MS 0068500685 Microsite Pages** 1584 HAPPAJI 685 South Carolina State Optional Retirement Program 685 South Carolina State Optional Retirement Program 2009-09-10T11:51:23.253 06/30/2009 685 South Carolina State Optional Retirement Program SC 1234 Y Y (800) 842-2776 N ( ) - N ( ) - Premier Non-Sole Recordkeeper There are over 200 institutions in the SC ORP. Enrollment forms are returned to each institution. 1 http://www.tiaa-cref.org/scorp SC Y 247 scorp http://www.tiaa-cref.org/scorp http://enroll.tiaamax.com/staging/scorp http://www.scsu.edu Y 1 0 Y Y 984 992 11787 984 South Carolina State ORP South Carolina State Optional Retirement Program Retirement Choice (ICAP) 0 0 100562 997 Abbeville School District 100657 Aiken School District Optional 100658 Aiken Technical College Optional Retirement Program 100749 Allendale School Disrict Optional Retirement Program 100659 Anderson School Dist 1&2 Career and Technology Center ORP 100778 Anderson School District 1 ORP 100660 Anderson School District 2 100661 Anderson School District 3 100662 Anderson School District 4 100663 Anderson School District 5 100664 Bamberg School District 1 100665 Bamberg School District 2 Optional Retirement Program 100666 Barnwell School District 19 100667 Barnwell School District 45 100688 Beaufort County School District Optional Retirement Program 100669 Beaufort Jasper Academy for Career Excellence ORP 100581 Berkeley School District ORP 100670 Calhoun School District Optional 100671 Central Carolina Tech College 100751 Charleston School District 100672 Cherokee School District ORP 100673 Chester School District ORP 100674 Chesterfield School District ORP 100675 Clarendon School Disrict 1 ORP 100676 Clarendon School District 2 100677 Clarendon School District 3 100678 Clemson University Optional 100555 Clover School District Optional 100775 Coastal Carolina Optional 100560 Colleton School District ORP 100679 Darlington School District 100680 Denmark Tech College Optional 100752 Dillon County Board of Education ORP 100681 Dorchester County Career School ORP 100682 Dorchester School District 2 ORP 100683 Dorchester School Dst 4 100684 Edgefield School Dist Optional 100685 Fairfield School Dist Optional 100686 Florence School Dst 1 ORP 100687 Florence School Dst 2 ORP 100688 Florence School Dst 3 ORP 100689 Florence School Dst 4 ORP 100690 Florence School Dst 5 Optional 100691 Florence-Darlington Tech 100753 Francis Marion Optional 100564 Georgetown City School Dist 100692 Greenville County School Optional 100693 Greenville Tech College ORP 100755 Greenwood School District 50 100696 Greenwood School District 51 ORP 100698 Greenwood School District 52 100699 Hampton School District 1 ORP 100700 Hampton School District 2 ORP 100701 Horry School District Optional 100702 Horry-Georgetown Tech Optional 100757 Jasper School District Optional 100703 John De La Howe School ORP 100598 Kershaw School District ORP 100704 Lancaster School District ORP 100705 Lander University ORP 100566 Laurens School District 55 100706 Laurens School District 56 100707 Lee School District Optional 100708 Lexington School District 1 100709 Lexington School District 2 100710 Lexington School District 3 ORP 100711 Lexington School District 4 100712 Lexington School District 5 100713 Marion County Technical Education Center ORP 100714 Marion School Dist 7 ORP 100771 Marion School District 1 ORP 100715 Marion School District 2 Optional 100716 Marion School District 3 Optional 100717 Marion School District 4 Optional 100718 Marlboro School District ORP 100719 McCormick School District ORP 100720 Medical U of S Carolina Hospital Authority ORP 100570 Medical University of S Carolina ORP 100568 Midland Valley Prep School 100721 Midlands Tech College Optional 100758 Newberry School District 100722 Northeastern Tech Coll Optional 100760 Oconee School District Optional 100723 Orangeburg School District 3 ORP 100724 Orangeburg School District 4 100725 Orangeburg-Calhoun Tech ORP 100761 Pickens School District ORP 100727 Piedmont Tech College ORP 100762 RD Anderson Applied Tech Center 100731 Richland County School district 1 100728 Richland County School District 2 100729 Rock Hill School District 3 ORP 100730 S Carolina Administrative Law Judge Division ORP 100580 S Carolina Legislative Council of The General Assembly ORP 100630 Saluda School District ORP 100732 South Carolina Archives and 10613 South Carolina Arts Commission 100614 South Carolina Budget and 100582 South Carolina Commission for 100615 South Carolina Commission on 100583 South Carolina Commission on Prosecution Coordination ORP 100584 South Carolina Depart. of Disabilities - Special Needs ORP 100616 South Carolina Department of 100587 South Carolina Department of 100619 South Carolina Department of 100589 South Carolina Department of 100590 South Carolina Department of 100621 South Carolina Department of Commerce ORP 100586 South Carolina Department of Corrections ORP 100617 South Carolina