proprietary Funds - International Retirement 41518 The investment seeks favorable long-term returns. The fund normally invests at least 80% of net assets in equity securities of foreign issuers. It has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. The fund may sometimes hold a significant amount of stocks of smaller, lesser-known companies. Its sector and country exposure is regularly managed against the Morgan Stanley Capital International EAFE (Europe, Australasia, Far East) Index. 87244W748 1170 1630 1631 7480 Foreign Large Blend TRERX 10/01/2002 4.71 31.52 31.52 2.85 9.96 0.79 27 34 46 104 107 121 122 131 TIAA-CREF International Equity Index Fund TRIEX 027 0 1 Proprietary Funds - International Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of foreign equity investments based on a market index. Its benchmark is MSCI EAFE index. 87244W490 1170 1630 1631 7480 Foreign Large Blend TRIEX 10/01/2002 1.89 29.25 29.25 3.29 10.40 0.36 34 46 104 107 121 122 131 Real Estate Variable Annuity TIAA Real Estate Account 009 0 0 Proprietary Account - Money Market N/A 41518 The account seeks favorable long-term returns primarily through rental income and appreciation of real estate investments owned by the account. The account intends to invest between 70 percent to 85 percent of its assets directly in real estate or real estate-related investments. The account will invest the remaining portion of its assets in government and corporate debt securities, money market instruments and other cash equivalents, and, at times, stock of companies that do not primarily own or manage real estate. 878094200 1170 1630 1631 7480 10/02/1995 -5.05 -27.64 -27.64 -1.67 3.07 4.65 90 105 25 34 46 90 101 105 122 Fixed Income Variable Annuity CREF Bond Market Account 005 0 1 Proprietary Funds - Fixed Income N/A 41518 The investment seeks high current income consistent with capital preservation. The account invests at least 80% of assets in a broad range of debt securities. It invests majority of the assets in U.S. Treasury and Agency securities, corporate bonds and mortgage-backed or other asset-backed securities. 194408407 1170 1630 1631 7480 03/01/1990 0.39 7.00 7.00 4.10 5.84 6.75 90 105 25 34 46 62 90 104 105 121 122 CREF Inflation-Linked Bond Account 010 0 1 Proprietary Funds - Fixed Income N/A 41518 The investment seeks a long-term rate of return that outpaces inflation. The account invests at least 80% of assets in U.S. Treasury Inflation-Indexed Securities (TIIS). It can also invest in other inflation-indexed bonds issued or guaranteed by the U.S. government or its agencies, by corporations and other U.S. domiciled issuers as well as foreign governments. The fund may invest in money market instruments or other short-term securities. 194408506 1170 1630 1631 7480 Inflation-Protected Bond 05/01/1997 1.84 9.58 9.58 4.15 7.24 6.36 0.49 90 105 25 34 46 90 92 104 105 122 Money Market Variable Annuity CREF Money Market Account 003 0 1 Proprietary Account - Money Market N/A 41518 The investment seeks high current income consistent with maintaining liquidity and preserving capital. The fund invests at least 95% of assets in money market instruments that at the time of purchase are first tier securities. It may invest up to 5% of assets in second tier securities and up to 30% of assets in money market and debt instruments of foreign issuers denominated in U.S. dollars. The dollar-weighted average maturity of the fund will be less than 90 days. 194408704 1170 1630 1631 7480 Money Market - Taxable 04/01/1988 0.00 0.11 0.11 3.00 2.86 4.40 0.46 78 90 105 25 30 34 46 78 90 104 105 108 121 122 Guaranteed Guaranteed Annuity TIAA Traditional Account 001 0 0 Proprietary Account - Money Market N/A 41518 The TIAA Traditional Annuity guarantees principal and a specified interest rate (based on TIAA's claims paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. These additional amounts, when declared, remain in effect for the “declaration year” which begins each March 1. \n\nIf you have an Retirement Annuity (RA) contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers out must be spread over ten annual installments. \n\nIf you have a Group Retirement Annuity (GRA) contract, lump-sum withdrawals are available from the TIAA Traditional Annuity, subject to the terms of your employer plan, only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and all transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan must be spread over ten annual installments (or over five years for withdrawals after termination of employment). \n\nIf you have a Retirement Choice Annuity (RC) contract, subject to the terms of your employer’s plan, within 120 days after termination of employment, withdrawals from the TIAA Traditional Annuity may be made available in a lump sum. Such withdrawals are subject to a 2.5% surrender charge. At all other times, withdrawals and transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan from the TIAA Traditional Annuity must be spread over an 84-month period (7 years) in monthly systematic payments. 