Dear Eligible Plan Participant: TIAA-CREF has

Dear Eligible Plan Participant:
TIAA-CREF has recently announced that they are making a change to the College Retirement Equities
Fund (CREF) Accounts. Currently, TIAA-CREF uses a single-class fund structure for the CREF Accounts,
which means that the same expense ratios are in place for all of their clients and individual
plans/products.
Effective April 24, 2015, TIAA-CREF will be automatically converting all of their clients’ CREF Accounts to
one of three new share classes, depending on the institution’s total assets in the CREF accounts. Based
on the size of the DePaul University 403(b) Retirement Plan, all of the funds invested in the CREF
Accounts will be automatically converted to a corresponding R2 share class for each CREF Account. This
change will impact eight CREF investment options currently available in the DePaul University 403(b)
Retirement Plan (“Plan”):
Current Investment Option
Expense
Ratio*
Replacement Investment Option**
Expense
Ratio
CREF Stock
.455 %
→
CREF Stock R2
.460 %
CREF Global Equities***
.465 %
→
CREF Global Equities R2***
.480 %
CREF Growth
.415 %
→
CREF Growth R2
.425 %
CREF Equity Index
.391 %
→
CREF Equity Index R2
.395 %
CREF Bond Market
.450 %
→
CREF Bond Market R2
.460 %
CREF Inflation-Linked Bond
.405 %
→
CREF Inflation-Linked Bond R2
.415 %
CREF Social Choice
.405 %
→
CREF Social Choice R2
.430 %
CREF Money Market
.395 %
→
CREF Money Market R2
.410 %
*As of May 1, 2014
**Note: For prospectus or fund information, you must contact TIAA-CREF directly (contact information
follows).
***The CREF Global Equities (current and R2 class) Accounts are frozen to any new contributions.
Please note that as shown in the chart, the Expense Ratio for each of the replacement CREF investment
options is higher than the current corresponding options. The investment objectives, strategy and risk
profile for each will remain the same. Given that the fees will be increasing for the new options, you
should take this opportunity to review your investment elections within the DePaul University 403(b)
Retirement Plan and consider whether your current election continues to meet your investment goals and
retirement planning strategy.
In anticipation of this change, TIAA-CREF has also sent notices to participants who have balances
advising that on April 24, 2015:


All existing balances in the CREF Accounts will be directed into the corresponding R2 Share
Class option.
All future contributions elected to be invested in these CREF accounts after April 24, 2015, will be
automatically redirected to the corresponding R2 Share Class option.
No action will be required by you to effect the redirection of future contributions or transfer of account
balances described above. However, if you do not want your current account balance in the above
investment options transferred to the new R2 share class, you may transfer the existing balance currently
in those options to another investment option available under the Plan any time prior to the change
(effective as of the market close, 3pm CT, April 24, 2015). In addition, if you do not want your future
contributions to the above funds redirected to the new R2 share class, you have the option to change
your allocation instructions for future contributions prior to the change (effective as of the market close,
3pm CT, April 24, 2015) or at any time in the future. The full range of Investment options available in the
plan is available on the 403(b) page of the Human Resources website:
https://hr.depaul.edu/Benefits/403/index.html.
If you have questions or wish to transfer your account balances or change your allocation instructions,
please use the contact information provided below.
Contact Information
Fidelity Investments: www.fidelity.com/atwork (800) 343-0860
Fidelity Service Representatives are available by phone Monday-Friday 7am-11pm CT.
TIAA-CREF: www.tiaa-cref.org (800) 842-2776
TIAA-CREF Representatives are available Monday-Friday 7am-9pm, Saturday 8am-5pm CT.
DePaul Human Resources (HR): hr.depaul.edu (312) 362-8500
Contact the Benefits Department of HR for general Plan questions. Full details about the Plan, including a
list of all current investment options, are available at https://hr.depaul.edu/Benefits/403/index.html.
For more information on the investment options described in this notice, or a description of the Plan’s
other investment options and their performance, please access the Fidelity or TIAA-CREF resources
listed above. The terms of the Plan are described in the Summary Plan Description (“SPD”) for the Plan. If
you have any questions about this notice or would like to request a copy of the SPD, please contact
DePaul Human Resources.
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