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February 2005
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| The State of Connecticut 403(b) Program | ||
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Please be advised of the following important change to the State of Connecticut 403(b) Program, effective February 1, 2005. Be sure to read this newsletter carefully so that you understand this change to the Program, and are aware of any action you may need to take regarding your contributions. |
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| Nancy Wyman State Comptroller |
Important Changes to the State of
Connecticut 403(b) Program
Pursuant to Connecticut General Statutes Section 5-264, the Office of the State Comptroller (OSC) will transfer and centralize responsibility for payroll reduction maintenance of the 403(b) Program to the Retirement Services Division's Employee Benefits Unit (EBU). Accordingly, agencies will no longer be required or permitted to maintain payroll reductions.
Therefore, effective immediately, Financial Services Organizations (FSOs) will arrange with their participants to deliver and receive the CO-1091 Salary Reduction Agreement forms, will review the forms for compliance and will deliver the forms to the EBU of the OSC. Note that any incomplete, illegible or otherwise invalid CO-1091 form will be returned to the FSO for their action.
Additionally, as a result of a recent Internal Revenue Service (IRS) audit of the State of Connecticut 403(b) Program, the OSC was required to immediately implement new procedures to ensure compliance with all applicable Internal Revenue Code sections and regulations promulgated thereunder.
In that connection, the previous decentralized system of maintaining participant contributions did not include a method to track contribution limits or catch-up elections. Therefore, OSC has designed a new system of maintaining participant contributions with a feature that will automatically suspend participants' contributions before they can exceed the statutory limits, including participants who have made catch-up elections. Catch-up elections will be recorded in the system and applied when calculating a participant's limit.
Maximum Contribution Limits and Catch-up Elections
Participants who choose to take advantage of special catch-up contributions will be required to provide documentation to substantiate their eligibility for the special catch-up. Special catch-up elections will not be entered into the system until the information supplied by the participant has been verified by the EBU. Note that it may take six to eight weeks before the participant sees a change in their paycheck. At the direction of the IRS, the EBU review of special catch-up elections will be thorough and meticulous. Participants who submit incomplete documentation/substantiation risk having their elections delayed further or rejected.
In order to allow ample time for the verification process, all special catch-up elections must be received no later than July 1st, or the first business day immediately following July 1st, of that year. For example, if a participant wishes to elect special catch-up beginning in 2005, their CO-1091 and supporting documentation must be received by the EBU by July 1, 2005. CO-1091 forms including a special catch-up election received after the July 1st deadline will be rejected and returned to the participant's FSO.
Note that upon conversion to the new 403(b) system, all current participants' records will be set to the normal limitation ($14,000 in 2005) by default. Consequently, any participant who may have previously elected special catch-up (15 year) must re-affirm their election by providing a new CO-1091, in conjunction with the aforementioned special catch-up procedures. Participants who are currently taking advantage of the age 50 catch-up must also re-affirm their election by providing a new CO-1091. Participants failing to re-affirm and substantiate their special catch-up election by July 1, 2005, will forfeit eligibility. The FSOs have been instructed to review their records for participants who have elected special catch-up, notify them of this requirement, and assist them in this process to ensure IRS compliance.
Participant inquiries relating to Program information such as how to enroll or change contribution amounts, contribution limits, etc. must be addressed to the FSOs directly. Contact information for the Program's authorized FSOs is included within this newsletter. Questions related to the administration of the Program may be directed to the OSC Retirement Services Division, Employee Benefits Unit at (860) 702-3543.
| Important Note: The information presented in this newsletter is not intended as investment advice. Its purpose is to help you understand the investment choices available through the State of Connecticut 403(b) Program. Your financial strategy and investment choices are entirely your own and should reflect your personal needs and circumstances. |
| State of Connecticut personnel, including the Human Resources Department staff, cannot provide investment advice. For more information, you may want to consult with a professional financial advisor. |
| The investment information shown is current as of December 31, 2004. |
| Financial Services Organization | Contact Number | Website Address |
|---|---|---|
| Fidelity Investments | (800) 343-0860 | www.fidelity.com |
| The Hartford | (800) 243-5868 | www.retire.hartfordlife.com |
| press option 1 | ||
| ING Financial Advisers, LLC | (800) 784-6386 | www.ingretirementplans.com |
| Oldham Resource Group | (800) 626-6106 | www.oldham-mutual.com |
| TIAA-CREF | (800) 842-2888 | www.tiaa-cref.org |
| Travelers Life & Annuity | (800) 842-4015 | www.travelerslife.com |
| press option 2 |
The returns shown in this newsletter are provided by the Plan's financial services organizations, which are responsible for their accuracy.
