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Swarthmore CollegeChanges to the 403(b) Retirement PlanOne Hundred Northfield Drive, Windsor, CT 06095 Toll Free: 866.466.9412 www.fiallc.com

This presentation is provided for informational purposes only. It does not and is not intended to constitute legal advice. You shouldconsult your professional, legal, and/or tax advisers with specific questions about your individual situation.Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of currentopinions or positions. Moreover, you should not assume that any discussion or information contained in this presentation serves as thereceipt of, or as a substitute for, personalized investment advice from Fiduciary Investment Advisors, LLC. To the extent that a reader hasany questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged toconsult with the professional advisor of his/her choosing. A copy of the Fiduciary Investment Advisors, LLC’s current written disclosurestatement discussing our advisory services and fees is available for review upon request.Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can beno assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/orinvestment strategies recommended or undertaken by Fiduciary Investment Advisors, LLC), or any non‐investment related content, madereference to directly or indirectly in this presentation will be profitable, equal any corresponding indicated historical performance level(s),be suitable for your portfolio or individual situation, or prove successful.Swarthmore College2

Topics for Review Background to Changes in the Retirement Plan Steps Taken by Swarthmore College and the Fiduciary Committee The Swarthmore College New Investment Menu Changes to Consider & Things You Can Do Now Important Dates to RememberSwarthmore College3

Why Are Changes Being Made? In recent years, Federal regulation over retirement plans has evolved and imposed ahigher level of responsibility on 403(b) retirement plans, requiring them to operatemore like 401(k) plans. Sponsors of 403(b) plans are subject to fiduciary responsibilities as guided by sectionsof The Employee Retirement Income Security Act of 1974 (“ERISA”). The primary changes that Swarthmore College must adhere to include taking onfiduciary responsibility for: Selecting and monitoring plan investments; Assessing and monitoring the reasonableness of retirement plan fees; Distributing annual fee disclosure notices to participants; Providing an annual plan audit by a CPA.Swarthmore College4

Steps Taken to Comply with Regulations The Board of Managers of Swarthmore College established the Fiduciary Committeewhich was charged with fulfilling the College’s responsibilities for the Retirement Plan. The Committee retained Fiduciary Investment Advisors, LLC (FIA), a third partyindependent retirement plan consultant, to help the Committee assess the status of thecurrent retirement plan and assist with changes. The Committee conducted a rigorous review of the 403(b) retirement plan anddeveloped a strengthened and streamlined lineup of investment options. Investment options in the plan will continue to be monitored by the FiduciaryCommittee with the assistance of FIA.Swarthmore College5

Overview of Plan ChangesCurrentNew Vanguard, TIAA-CREF & Calvert serve asrecordkeepers. Vanguard and TIAA-CREF will serve as jointrecordkeepers of the plan.- TIAA-CREF,: 22 total investment options10 annuities, 11 mutual fund options, and1 suite of target-date funds TIAA-CREF platform: 8 investment options:5 annuities2 index mutual funds1 suite of target date funds- Vanguard: 60 mutual fund optionsand 1 suite of target date funds Vanguard platform: 18 investment options12 active mutual funds5 index mutual funds1 suite of target date funds- Calvert: 17 mutual fund options Investment : proprietary at each institution (ie.,TIAA-CREF, Vanguard, Calvert offeringsrespectively). Investments: Diversified investment options froma broad selection of mutual fund managers. Participants will continue to have the ability toinvest in TIAA Traditional & CREF Stock, twopopular options among participants. Participants will continue to have the ability toinvest in several other annuity options from theformer investment lineup as well. Participants have the ability to invest in:- TIAA Traditional, with its guaranteed rate ofreturn and income in retirement.- CREF Stock, a competitive & popular optionthat provides broad equity market exposures. Investments and other fees on each menu arecompetitive when compared to peers and industrybenchmarks. Investments and other fees will continue to becompetitive, and may be lower over time.Swarthmore College6

