Announcing updates to the Northern Michigan University Retirement Plans New opportunities for your retirement strategy

Table of ContentsOverview of updates 1

How the transition will work 2

Your new investment options 3

On-campus events 4

Q&A 5

We’re here to help Back Cover

Questions? Call 800 842-2252 or visit www.tiaa-cref.org/nmu 1

A new chapter for your retirement plan is about to start.

What you need to know Most aspects of the program will stay the same. The basic design of the retirement plans will not change. Contribution rates, eligibility and vesting requirements remain the same.• Northern Michigan University (NMU) is introducing Retirement Choice and Retirement Choice Plus contracts. These new

accounts will accept future retirement plan contributions, rollovers and transfers, starting with your payroll date of March 10, 2016.

• Northern Michigan University is introducing new investment options. The new investments, carefully selected for NMU employees, give you the ability to create a diversified retirement portfolio that matches your investment goals and preferences.

• You can receive personalized advice on the plan’s investment options from a TIAA-CREF Financial Consultant. This service is available as part of your retirement program at no additional cost to you. Investment advice is available online, by phone or through a one-on-one advice session.

Retirement plan changes start February 17, 2016.Key Dates

February 17, 2016 You will be enrolled in new Retirement Choice and Retirement Choice Plus contracts. Once you are enrolled, TIAA-CREF will mail you an enrollment confirmation with important information on making the most of your participation with TIAA-CREF.

Week of March 7, 2016 On-site Transition Seminars and One-on-One Advice Sessions will be available.

March 10, 2016 Updates take effect. All retirement plan contributions will be directed to the new accounts.

2 Questions? Call 800 842-2252 or visit www.tiaa-cref.org/nmu

On February 17, 2016, you will be enrolled in new Retirement Choice and Retirement Choice Plus contracts. TIAA-CREF will send you an enrollment confirmation that includes your new account information. The beneficiary information on file for your current contracts will automatically transfer to the new contracts, but this transition presents a great opportunity to review your designations to ensure they are current. Refer to the chart below to see how your account is affected. The new accounts will accept contributions starting on your payroll date of March 10, 2016.

Participants contributing to these plans Will be enrolled in these new contracts

403(b) Retirement Plan accepts employer contributions 403(b) Retirement Plan: Retirement Choice Annuity (RC) accepts employer contributions

403(b) Tax-Deferred Annuity Plan accepts employee contributions 403(b) Tax-Deferred Annuity Plan: Retirement Choice Plus

Annuity (RCP) accepts employee contributions

457(b) Deferred Compensation Plan accepts employee contributions 457(b) Deferred Compensation Plan: Retirement Choice Plus

(RCP) accepts employee contributions

Several of your current investment options are included on the new menu and your future contributions to these investments will not change unless you make updates to your account. However, some of the current options will be restricted when the updates take effect and future contributions will be directed to replacement options. The restricted investments will no longer accept any new contributions, rollovers or transfers. The chart below shows how NMU will invest your contributions for the restricted options starting with your payroll date of March 10, 2016. Any contributions directed to the investment options in the left-hand column below will be invested in the corresponding investment in the right-hand column. If you would prefer to pursue a different investment strategy than what is shown in the chart below, you may log in to your new account after February 17, 2016, and make your own selections from the updated investment menu under your new accounts.

Your existing balances will remain where they are with one exception. Any assets in the TIAA-CREF Small-Cap Equity Fund (TISEX) will be transferred to the Vanguard Small-Cap Index Fund (VSMAX) on February 17, 2016.

Current Investment Option Ticker Replacement Investment Option Ticker

CREF Bond Market Variable Annuity Account - R2 (future contributions only) QCBMPX Metropolitan West Total Return Bond – I MWTIX

CREF Equity Index Variable Annuity Account - R2 (future contributions only) QCEQPX TIAA-CREF Equity Index Fund – Institutional TIEIX

CREF Inflation-Linked Bond Variable Annuity Account - R2 (future contributions only) QCILPX TIAA-CREF Inflation Link Bond Fund – Institutional TIILX

CREF Money Market Variable Annuity Account - R2 (future contributions only) QCMMPX TIAA-CREF Money Market Fund – Institutional TCIXX

TIAA-CREF Small-Cap Equity Fund - Institutional (existing balances and future contributions) TISEX Vanguard Small-Cap Index Fund – Admiral VSMAX

You may transfer any other existing balances to the new contracts and the updated investment menu. Most of the major differences between the old and new contracts relate to the TIAA Traditional Annuity. If you’re thinking about transferring money out of an old contract, please note the following points:

• The TIAA Traditional Annuity in the Retirement Choice and Retirement Choice Plus contracts has a guaranteed minimum interest rate* of between 1 and 3 percent, which may be lower than your current guaranteed rate. On the other hand, TIAA Traditional may have a higher crediting rate than the plan’s previous contracts.

