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Plan and Investment NoticeYALE UNIVERSITY RETIREMENT SAVINGS PROGRAMYour participation in your employer's retirement plan is the first step to ensuring adequate retirement income. The purpose of this Plan and InvestmentNotice is to help you make informed decisions when managing your retirement account. It contains important information regarding your plan's services,investments and expenses. While no action is required at this time, please review the notice and file it with your other retirement plan documents forfuture reference.Section I: Summary of Plan Services and CostsSection II: Investment Options Comparative ChartThis section provides important information to assist you in making decisions related toyour participation in your employer's plan. It outlines the services available under this plan,explains your right to select the investments for your account, and any fees and planrestrictions that may apply.This section is designed to make it easier for you to compare investments that align with yourretirement goals. It provides detailed information about your plan's investment options,including long-term performance and expenses.Please note this disclosure package covers the following Plans Yale University Retirement Account Plan (ID 102373) Yale University Tax-Deferred 403(b) Savings Plan (ID 102374) Yale University Matching Retirement Plan (ID 102375)1
SECTION ISummary of Plan Services and CostsTIAA has been selected to provide retirement services and investment options to employees in the plan. There are costs associated with these servicesand investments, some of which may be paid by you. In addition to explaining how to direct your investments, this section details the administrative andindividual expenses associated with your plan.HOW TIAA RECORDKEEPS YOUR PLANSTIAA provides recordkeeping services for your employer's plans which are:YALE UNIVERSITY RETIREMENT SAVINGS PROGRAM Yale University Retirement Account Plan (ID 102373) Yale University Tax-Deferred 403(b) Savings Plan (ID 102374) Yale University Matching Retirement Plan (ID 102375)If you currently have a TIAA account, your quarterly statement lists the plan(s) thatyou have. If you do not have an account, please contact your employer to determinewhich plans apply to you.RIGHT TO DIRECT INVESTMENTSYou may specify how your future contributions to the retirement plan are invested ormake changes to existing investments in your plan as described in the SummaryPlan Document. These changes can be made:1.Online by visiting TIAA.org/Yale2.By phone at 855-250-5424, Monday – Friday 8 a.m. to 10 p.m. and Saturday, 9 a.m.to 6 p.m. (ET)Please note: If you currently have balances in any of the legacy annuity options, you maycontinue to transfer among the 10 legacy annuity options, but no new contributions maybe added. Also, CREF Global Equities Account R3, CREF Social Choice Account R3,TIAA Real Estate Account and TIAA Traditional can be found in both the new fund lineupand also the legacy annuity lineup.RESTRICTIONSChanges to existing investments usually take place at the close of the business day if achange is requested prior to 4:00 p.m. (ET). Refer to Section ll: Investment OptionsComparative Chart for investment-specific restrictions.ADDITIONAL RIGHTS AND PRIVILEGESCertain investments that you may hold may give you the opportunity to vote on proposals.If and when such opportunities arise, you will receive a notice with instructions on how totake advantage of what is being offered.INVESTMENT OPTIONSA variety of investment options are available in the plan. Please refer to Section II:Investment Options Comparative Chart for a current list of investment optionsavailable to you. Additional information, as well as up-to-date investmentperformance, is available online at www.TIAA.org/planinvestmentoptions. Afterentering your plan ID, 102373, 102374 or 102375 you will be directed to plan andinvestment information.YALE TARGET-DATE PLUS SERVICEThe Yale Target-Date Plus Service can help you simplify your decisions by investingyour contributions in a pre-determined mix of plan's investment options and/or otherinvestment vehicles. The Plan has appointed Aon Hewitt Investment Consulting, Inc.as an investment manager to determine the asset allocations and glidepaths for theCustom Portfolio Models. Below is a summary of the Custom Portfolio Models thatare available in your plan's investment line-up.Yale Target-Date Plus0.00% annual fee (assessed quarterly) toparticipate in the service.For more information on your Plan's Custom Portfolio Program please refer to the TIAACustom Portfolios Program - Model Service Participant Disclosure Document or enterin www.TIAA.org/customportfoliosprogram. Please contact TIAA at 855-250-5424 fordetails.SELF-DIRECTED BROKERAGEA TIAA Brokerage Service provides access to mutual funds that have not been selectedfor your plan and are not monitored. This service permits you to use a wide variety ofmutual funds but you are expected to prudently select and monitor any investments thatyou make through the brokerage service. This means that you agree that you have theskill and experience or use an independent expert to advise you. Generally, there arefees associated with investment transactions (purchasing or selling), as well asminimum transaction amount requirements. Before purchasing or selling an investmentyou should understand any applicable fees, including fees that will be associated withyour transaction such as commissions or other charges for purchasing and selling theinvestment. To request a transaction, and to learn more about the brokerage serviceincluding fees call 800-927-3059 or visit TIAA.org/SDA CAA.2