878094101 1170 1630 1631 7480 4.50 4.58 6.62 4.00 90 105 26 32 90 101 105 122 Multi-Asset Variable Annuity CREF Social Choice Account 004 0 1 Proprietary Account - Social N/A 41518 The investment seeks total return consistent with certain social criteria. The fund invests in a diversified portfolio of equity, debt, and money-market securities. It normally invests 60% of assets in equities and 40% in debt securities. The fund invests in companies included in the KLD Broad Market Social index which is a subset of companies in the Russell 3000 index screened to eliminate companies that do not meet certain social criteria. 194408605 1170 1630 1631 7480 Moderate Allocation 03/01/1990 3.71 22.41 22.41 2.58 2.54 8.38 0.53 90 105 25 34 46 49 90 104 105 121 122 Mutual Fund TIAA-CREF Lifecycle 2010 Fund TCLEX 135 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through a combination of capital appreciation and income. The fund invests primarily in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2010. It expects to allocate approximately 51.60% of assets to equity underlying funds and 48.40% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 87244W458 1170 1630 1631 7480 Target Date 2000-2010 TCLEX 10/15/2004 2.73 19.36 19.36 2.39 3.55 0.87 34 46 49 104 121 122 123 132 6 TIAA-CREF Lifecycle 2015 Fund TCLIX 136 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through a combination of capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2015. It expects to approximately 59.60% of assets to equity underlying funds and 40.40% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 87244W441 1170 1630 1631 7480 Target Date 2011-2015 TCLIX 10/15/2004 3.01 21.32 21.32 2.04 3.40 0.89 34 46 49 104 121 122 123 132 5 TIAA-CREF Lifecycle 2020 Fund TCLTX 137 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through a combination of capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2020. It expects to allocate approximately 67.60% of assets to equity underlying funds and 32.40% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 87244W433 1170 1630 1631 7480 Target Date 2016-2020 TCLTX 10/15/2004 3.30 23.15 23.15 1.60 3.03 0.92 34 46 49 104 121 122 123 132 4 TIAA-CREF Lifecycle 2025 Fund TCLFX 138 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through a combination of capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2025. It expects to allocate approximately 75.60% of assets to equity underlying funds and 24.40% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 87244W425 1170 1630 1631 7480 Target Date 2021-2025 TCLFX 10/15/2004 3.67 24.96 24.96 1.13 2.69 0.94 34 46 49 104 121 122 123 132 3 TIAA-CREF Lifecycle 2030 Fund TCLNX 139 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through a combination of capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2030. It expects to allocate approximately 83.60% of assets to equity underlying funds and 16.40% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 87244W417 1170 1630 1631 7480 Target Date 2026-2030 TCLNX 10/15/2004 4.04 26.70 26.70 0.61 2.27 0.96 34 46 49 104 121 122 123 132 2 TIAA-CREF Lifecycle 2035 Fund TCLRX 140 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through a combination of capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2035. It expects to allocate approximately 90.0% of assets to equity underlying funds and 10.0% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 87244W391 1170 1630 1631 7480 Target Date 2031-2035 TCLRX 10/15/2004 4.28 28.30 28.30 0.58 2.33 0.98 34 46 49 104 121 122 123 132 1 TIAA-CREF Lifecycle 2040 Fund TCLOX 141 0 1 Proprietary Funds - Asset Allocation Retirement 99999 The investment seeks high total return through a combination of capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2040. It expects to allocate approximately 90.0% of assets to equity underlying funds and 10.0% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 87244W383 1170 1630 1631 7480 Target Date 2036-2040 TCLOX 10/15/2004 4.35 28.39 28.39 0.85 2.72 0.95 34 46 49 104 121 122 123 132 1 TIAA-CREF Lifecycle 2045 Fund TTFRX 522 0 1 Proprietary Funds - Asset Allocation Retirement 99999 The investment seeks high total return over time through a combination of capital appreciation and income. The fund invests primarily in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2045. It expects to allocate approximately 90.0% of assets to equity underlying funds and 10.0% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 886315522 1170 1630 1631 7480 Target Date 2041-2045 TTFRX 11/30/2007 4.21 28.28 28.28 -11.12 7.08 34 46 104 121 122 123 132 1 TIAA-CREF Lifecycle 2050 Fund TLFRX 525 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return over time through a combination of capital appreciation and income. The fund invests primarily in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2050. Currently, it expects to allocate approximately 90% of assets to equity underlying funds and 10% of assets to fixed-income underlying funds. The target allocations change over time and actual allocations may vary up to 10% from the current target allocations. 