1. Update Retirement Plan Changes

2. Overview Optional Retirement Plan Opt-Out
Changes to 403(b) Tax Deferred Savings and Cash Match Plans

3. Overview Retirement Plan Options at W&M
No changes to Defined Benefit Plans or VRS Hybrid Plan

4. Decision Making Investment Committee:
Committee has been advised by CapTrust, a financial consulting advisory firm

5. Plan Improvements Decision-making; W&M will manage ORP
Consistent plan design and administration of ORP and W&M retirement plans
Broader investment choices for ORP
Better oversight of 403(b) and Cash Match plans
Same investment choices in all plans
Lower participant fees
Lower administrative fees for the University
New online retirement web platform for ORP and 403(b) and Cash Match plans

6. Timeline for all Plans
1/3/ New investment options available to TIAA customers; Fidelity lineup mostly unchanged
1/9/2018 to 1/15/ Quiet Period
2/1/ web portal launches
2/1/2018 – Employees hired prior to 1/1/2018 may choose from both TIAA and Fidelity platforms
Employees hired after 1/1/2018 may only choose from TIAA platform, but they may invest in Fidelity funds through self-directed brokerage option

7. OPTIONAL RETIREMENT PLAN

8. Background - ORP Changes
GMU, Virginia Tech, University of Virginia and VCU previously opted out of the VRS optional retirement plan
VRS advised the higher education community of planned changes to the ORP in late 2015
Strong faculty opposition to VRS decision
VRS reversed course, but W&M elected to continue to pursue opt-out status

9. Status Opt-out authorized by Board of Visitors at April 2016 meeting
Filed opt-out application and received approval from VRS in June 2017
Retained CapTrust to serve as plan fiduciary for ORP, 403(b), and Cash Match Plans
Filed plan determination letter with IRS
Retained TIAA-CREF as lead record keeper
Selected new investment line-up for ORP, 403(b), and Cash Match plans effective 1/1/2018
Communications to employees advising of upcoming changes

10. Changes to ORP Investment choices
Fidelity lineup unchanged, except for change to stable value fund
TIAA selected as lead record keeper
Maintained TIAA annuities, TIAA Traditional, TIAA Real Estate and CREF Stock
6 funds replaced with better performing funds
TIAA target date funds added
Added CREF Social Choice and TIAA Growth & Income
Four Vanguard index funds added for those seeking low cost investing
10 actively managed funds added
Self directed brokerage option

13. Impact to ORP Accounts TIAA will issue new contracts
Investments don’t change, unless you are contributing to a discontinued fund
Discontinued funds
Balances frozen to new contributions on 1/1/18
Future contributions mapped to replacement fund (See prior slide)
Old balances can be transferred at employee’s election

14. What is Not Changing
Employer ORP contributions remain the same and cannot change
Employee eligibility cannot change
Statutory provisions of Virginia Code continue to apply to ORP

15. 403(b) and Cash Match Plans

16. Account Impact
Existing balances closed to new contributions as of 1/1/2018; balances will not be moved
New contributions will be directed to target date fund closest to employee’s retirement age
Employees will need to redirect future contributions if they do not wish to stay in target date fund

17. Timeline Town hall meetings – October 4th and 5th
December – welcome packets mailed to employees
Jan 1, 2018 – ORP assets transfer
Month of January – TIAA/Fidelity employee meetings across campus
Feb 1st – new web platform goes live

18. Retirement@Work Web Portal
Sneak Peek
Web Portal

19. Starting Point for Employee
Employee would start from W&M site and click on They would then register and be taken to the landing page.
TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION

20. Landing Page – Existing Employee
To update elections, Employee first clicks this button
TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION

21. TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION
Manage Contributions
Employee can review current elections, then update by clicking this button
TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION

22. Choose Your Contribution Amount
Employee can keep or change the voluntary contribution amount
TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION

23. Choose Your Investment Provider
Employee can update the vendors across plans, or…(see next page)
TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION

24. Choose Your Investment Providers
Employee can update the vendors by plan and source
TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION

25. TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION
Review and Confirm
TIAA CONFIDENTIAL. NOT FOR DISTRIBUTION

26. Questions? or