COST OF PLAN SERVICESThere are three categories of services provided to your plan:1. GENERAL ADMINISTRATIVE SERVICESGeneral administrative services include recordkeeping, legal, accounting, consulting,investment advisory and other plan administration services. Some of the expenses forgeneral administrative services are fixed and other expenses such as legal oraccounting may vary from year to year.Other than your specific investment and personalized services fees, your plan has noadditional administrative expenses paid to TIAA.2. SPECIFIC INVESTMENT SERVICESEach investment offered within the plan charges a fee for managing the investment andfor associated services. This is referred to as the expense ratio and is paid by allparticipants in that investment in proportion to the amount of their investment. Thespecific expense ratio for each investment option is listed in Section II: InvestmentOptions Comparative Chart.3. PERSONALIZED SERVICESPersonalized services provide access to a number of plan features and investments thatyou pay for, only if you use them. The personalized services used most often are:Collateralized loansBrokerageRetirement plan loansQualified Domestic Relations Orders(QDRO)Sales Charges, Purchase, WithdrawalAnd Redemption Fees For CertainInvestmentsAdvisor FeeThe cost to you based upon the differencebetween what you earn on collateral andwhat you pay in interest.Certain charges may apply. Please review theCustomer Account Agreement provided in theSelf-Directed Brokerage section of thisdocument. Your plan may limit the eligibleinvestments within the self-directedbrokerage account. 75 per loan initiated for general purpose, 125 for a residential loan.No chargeCertain charges may apply. See Section II:Investment Options Comparative Chart or theprospectus for applicable charges.Please refer to your advisor's fee schedule.3
SECTION IIInvestment Options Comparative ChartYour plan offers a variety of professionally managed investments. One of the benefits of the plan is that you get to decide how your contributions areinvested. When making investment decisions, you should keep in mind how long you have until retirement, your tolerance for risk, how this retirement planfits into your overall financial picture, and the impact of fees. The information on the following pages will help you compare the investment options andmake more informed decisions about your retirement plan.Part A – Performance and Fee InformationPart A consists of performance and fee information for your plan's investment options. Itshows you how well the investments have performed in the past as well as any fees andexpenses you will pay if you invest in a particular option.Part B– Annuity Income InformationPart B contains information about the annuity options available within your employer'sretirement plan.For more information on the impact of fees and expenses associated with your plan, referto Section I: Summary of Plan Services and Costs or visit the DOL's website at -401k-plan-fees.pdf. Fees are only one of many factors to consider when making aninvestment decision.Part A. Performance and Fee InformationThe following chart lists your plan's investment options whose value may change based on market fluctuations. When evaluating performance of yourvariable investment options, you should consider comparing the returns of each investment to an appropriate benchmark, which is included in the chart. Abenchmark is a generally accepted unmanaged group of securities whose performance is used as a standard point of reference to measure and compareinvestment gains or losses for variable return investments. Keep in mind that you may not invest in the benchmark indexes which are shown forcomparative purposes only. For investments that use a blend of stocks and bonds to limit risk, such as Target Date or Multi-Asset funds, a difference fromthe benchmark may be due to a difference in the proportion of stocks to bonds in the fund when compared to the benchmark. Benchmark information forfixed-return investments is not provided in this chart. Past performance does not indicate how an investment will perform in the future.For the most up-to-date information about your investment options, prospectuses foravailable TIAA investments and other helpful resources, visit www.TIAA.org/planinvestmentoptions. After entering your plan ID, 102373, 102374 or 102375,you will be directed to plan and investment information.Visit tiaa.org for information and resources to help you make informed decisions. Torequest additional plan information or a paper copy of information available online, free ofcharge, contact TIAA at 855-250-5424 or write to us at TIAA, P.O. Box 1259, Charlotte, NC,28201.4
SECTION IITable 1 – Variable Return Investment Performance as of September 30, 2019Investment Name /BenchmarkEquitiesMutual FundVanguard EmergingMarkets Stock Index FundInstitutional PlusMorningstarCategoryDiversifiedEmerging MktsTickerSymbolVEMRXInceptionDate12/15/2010MSCI EM NR USDVanguard DevelopedMarkets Index FundInstitutional PlusMSCI ACWI Ex USA NRUSDVanguard Total StockMarket Index FundInstitutional PlusCRSP US Total Market TRUSDVanguard REIT IndexFund InstitutionalForeign LargeBlendLarge BlendVDIPXVSMPX04/01/201404/28/2015MSCI ACWI NR -1.23%2.90%2.46%2.90%-9.66%2.92%Real EstateVGSNX12/02/2003S&P United States REITTR USDVariable AnnuityCREF Global EquitiesAccount R3Average Annual TotalReturns/Benchmark10 Yr. orSince fundInception if less1 Yr.5 Yr.than 10 yearsWorld StockQCGLIX04/24/2015Total Annual OperatingExpenses (%/Per 1000)GrossNetShareholder Fees & Restrictions0.08% 0.800.08% 0.80Round Trip: You cannot exchange into the fundwithin 30 calendar days of exchanging out of thefund.0.04% 0.400.04% 0.40Round Trip: You cannot exchange into the fundwithin 30 calendar days of exchanging out of thefund.0.02% 0.200.02% 0.20Round Trip: You cannot exchange into the fundwithin 30 calendar days of exchanging out of thefund.0.10% 1.000.10% 1.00Round Trip: You cannot exchange into the fundwithin 30 calendar days of e
Yale Target-Date Plus 0.00% annual fee (assessed quarterly) to . brokerage account. 75 per loan initiated for general purpose, . Vanguard Total Stock Market Index Fund Institutional Plus CRSP US Total Market TR USD ; Large Blend VSMPX 04/28/2015 2.90% 2.92% -9.66%