Department of Health and Human Services ORP 100588 South Carolina Department of Natural Resources ORP 100591 South Carolina Department of Public Safety ORP 100592 South Carolina Department of Revenue and Taxation ORP 100593 South Carolina Department of Social Services RP 100594 South Carolina Dept Alcohol and 100585 South Carolina Dept of Health 100618 South Carolina Dept of Parks 100620 South Carolina Educational 100622 South Carolina Employment Security Commission ORP 100623 South Carolina Ethics Commission 100624 South Carolina Governor's Office 100596 South Carolina Governor's Office ORP 100595 South Carolina Higher Education Tuition Grants Committee ORP 100597 South Carolina House of Representatives ORP 100625 South Carolina Human Affairs 100626 South Carolina Insurance 100627 South Carolina Judicial Dept 100628 South Carolina Law Enforecement Division ORP 100629 South Carolina Legislative Audit Council ORP 100599 South Carolina Lottery Commission ORP 100631 South Carolina Medical Malpractice Patients Comp Fund ORP 100653 South Carolina Museum 100632 South Carolina Office of 100633 South Carolina Office of 100601 South Carolina Office of 100602 South Carolina Office of 100779 South Carolina Office of 100605 South Carolina Office of Exec 100603 South Carolina Office of Lieutenant Governor 100604 South Carolina Office of State Auditor ORP 100606 South Carolina Office of State Treasurer ORP 100607 South Carolina Office of the Adjutant General ORP 100600 South Carolina Patriots Point 100608 South Carolina Port Authority 100634 South Carolina Probation 100609 South Carolina Procurement Review Panel ORP 100610 South Carolina Public Service Authority AK Santee-Cooper ORP 100635 South Carolina Public Service Commission ORP 100636 South Carolina Retirement System ORP 100637 South Carolina School for the 100638 South Carolina Sea Grant 100640 South Carolina Second Injury 100611 South Carolina Senate Optional 100641 South Carolina Sentencing 100612 South Carolina State Accident Fund ORP 100644 South Carolina State Agency of 100645 South Carolina State Board for 100646 South Carolina State Board of Financial Institutions Admin O 100647 South Carolina State Commission of Forestry ORP 100642 South Carolina State Commission on Higher Education ORP 100648 South Carolina State Department 100649 South Carolina State Department 100655 South Carolina State Depatment 100650 South Carolina State Election Commission ORP 100651 South Carolina State Housing, Finance and Dev. Auth ORP 100654 South Carolina State Library Board ORP 100652 South Carolina State Optional Retirement Program 100572 South Carolina Workers 100643 Spartanburg School District 1 100733 Spartanburg School District 2 100734 Spartanburg School District 3 100735 Spartanburg School District 4 100736 Spartanburg School District 5 ORP 100737 Spartanburg School District 6 100738 Spartanburg School District 7 100739 Spartanburg Tech Coll ORP 100764 Sumter Cnty Career CTR ORP 100740 Sumter School Dist 17 ORP 100741 Sumter SChool Dist 2 Optional 100742 Tech Coll Low Country Optional 100765 The Citadel Optional Retirement 100574 Tri-Couny Tech Coll ORP 100768 Trident Tech College ORP 100766 Union School District ORP 100743 Univ of South Carolina ORP 100576 Wil Lou Gray Opportunity School 100656 Williamsburg School Dst Optional 100744 Williamsburg Tech Coll Optional 100769 Williston School Dst 29 Optional 100745 Winthrop University Optional 100578 York School District 1 ORP 100746 York School District 2 Optional 100747 York School District 4 Optional 100748 York Technical college ORP 100770 0 OPTIONAL RETIREMENT PROGRAM ENROLLMENT BOOK South Carolina State 1 0 0 1 0 1 1 Paper 1 0 This is HARDCODED URL N Y Lifecycle Fund Y 0 fundmappinginfo.pdf 19000101 0 20070227 0 0 Non-proprietary funds Partner funds Lifecycle funds TIAA-CREF mutual funds Y CUSTOM All newly hired state, public school (kindergarten through grade 12), and higher education employees who are also eligible for South Carolina Retirement System membership are eligible to join. This includes all permanent, full-time employees, temporary and part-time employees, and political appointees. For additional information about the eligibility requirements for the State ORP, <A href="http://www.scstatehouse.net/code/t09c020.htm">click here</A>, and for information on the State ORP, <A href="http://www.retirement.sc.gov/orp/default.htm">click here</A>. Employer Match (D) Employee Pre Tax Mandatory (I) Rollover (9) CUSTOM Employee contributions rate are established by the South Carolina General Assembly. Effective July 1, 2005, you contribute a tax-deferred 6.25 percent of your gross pay. Effective July 1, 2006, you will contribute a tax-deferred 6.50 percent of your gross pay. Your employer will contribute 5%. Fixed Percent 0 0 CUSTOM Current employer contribution rates are establish by the South Carolina Budget and Control Board. Your employer contributes 5.00 percent of your earnings. Y STANDARD STANDARD N