Investment Evaluation and On‐Going Review Organization – The investment firm must be financially and structurally sound and have the financial,operational and personnel resources to carry out its strategy. There should be no legal or regulatoryproceedings surrounding the firm. The firm must have an appropriate compensation structure anddemonstrate a passion for investing. Philosophy – The investment manager must have a clearly defined and disciplined investment philosophythat is based on sound investment theory, which is followed consistently and with conviction. Investment Process – The methods and procedures an investment manager uses to apply his philosophyconstitutes the investment process. It is important that the manager’s techniques for selecting and sellingsecurities be sound, consistent and research intensive. Style Consistency – The investment manager is expected to adhere to his particular investment style,despite prevailing market sentiment. Personnel – The investment firm’s professionals need to be skilled, experienced, properly credentialed andknowledgeable. Quality of Research – The investment firm’s research team must have the capacity and resources toevaluate and track the full universe of investment opportunities defined by its investment philosophy. Thestaff must possess extensive knowledge of the companies and particular securities being researched. Performance – The investment manager must successfully demonstrate an ability to identify investmentopportunities (their “edge”). The manager should demonstrate competitive long term performance ascompared to a relevant benchmark and peer group. Risk Controls ‐ Strong consideration is given to risk‐adjusted performance. The investment manager mustimplement appropriate risk controls, commensurate with their philosophy and process. Operations – A system of operational policies, procedures, and risk controls must be in place. The firmshould have contingency plans to control organizational risks, such as a physical disaster recovery plan.Swarthmore College7

Investment Tiers: Which Describes You?The investment lineup can be organized across a two tier framework that provides options among a range of investment styles.Participants will be able to invest in any or all of the following:Tier 1Tier TypeParticipantType# of InvestmentOptionsTier 2Target RetirementFundsAnnuityOptionsIndexMutual FundsActiveMutual FundsFunds based onparticipant age,expected retirement,and a glide path thatchanges allocationrelative toretirement ageFixed and variableannuity optionsthat providediversifiedmarket exposuresand annuityfeaturesA streamlinedselection oflow‐costpassively managedindex funds in 5asset classesActively‐managedinvestment optionsthat span a diversearray of assetclass categoriesParticipants whowant a higherlevel of professionalguidanceParticipants whowant the benefitsthat annuityoptions provideParticipants whowant broad marketcoverage options ata low costParticipants whowant to assumegreater control oftheir investments25712Swarthmore College8

Vanguard/TIAA‐CREF: New MenusTIAA‐CREFLarge ValueTIAATraditionalCREFMoney MktMoney Mkt / SVVANGUARDTIAA‐CREFBond IndexVanguardPrime MoneyMarketGreen: Annuity InvestmentsCREFSocial ChoiceSuite ofTIAA‐CREFLifecycleFundsFixed IncomeVanguardTotal BondIndexLarge BlendCREF StockSm/MidValueSm/MidBlendSm/MidGrowthDomestic EquityBalancedSuite ofVanguardRetirementFundsLarge GrowthInternationalLarge ValueLarge BlendLarge GrwthVanguardWindsor IIVanguard500 sibleDodge & anguardInternationalStock rotected SecsSm/Mid ValueSm/MidBlendSm/MidGrowthArtisan Int’lValueTempletonGlobal BondDiamondHill Small‐Mid CapVanguardExtendedMarketIndexT. RowePrice NewHorizonsSchroderEmergingMarket EqBlue: Mutual Fund InvestmentsTIAAReal EstateColumbia AcornInternationalSwarthmore College9

Investing in Annuities & Mutual FundsAnnuitiesMutual FundsTypesFixed & VariableIndex & ActiveObjectiveFixed: Guarantees principal and a specifiedinterest rate and may offer dividends.Index: Seeks to replicate the returns of a specificindex.Variable: Are designed to provide market‐likereturns in their respective asset categoriesand can therefore fluctuate in value.Active: Seeks to outperform the returns of aspecific index.The unique feature that annuities offer is theability to convert balances into annual streamsof income in retirement.Allows investors to have access to professionallymanaged and diversified portfolios. A mutual fundis constructed based on certain investmentobjectives.FeaturesSource: TIAA‐CREFSwarthmore College10

TIAA TraditionalCurrentInterest Rates(as of 9/12/13)RA/GRA: 3.75%SRA/GSRA: 3.00%1 Up‐to‐dateMinimumCrediting Rate DuringAccumulation PhaseParticipant InitiatedWithdrawals3%RA/GRA: 10 installmentsover 9 years and a daySRA/GSRA: Fully liquidcrediting rates can be found at rce: TIAA‐CREFSwarthmore College11