886315514 1170 1630 1631 7480 Target Date 2050+ TLFRX 11/30/2007 4.41 28.05 28.05 -11.21 8.17 34 46 104 121 122 123 132 1 TIAA-CREF Lifecycle Retirement Income Fund TLIRX 528 0 1 Proprietary Funds - Asset Allocation Retirement 99999 The investment seeks high total return over time primarily through income, with a secondary emphasis on capital appreciation. The fund invests primarily in underlying funds according to a fixed, more conservative asset allocation strategy designed for investors who are already in or entering retirement. Currently, it invests in a diversified portfolio consisting of about 40% stocks and 60% bonds. The fund expects to allocate approximately 40% of assets to equity underlying funds and 60% of assets to fixed-income underlying funds. 886315480 1170 1630 1631 7480 Retirement Income TLIRX 11/30/2007 2.06 16.08 16.08 -2.04 2.17 34 46 104 121 122 123 132 7 Asset allocation risk is the risk that a fund or account that invests in other funds or accounts may not be able to invest according to its target allocations due to fluctuations in the value of the underlying funds or accounts, and that the selection of underlying funds or accounts and the allocations among them will result in the fund or account's underperformance versus similar funds or accounts or will cause an investor to lose money. Call risk is the risk that during periods of declining interest rates, an issuer of a bond may "call" (i.e., redeem) a high-yielding obligation before its maturity date. This often creates an unanticipated capital gain liability and requires the fund or account to reinvest the proceeds at the lower prevailing interest rate. Company risk is the risk that the earnings prospects and overall financial position of the issuer of a security will deteriorate, causing a decline in the security's value over short or extended periods of time. Credit risk (a type of company risk) is the risk that a decline in a company's overall financial soundness may make it unable to pay principal and interest on bonds when due. Extension risk is the risk of decline in value for certain fixed-income securities because principal payments are not made as early as possible. Foreign investment risks are the risks of investing in securities of foreign issuers, in securities or contracts traded on foreign exchanges or in foreign markets, or in securities or contracts payable in foreign currency. Foreign investing involves special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. These investment risks may be magnified in emerging markets. Growth investing risks include the risk that, due to their relatively high valuations, growth stocks will be more volatile than value stocks. In addition, because the value of growth companies is generally a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained. Illiquid security risk is the risk that investments in illiquid securities may be difficult to sell for their fair market value. Income volatility risk is the risk that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments. Index risk is the risk that the performance of a fund or account will not match the performance of its index for any period of time. Although a fund or account attempts to closely track the investment performance of the index, the fund or account may not duplicate the composition of this index. In addition, its performance, unlike that of its index, is affected by investment and other operating expenses. Interest rate risk (a type of market risk) is the risk that bond prices or the income of a fund or account may decline if interest rates change. Large-cap risk is the risk that, by focusing on investments in securities of larger companies, a fund or account may have fewer opportunities to identify securities that the market misprices. In addition, larger companies may grow more slowly than the economy as a whole or not at all. Market risk is the risk that the price of securities may decline in response to general market and economic conditions or events. Mid-cap risk is the risk that the securities of medium-sized companies will be more volatile than those of larger companies. In addition, the securities of medium-sized companies may be harder to buy or sell than those of larger, more established, companies. Prepayment and extension risk is the risk of a decline for certain fixed-income securities that allow for the early prepayment of principal, and the risk that a fund or account's income will decline as a result of the prepayment. Real estate investing risks are the risks associated with real estate ownership, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability. Real estate securities risk is the risk that a fund that concentrates its investments in real estate securities and holds securities of relatively few issuers may experience greater fluctuations in value and be subject to a greater risk of loss than other mutual funds. Reorganization risk is the risk that stocks of companies involved in reorganizations and other special situations can involve more risk than ordinary securities. Accordingly, the performance of a fund or account that invests