Lump Sum 59 -1/2 In Service Fixed Period IPRO Lifetime Income MDO (Minimum Distribution Option) Rollover RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD N CUSTOM Retirement Plans Retirement plan contributions are usually made with before-tax dollars so Federal income taxes are deferred until you begin taking withdrawals later on. No taxes are due on pre-tax contributions and earnings made until the money is withdrawn, but because these plans are intended primarily for retirement, you can generally withdraw funds only after termination of employment or age 59 ½ (subject to plan rules). If you withdraw funds before age 59 ½, they may be subject to an additional 10% early-withdrawal penalty. For additional information and guidance, contact your tax advisor. Y CUSTOM Loans are not permitted in the SC State ORP. 0 1 698 - 0 992 South Carolina TSA Plan 403(b)/Tax Sheltered Annuity GSRA 0 0 100561 996 South Carolina TDA Plan 100577 0 SUPPLEMENTAL RETIREMENT PLAN ENROLLMENT BOOK South Carolina 1 0 0 1 0 1 1 Paper 1 0 This is HARDCODED URL N Y Lifecycle Fund Y 0 fundmappinginfo.pdf 19000101 0 20070227 0 0 Non-proprietary funds Partner funds Lifecycle funds TIAA-CREF mutual funds Y CUSTOM You may voluntarily participate in this plan upon completion of a salary reduction agreement with your benefits office. Employee Pre-Tax (E) Qualified to 457(b) Public Rollover (R) Rollover (9) CUSTOM Contributions to a 403(b) Tax Deferred Annuity (TDA) plan are taken directly from your salary and reduce your current taxable income. Taxes are also deferred on your earnings until you withdraw your savings in retirement (Note: there may be penalties for early withdrawal). Generally, you are allowed to contribute up to $15,000 in 2006 to a 403(b) TDA plan. Plan participants age 50 and older will be allowed to contribute an additional $5,000 in 2006. None 0 0 CUSTOM This voluntary program offers employees an opportunity to save pre-tax dollars, but does not provide matching contributions. Y STANDARD STANDARD N Lump Sum 59 -1/2 In Service Fixed Period Hardship Lifetime Income MDO (Minimum Distribution Option) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) STANDARD N STANDARD Y STANDARD 0 1 706 - 0 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, it may use a sampling method to try to emulate the index's overall investment characteristics. 194408308 984 991 992 1094 04/29/1994 16.68 4.01 -26.74 -2.22 -1.78 6.43 0.00 90 105 25 34 44 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 fund 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 984 991 992 1094 05/01/1992 20.91 7.38 -30.36 -0.56 -1.08 5.88 0.00 90 105 25 34 44 90 104 105 107 121 122 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 984 991 992 1094 08/01/1952 19.57 6.91 -27.61 -0.84 -1.04 9.43 0.00 90 105 25 34 44 49 90 104 105 121 122 Mutual Fund American Funds EuroPacific Growth Fund RERFX 035 0 1 Partner Funds - International R5 41518 The fund normally invests at least 80% of net assets in securities of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. 298706839 984 991 992 1094 Foreign Large Blend RERFX 05/15/2002 22.41 12.77 -25.32 6.33 6.86 0.54 40 34 40 44 104 107 121 122 American Funds Growth Fund of America RGAFX 310 0 1 Non-Proprietary Funds - Equity R5 41518 The investment seeks capital growth by investing in common stocks. The fund primarily invests in high potential growth companies. It may also invest up to 15% of assets in securities of issuers domiciled outside the United States and Canada and not included in Standard & Poor's 500 Composite index. It may invest up to 10% of assets in lower quality nonconvertible debt securities. 399874833 984 991 992 1094 Large Growth RGAFX 05/15/2002 16.85 12.28 -26.51 0.84 2.63 0.37 40 34 40 44 49 104 121 122 TIAA-CREF Equity Index Fund TIQRX 373 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund primarily invests in a portfolio of equity securities selected to track the overall U.S. equity markets based on a market index. Its benchmark is Russell 3000 index. 886315753 984 991 992 1094 Large Blend TIQRX 03/31/2006 16.64 4.05 -26.58 -8.48 0.33 34 44 49 57 121 122 TIAA-CREF Small-Cap Blend Index Fund TRBIX 024 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of equity securities in smaller domestic companies based on a market index. Its benchmark is Russell 2000 index. 87244W565 984 991 992 1094 Small Blend TRBIX 10/01/2002 20.35 2.28 -25.25 -1.97 5.93 0.42 34 44 49 104 121 122 131 Vanguard Windsor II Fund VWNFX 331 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term capital appreciation and income. The fund invests mainly in mid- and large-capitalization companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor feels are trading at prices that are below average in relation to such measures as earnings and book value. These stocks often have above-average dividend yields. 