• When TIAA Traditional assets are transferred out of an old contract, you risk giving up a favorable crediting rate(s) on older contributions.

• Retirement Choice and Retirement Choice Plus contracts have different liquidity rules.

• Moving money from any investment in your current contracts to a new Retirement Choice or Retirement Choice Plus contract is a permanent decision. Money cannot be moved back into the old contract(s). We encourage you to speak with a TIAA-CREF Financial Consultant to help you understand all of your plan options.

For details, see the Contract Comparison located at www.tiaa-cref.org/nmu. If you have questions, call 800 842-2252.

How the transition will work

* All guarantees are subject to TIAA’s claims-paying ability.

Questions? Call 800 842-2252 or visit www.tiaa-cref.org/nmu 3

GUARANTEED* TICKERTIAA Traditional Annuity* Guaranteed AnnuityMONEY MARKET TICKERTIAA-CREF Money Market Fund – Institutional TCIXXFIXED INCOME (BONDS) TICKERFederated Institutional High Yield Bond Fund – Institutional FIHBXLazard Global Listed Infrastructure Fund – Institutional GLIFXMetropolitan West Total Return Bond Fund – I MWTIXTempleton Global Total Return Fund – Advisor TTRZXTIAA-CREF Inflation-Linked Bond Fund – Institutional TIILX

MULTI-ASSET TICKERCREF Social Choice Annuity Account – R2 QCSCPXTIAA-CREF Lifecycle 2010 Fund – Institutional TCTIXTIAA-CREF Lifecycle 2015 Fund – Institutional TCNIXTIAA-CREF Lifecycle 2020 Fund – Institutional TCWIXTIAA-CREF Lifecycle 2025 Fund – Institutional TCYIXTIAA-CREF Lifecycle 2030 Fund – Institutional TCRIXTIAA-CREF Lifecycle 2035 Fund – Institutional TCIIXTIAA-CREF Lifecycle 2040 Fund – Institutional TCOIXTIAA-CREF Lifecycle 2045 Fund – Institutional TTFIXTIAA-CREF Lifecycle 2050 Fund – Institutional TFTIXTIAA-CREF Lifecycle 2055 Fund – Institutional TTRIXTIAA-CREF Lifecycle 2060 Fund – Institutional TLXNXTIAA-CREF Lifecycle Retirement Income Fund – Institutional TLRIX

REAL ESTATE TICKER

TIAA Real Estate Account Variable Annuity

EQUITIES (STOCKS) TICKERCREF Global Equities Variable Annuity Account – R2 QCGLPXCREF Growth Variable Annuity Account – R2 QCGRPXCREF Stock Variable Annuity Account – R2 QCSTPXAmerican Funds New World Fund – R6 RNWGXPrincipal Real Estate Securities Fund – Institutional PIREXTIAA-CREF Equity Index Fund – Institutional Class TIEIXTIAA-CREF International Equity Fund – Institutional TIIEXTIAA-CREF Large-Cap Value Fund – Institutional TRLIXTIAA-CREF Mid-Cap Growth Fund – Institutional TRPWXTIAA-CREF Mid-Cap Value Fund – Institutional TIMVXVanguard Small-Cap Index Fund– Admiral VSMAXVanguard Mid-Cap Index Fund – Admiral VIMAX

These choices may offer you flexibility to create a retirement strategy that matches your investment preferences and goals.

Your new investment options

* TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.

Investment products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org/nmu for details.Annuity account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance.

You can see details about the new investment options online at www.tiaa-cref.org/nmu. Click on Plans and Investments and then select Investment Choices to view the individual investment information.

4 Questions? Call 800 842-2252 or visit www.tiaa-cref.org/nmu

On-campus eventsGet real-time answers to your questions.Seminars Attend a one-hour seminar on campus presented by a TIAA-CREF Financial Consultant to learn more about the updates to the NMU Retirement Plans at the following dates and times:

Date Time Location

March 8, 2016 9 a.m. – 10 a.m. Erie Room – University Center

March 9, 2016 2 p.m. – 3 p.m. Erie Room – University Center

One-on-one investment advice Receive personalized retirement plan investment advice at no additional charge from a TIAA-CREF Financial Consultant. Your spouse or partner is also welcome to attend with you. TIAA-CREF representatives will be on campus and available for meetings during the week of March 7, 2016. To make an appointment, call 800 732-8353 Monday to Friday, 8 a.m. to 8 p.m., (ET), or visit www.tiaa-cref.org/schedulenow.