in such companies is often more volatile than the performance of the overall stock market, and the fund or account could significantly outperform or underperform the stock market during any particular period. Risk of socially screened investing is the possibility that funds or accounts whose social screens exclude some investments may not be able to take advantage of the same opportunities or market trends as funds or accounts that do not use such criteria. Risks of inflation-indexed bonds include the risk that market values of inflation-indexed bonds can be affected by changes in investors' inflation expectations or changes in "real" rates of interest (i.e., a security's return above the inflation rate). Also, the inflation index that a bond is intended to track may not accurately reflect the true rate of inflation. If the market perceives that an index does not accurately reflect inflation, the market value of inflation-indexed bonds could be adversely affected. In addition, an investment in a fund or account that invests in inflation-indexed bonds is subject to certain special tax considerations. Small-cap risk is the risk that the securities of smaller companies may experience steeper fluctuations in price than those of larger companies. These securities may also have to be sold at a discount from their current market prices or in small lots over an extended period. Small-cap/mid-cap risk is the risk that smaller company securities may experience steeper fluctuations in price than the securities of larger companies. They may also have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. Style risk is the risk that a fund or account's growth investing or value investing style may be out of favor in the marketplace for various periods of time. Value investing risks are the risks that (1) the issuer's potential business prospects may not be realized; (2) the securities' potential values may never be recognized by the market; and (3) due to unanticipated problems associated with the issuer or industry, the securities were appropriately priced (or overpriced) when acquired. Data Provided by Morningstar, Inc. © 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The comparative indices used for all mutual funds and accounts have been provided by Morningstar, Inc. and may not match those that appear in other websites or publications. The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your mutual fund shares/annuity account accumulation units. For current performance information, including performance to the most recent month-end, call 800 TIAA-CREF (800 842-2273). TIAA-CREF Individual Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Please see the attached prospectus, or visit www.tiaa-cref.org/MS URL for details. An investment in the CREF Money Market Account is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The 7-day money market yield listed more closely reflects the current earnings of the money market annuity account than does the total return. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating®based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. [Insert name of fund] was rated against the following numbers of U.S.-domiciled [insert name of category] funds over the following time periods: [insert number of funds in category during prior 3-year period] funds in the last three years, [insert number of funds in category during the prior 5-year period] funds in the last five years, and [insert number of funds in category during the prior 10-year period] funds in the last ten years. With respect to these [insert name of category] funds, [insert name of fund] received a Morningstar Rating of [insert number of stars for 3-year rating] stars, [insert number of stars for 5-year rating] stars and [insert number of stars for 10-year rating] stars for the three-, five- and ten-year periods, respectively. The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on the month end after the commencement of operations (whichever is later). The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assume reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. All CREF accounts estimate expenses each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. The TIAA Traditional Annuity guarantees principal and a specified interest rate (based on TIAA's claims paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. These additional amounts, when declared, remain in effect for the “declaration year” which begins each March 1.\n\nIf you have an Retirement Annuity (RA) contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers out must be spread over ten annual installments. If you have a Group Retirement Annuity (GRA) contract, lump-sum withdrawals are available from the TIAA Traditional Annuity, subject to the terms of your employer plan, only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and all transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan must be spread over ten annual installments (or over five years for withdrawals after termination of employment).