922018205 984 991 992 1094 Large Value VWNFX 06/24/1985 17.78 2.56 -24.39 -1.45 0.28 9.73 0.39 40 34 40 44 49 104 121 122 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 984 991 992 1094 10/02/1995 -9.96 -17.49 -29.84 2.52 4.83 5.83 90 105 25 34 44 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 984 991 992 1094 03/01/1990 1.95 2.42 3.32 4.03 5.46 6.69 90 105 25 34 44 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 fund 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 984 991 992 1094 05/01/1997 0.43 4.62 -1.87 4.45 6.78 6.23 0.00 90 105 25 34 44 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 984 991 992 1094 04/01/1988 0.00 0.11 1.20 3.14 3.12 4.51 0.00 78 90 105 25 30 34 44 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\nFor Retirement Annuity (RA) contracts, 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\nFor Group Retirement Annuity (GRA) contracts, 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\nFor Retirement Choice Annuity (RC) contracts, 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 984 991 992 1094 5.65 4.92 6.25 3.65 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 984 991 992 1094 03/01/1990 12.36 5.21 -14.40 0.72 1.42 7.76 0.00 90 105 25 34 44 49 90 104 105 121 122 Mutual Fund TIAA-CREF Lifecycle Fund 2010 TCLEX 135 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through 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. 87244W458 984 991 992 1094 Target Date 2000-2010 TCLEX 10/15/2004 10.87 4.97 -13.81 1.13 0.87 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2015 TCLIX 136 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through 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. 87244W441 984 991 992 1094 Target Date 2011-2015 TCLIX 10/15/2004 12.39 5.33 -16.22 0.71 0.89 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2020 TCLTX 137 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through 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. 87244W433 984 991 992 1094 Target Date 2016-2020 TCLTX 10/15/2004 13.85 5.63 -18.80 0.04 0.92 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2025 TCLFX 138 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through 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. 87244W425 984 991 992 1094 Target Date 2021-2025 TCLFX 10/15/2004 15.33 5.83 -21.25 -0.59 0.94 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2030 TCLNX 139 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through 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. 87244W417 984 991 992 1094 Target Date 2026-2030 TCLNX 10/15/2004 16.62 5.91 -23.89 -1.31 0.96 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2035 TCLRX 140 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through 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. 87244W391 984 991 992 1094 Target Date 2031-2035 TCLRX 10/15/2004 17.55 6.13 -25.36 -1.47 0.98 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2040 TCLOX 141 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through 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. 87244W383 984 991 992 1094 Target Date 2036-2040 TCLOX 10/15/2004 17.54 6.15 -25.32 -1.07 0.95 34 44 49 104 121 122 132 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. 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. Manager risk is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. 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. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161, or go to tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org 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. 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 upon 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. If you have an RA contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers must be spread over a ten-year period. If you have a GRA contract, lump-sum withdrawals are available from the TIAA Traditional Annuity only within 120 days after termination of employment and are subject to a surrender charge. All other withdrawals and all transfers to the Real Estate Account or to CREF must be spread over ten annual installments (five years for withdrawals after termination of employment). 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. Accumulations in mutual funds not managed by TIAA-CREF may be subject to administrative charges. These charges are subject to change. Please review current documents related to your plan. 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 Russell 3000® Index measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. These companies make up about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. Russell 3000 is a trademark and service mark of the Frank Russell Company. 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. 33835 Enrollment Forms Return Address Your institution's Benefits Office 1 1 Group Supplemental Retirement Annuity (GSRA) Contract Form Series 1250.01 (not available in all states) Retirement Choice Annuity contract series IGRS-01-84 and IGRS-01-84-ACC