This summer, TIAA-CREF will become the manager of the MnSCU Individual Retirement Account Plan/Supplemental Retirement Plan (IRAP/SRP) and Tax-Sheltered Annuity Plan (TSA).
This change brings some exciting enhancements as well as much needed simplification to our retirement plans:
TIAA-CREF is scheduled to move MnSCUs IRAP/SRP and TSA retirement plan, employee and account information to the TIAA-CREF system this summer. At that point, your retirement plan investments will be available to you through TIAA-CREF. From then on, the contributions you make to your retirement plan will be invested through your new TIAA-CREF account.
NEW INVESTMENT CHOICES
The IRAP/SRP and TSA plans will feature all new investment choices. You will be able to choose from 10 TIAA-CREF annuity accounts and a selection of 13 mutual funds from different providers:
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TIAA Traditional Account |
Pennsylvania Mutual Fund |
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TIAA Real Estate Account |
T. Rowe Price International Growth and Income Fund** |
|
CREF Bond Market Account |
Vanguard Balanced Index Fund |
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CREF Equity Index Account |
Vanguard Developed Markets Index Fund |
|
CREF Global Equities Account |
Vanguard Institutional Index Fund |
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CREF Growth Account |
Vanguard Mid-Cap Index Fund |
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CREF Inflation-Linked Bond Account |
Vanguard Prime Money Market Fund*** |
|
CREF Money Market Account* |
Vanguard Small-Cap Index Fund |
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CREF Social Choice Account |
Vanguard Strategic Equity Fund |
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CREF Stock Account |
Vanguard Total Bond Market Index Fund |
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Dodge & Cox Balanced Fund |
Western Asset Core Plus Bond Portfolio |
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Legg Mason Value Trust Fund |
|
It is important to note that the State Board of Investments has selected new mutual funds to replace those in the current retirement plans. These mutual funds carry similar investment strategies to the current selections. Any accumulations you have in the mutual funds listed below will be moved automatically to the replacement mutual fund. Your allocation instructions will be mapped to the replacement funds as well. Of course, you always can choose to re-allocate your retirement plan contributions.
The mutual fund replacements are:
IRAP/SRP Plans |
|
FROMCurrently available fund |
TONew fund through TIAA-CREF |
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Dodge & Cox Income Fund |
Western Asset Core Plus Bond Portfolio |
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SBI Bond Market Account |
Vanguard Total Bond Market Index Fund |
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SBI Common Stock Index |
Vanguard Institutional Index Fund |
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Vanguard Prime Money Market Fund*** |
|
|
SBI Growth Share Account |
Legg Mason Value Trust Fund |
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SBI Income Share Account |
Vanguard Balanced Index Fund |
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SBI - International Share |
Vanguard Developed Markets Index Fund |
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SBI Money Market Fund |
Vanguard Prime Money Market Fund*** |
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STI Classic Small Cap Growth Stock Fund |
Pennsylvania Mutual Fund |
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Vanguard Institutional Index Fund |
Vanguard Institutional Index Fund |
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Wells Fargo Advantage Growth Balanced Fund |
Dodge & Cox Balanced Fund |
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Wells Fargo Advantage Large Company Growth Fund |
Legg Mason Value Trust Fund |
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Wells Fargo Galliard Stable Return Fund |
Vanguard Prime Money Market Fund*** |
TSA Plan |
|
FROMCurrently available fund |
TONew fund through TIAA-CREF |
|
American Funds Europacific Growth Fund |
T. Rowe Price International Growth and Income Fund** |
|
Dodge & Cox Income Fund |
Western Asset Core Plus Bond Portfolio |
|
STI Classic Small Cap Growth Stock Fund |
Pennsylvania Mutual Fund |
|
Vanguard Institutional Index Fund |
Vanguard Institutional Index Fund |
|
Wells Fargo Advantage Growth Balanced Fund |
Dodge & Cox Balanced Fund |
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Wells Fargo Advantage Large Company Growth Fund |
Legg Mason Value Trust Fund |
|
Wells Fargo Advantage Stable Income Fund |
Vanguard Prime Money Market Fund*** |
ADVICE AND PLANNING SERVICES
Personalized, objective advice and planning services will be available to you for developing a plan to pursue your retirement income goal, or to find out if your current retirement planning strategy is on the right track.
TRANSITION PERIOD AND ACCESS TO YOUR ACCOUNT
There will be a temporary transition period when plan information is moved to the TIAA-CREF system. During this time, you will not have access to your account. This transition period is required to allow the fund managers sufficient time to process the account information and ensure the transition of assets is complete. This period is scheduled for June 1 through July 19. You will receive more details about this.
YOU DONT NEED TO DO ANYTHING AT THIS POINT
All of this will happen automatically, and you do not need to take any action. You will have the opportunity to change your allocations and transfer your investments using the new choices after the close of the transition period.
FOR MORE INFORMATION
For more information on changes to the MnSCU retirement plans, you can call TIAA-CREF at 800 682-8969, 8 a.m. 5 p.m. (CT).
*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.
**There are heightened risks associated with an investment in this fund because it invests primarily in foreign securities. Please see the prospectus for the specific risk factors.
***An investment in this fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The fund will attempt to maintain a stable net asset value of $1.00 per share, but it is possible to lose money by investing in the fund.
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 for a prospectus that contains this and other information. Please read the prospectus carefully before investing.
TIAA-CREF Individual & Institutional Services, LLC, provides advisory services and distributes securities products. TIAA (Teachers Insurance and Annuity Association), New York, NY, issues annuities.
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