\n\nIf you have an Retirement Annuity (RA) contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers out must be spread over ten annual installments. If you have a Group Retirement Annuity (GRA) contract, lump-sum withdrawals are available from the TIAA Traditional Annuity, subject to the terms of your employer plan, only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and all transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan must be spread over ten annual installments (or over five years for withdrawals after termination of employment).\n\nIf you have a Retirement Choice Annuity (RC) contract, subject to the terms of your employer’s plan, within 120 days after termination of employment, withdrawals from the TIAA Traditional Annuity may be made available in a lump sum. Such withdrawals are subject to a 2.5% surrender charge. At all other times, withdrawals and transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan from the TIAA Traditional Annuity must be spread over an 84-month period (7 years) in monthly systematic payments. Performance shown for the Retirement Class shares of the International Equity Fund was impacted by a misallocation of income and net capital gains among the Fund's share classes. If this misallocation had not occurred, the three-month and year-to-date returns would have been 1.19% and 18.76, respectively; the one-year, five-year, and since inception average annual total returns would have been 18.76%, 23.52, and 23.54%, respectively. Shareholders who owned Retirement Class shares on or before May 25, 2006, who were negatively impacted by this misallocation by more than $10, have been made whole through direct payments by Teachers Advisors, Inc. For additional information please contact our Telephone Counseling Center at 800 927-3059. Interest credited to TIAA Traditional Annuities includes a guaranteed rate of between 1% and 3%, plus any additional amounts that are established on a year-by-year basis. The additional amounts, when declared, remain in effect through the "declaration year," which begins each March 1. The S&P 500 Index is a market-capitalization-weighted index of the 500 leading companies in major industries of the U.S. economy. You cannot invest directly in this index. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies. The Lehman Brothers U.S. Aggregate Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in this index. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. The Lehman Brothers U.S. TIPS (Treasury Inflation-Protected Securities) Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index. All displayed performance and statistical data have been compiled by TIAA-CREF. Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from TIAA and CREF variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns. Mutual funds do not offer the range of income options available through annuities. Listed for foreign stock funds (EAFE refers to Europe, Australasia, and Far East). Widely accepted as a benchmark for international stock performance, the EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world. Ndtr_D (Net Dividends Total Returns in Dollars) indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty. The returns we publish for the index are total returns, which include reinvestment of dividends. For more information, visit the MSCI website or call MSCI at 212 762 5790. MSCI also has a site containing performance data for its indexes. Three-month T-bills are government-backed short-term investments considered to be risk-free and as good as cash because the maturity is only three months. Morningstar collects yields on the T-bill on a weekly basis from The Wall Street Journal. You will be charged a 2.00% fee of the amount redeemed or exchanged out of the fund within 60 calendar days of the initial purchase date. Please see the prospectus for details about this redemption fee and certain exemptions that may apply. The above performance data does not reflect the deduction of the redemption fee, and if reflected, the fee would reduce the performance quoted. As Target Retirement Date Funds are actively managed, their asset allocations are subject to change and may vary from those indicated. They invest in many underlying funds and are exposed to the risks of different areas of the market. The higher a fund’s allocation to stocks, the greater the risk. After the target date has been reached, some of these funds may be merged into a fund with a more stable asset allocation. In addition to the fund level expenses these funds are also subject to the expenses of their underlying investments. Please consult the prospectus for more complete information. 26315 Atlanta GA 30322 Benefits Office (404) 727-7613 Monday - Friday, 8 a.m. - 4 p.m. (ET) . Atlanta GA USA 30322 Emory University Benefits Office 1599 Clifton Road, NE Office 1 1 Atlanta GA 30322 7884 Enrollment Forms Return Address Emory University 1762 Clifton Road Atlanta GA US 30322 Benefits Office OFFICE 1 1 Retirement Annuity (RA) Contract Form Series 1000.24 Group Supplemental Retirement Annuity (GSRA) Contract Form Series 1250.01 (not available in all states)