Vanguard Target Retirement FundsTarget Date SuiteVanguard Target Retirement IncomeVanguard Target Retirement 2010Vanguard Target Retirement 2015Vanguard Target Retirement 2020Vanguard Target Retirement 2025Vanguard Target Retirement 2030Vanguard Target Retirement 2035Vanguard Target Retirement 2040Vanguard Target Retirement 2045Vanguard Target Retirement 2050Vanguard Target Retirement 2055Vanguard Target Retirement 2060Underlying Funds UtilizedVanguard Total Stock Market IndexVanguard Total International Stock Market IndexVanguard Total Bond Market II IndexVanguard Total International Bond IndexVanguard Short Term Inflation Protected SecuritiesSource: VanguardSwarthmore College12

TIAA‐CREF Lifecycle FundsTarget Date SuiteTIAA-CREF Lifecycle Rtrmnt IncomeTIAA-CREF Lifecycle 2010TIAA-CREF Lifecycle 2015TIAA-CREF Lifecycle 2020TIAA-CREF Lifecycle 2025TIAA-CREF Lifecycle 2030TIAA-CREF Lifecycle 2035TIAA-CREF Lifecycle 2040TIAA-CREF Lifecycle 2045TIAA-CREF Lifecycle 2050TIAA-CREF Lifecycle 2055Underlying Funds UtilizedLarge Cap GrowthMid Cap GrowthGlobal Natural ResourcesLarge Cap ValueMid Cap ValueBondEnhanced Large‐Cap Growth IndexSmall Cap EquityBond PlusEnhanced Large‐Cap Value IndexInternational EquityHigh YieldGrowth & IncomeEnhanced International EquityMoney MarketMid Cap GrowthEmerging Markets Equity IndexInternational OpportunitiesSource: TIAA‐CREFSwarthmore College13

Considerations for the New Funds1Future ContributionsNew InvestmentsYou can select a new allocation for your contributions. If you do not, any contributions toinvestments being closed will be directed into the Target Date Funds.CurrentNew InvestmentsInvestment BalancesYou can transfer balances to the new investment options1. If you do not:‐ Balances in mutual funds that are closed will transfer into the Target Date Funds.‐ Balances in Annuities that are closed will remain there.1 Pleasereview the Transition Guide for detail on the investments, transition timing, and recordkeeper requirements. Some investments may have uniquecharacteristics that can influence the transfer of assets. Please review your holdings and consult an adviser at TIAA‐CREF and/or Vanguard for more detail.Swarthmore College14

What Should You Do Now? Review your Quarterly Statement; Review the Transition Guide which was sent to you; Refer to the College Website for more information about the changes; Visit the Vanguard and TIAA‐CREF websites to learn more about your investmentchoices; Evaluate your current investment portfolio & make changes if desired. You can makechanges to your investments during this process or at anytime thereafter.Swarthmore College15

Important Dates to Remember in OctoberOn‐Campus Group SessionsSessions will be led by Vanguard and TIAA‐CREF and will highlight the resources andtools available to you.Swarthmore College16

Important Dates to Remember in OctoberIndividual Participant Sessions (Oct.)Consider making an appointment with a Vanguard or TIAA‐CREF adviser todiscuss your investment options in more detail. Additional sessions will be madeavailable in the future as well. Phone and web support are also available.Swarthmore College17

QUESTIONS ?Swarthmore College18

DisclaimerPlease remember that different types of investments involve varying degrees of risk, and there can be no assurance that thefuture performance of any specific investment, investment strategy, or product (including the investments and/or investmentstrategies recommended or undertaken by Fiduciary Investment Advisors), or any non‐investment related content, madereference to directly or indirectly above, will be profitable, equal any corresponding indicated historical performance level(s),be suitable for your portfolio or prove successful. Due to various factors, including changing market conditions and/orapplicable laws, the content may no longer be reflective of current opinions or positions. Fiduciary Investment Advisors isneither a law firm nor a certified public accounting firm and no portion of the content should be construed as legal oraccounting advice. Please remember to contact Fiduciary Investment Advisors, in writing, if there are any changes in yourpersonal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previousrecommendations and/or services. A copy of Fiduciary Investment Advisors' current written disclosure statement discussingour advisory services and fees is available for review upon request.Swarthmore College19

Providing an annual plan audit by a CPA. Swarthmore College. . Horizons TIAA Real Estate TIAA‐CREF . Vanguard Target Retirement 2025 Vanguard Target Retirement 2030 Vanguard Target Retirement 2035 Vanguard Target Retirement 2040 Vanguard Target Retirement 2045 Vanguard Target Retirement 2050

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