Date Time

March 8, 2016 9 a.m. – 5 p.m.

March 9, 2016 9 a.m. – 5 p.m.

March 10, 2016 9 a.m. – 5 p.m.

March 11, 2016 9 a.m. – 12 p.m.

Questions? Call 800 842-2252 or visit www.tiaa-cref.org/nmu 5

Q&A1. Why is Northern Michigan University updating the

Retirement Plans?Northern Michigan University is committed to providing a retirement program that reflects industry best practices. The updates are designed to strengthen the program and help you pursue your retirement savings goals more effectively.

2. How can I learn about the new investment options?A list of the new investment options is included in this guide. You can visit the dedicated retirement Plan website at www.tiaa-cref.org/nmu for additional information.

3. If I’m happy with my current investment selections, can I keep them?If your current investment selections are included on the new menu, you can keep them. However, some current investment options will be removed and some will no longer accept new contributions. Please refer to pages 3 and 4 to understand how your investments may be affected.

4. What if I would like help making investment choices?You can get personalized advice on the plan’s investment options from a TIAA-CREF Financial Consultant. This service is available as part of your retirement program at no additional cost to you. You are welcome to bring a spouse/partner/friend who is involved in your finances.

To schedule an advice session, call TIAA-CREF at 800 732-8353, Monday to Friday, 8 a.m. to 8 p.m. (ET). You can also schedule online at www.tiaa-cref.org/schedulenow.

5. How do lifecycle funds work?Each lifecycle fund consists of underlying mutual funds that invest in a broad range of assets. The allocations and risk level depend on how many years remain until the fund’s target date. To help reduce risk or as the fund’s target date approaches, the fund’s mix of stocks, bonds and other asset types is adjusted to a more conservative mix.

As with all mutual funds, the principal value of a lifecycle fund isn’t guaranteed and will fluctuate with market

changes. The target date indicates when investors may plan to start making withdrawals. However, you are not required to withdraw your money at the target date. After the target date, some of your money may be merged into a fund with a more stable asset allocation.1

6. Can I transfer my assets in old TIAA-CREF contracts to the new Retirement Choice and Retirement Choice Plus contracts?If you have reviewed the different benefits and features in your plan’s contracts, as described on page 2, and decide that you want to transfer money to the new contracts, call TIAA-CREF at 800 842-2252, Monday to Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m. (ET).

7. I already have an account with TIAA-CREF. Do I need to re-enroll?No. you do not need to take any action. You will be automatically enrolled in the new contract(s) on February 17, 2016. Starting March 10, 2016, if you are contributing to certain investments, they will be replaced by new options. Refer to page 2 for more information on how your contributions will be affected.

Your beneficiary designations will not change. However, this transition provides a great opportunity to review your designations to ensure they are current.

8. I am retiring soon. Can I keep my investments where they are until I retire?That depends on whether your current investment selections are included on the new menu. In any case, you can meet with a TIAA-CREF Financial Consultant to design a suitable retirement income strategy.

To schedule a session, call TIAA-CREF at 800 732-8353, Monday to Friday, 8 a.m. to 8 p.m. (ET), or schedule online at www.tiaa-cref.org/schedulenow.

9. Will I pay any fees to invest in the retirement plan(s)?All investment options have expenses and other fees that can be found in the prospectuses at www.tiaa-cref.org/nmu. Some investment options may also have redemption and other fees.

1 Lifecycle Funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. In addition to the fees and expenses associated with the Lifecycle Funds, there is exposure to the fees and expenses associated with the underlying mutual funds.

Distributions from 403(b) plans before age 59½, severance from employment, death or disability may be prohibited, limited and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans.Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or go to www.tiaa-cref.org/nmu for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.©2016 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017

C28920 479421–609407 (01/16)

We’re here to help. Not sure where to begin? Meet with us to help you take the next step!Get personalized retirement plan advice on the plan’s investment options from a TIAA-CREF Financial Consultant. This service is available as part of your retirement program at no additional cost to you. To schedule a session, call 800 732-8353, Monday to Friday, 8 a.m. to 8 p.m. (ET). You can also visit www.tiaa-cref.org/schedulenow.

PhoneCall 800 842-2252, Monday to Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m. (ET).

OnlineVisit www.tiaa-cref.org/nmu to learn about the program’s investment choices, make transactions and access retirement planning tools.