Comparison of Investment Options for
the Connecticut 403(b) Program
Performances and Expenses as of December 31, 2004
| F I D E L I T Y I N V E S T M E N T S | ||||||||
|---|---|---|---|---|---|---|---|---|
|
Level of Risk |
Investment Options | Return on Investments (net of expenses)* | Operating Expenses | |||||
|
10/1/04 - 12/31/04 |
1 Year |
Annualized 3 Years |
Admin./ M&E |
Manage- ment Fees |
Other Expenses |
Total Expenses |
||
| Low | Fidelity Retirement Money Market** | 0.40% | 1.07% | 1.18% | 0.000% | 0.420% | 0.000% | 0.420% |
| 91-Day Treasury Bills | 0.52% | 1.41% | 1.34% | |||||
| Fidelity U.S. Bond Index Fund** | 1.01% | 4.36% | 6.47% | 0.000% | 0.320% | 0.000% | 0.320% | |
| LB Aggregate Bond Index | 0.95% | 4.34% | 6.19% | |||||
| Medium | Fidelity Balanced | 8.50% | 10.94% | 9.19% | 0.000% | 0.430% | 0.240% | 0.670% |
| Fidelity Puritan | 6.51% | 9.28% | 7.14% | 0.000% | 0.430% | 0.220% | 0.650% | |
| 60% S&P 500 + 40% LBAGG Index | 5.88% | 8.29% | 4.98% | |||||
| Fidelity Capital & Income | 6.99% | 12.57% | 15.97% | 0.000% | 0.580% | 0.200% | 0.780% | |
| ML US High Yield Master Trust II | 4.54% | 10.87% | 11.71% | |||||
| Fidelity Equity-Income | 9.18% | 11.29% | 6.21% | 0.000% | 0.470% | 0.230% | 0.700% | |
| Russell 3000 Value Index | 10.62% | 16.94% | 9.16% | |||||
| Fidelity Growth & Income | 8.03% | 9.84% | 2.31% | 0.000% | 0.480% | 0.220% | 0.700% | |
| S&P 500 Index | 9.23% | 10.87% | 3.58% | |||||
| High | Fidelity Blue Chip Growth | 8.31% | 6.26% | - 0.32% | 0.000% | 0.460% | 0.220% | 0.680% |
| Fidelity Independence | 11.24% | 11.65% | 5.14% | 0.000% | 0.460% | 0.210% | 0.670% | |
| Russell 1000 Growth Index | 9.17% | 6.30% | - 0.18% | |||||
| Fidelity Contrafund | 9.04% | 15.07% | 9.99% | 0.000% | 0.740% | 0.210% | 0.950% | |
| Fidelity Dividend Growth | 8.71% | 5.84% | 1.27% | 0.000% | 0.650% | 0.250% | 0.900% | |
| Fidelity Magellan | 8.17% | 7.49% | 0.80% | 0.000% | 0.500% | 0.140% | 0.640% | |
| Fidelity Spartan U.S. Equity Index** | 9.22% | 10.73% | 3.44% | 0.000% | 0.100% | 0.000% | 0.100% | |
| S&P 500 Index | 9.23% | 10.87% | 3.58% | |||||
| Fidelity Diversified International | 13.94% | 19.66% | 15.58% | 0.000% | 0.830% | 0.320% | 1.150% | |
| MS EAFE Index | 15.36% | 20.70% | 12.31% | |||||
| Fidelity Growth Company | 13.55% | 12.12% | 1.80% | 0.000% | 0.580% | 0.250% | 0.830% | |
| Russell 3000 Growth Index | 9.66% | 6.93% | 0.26% | |||||
| Fidelity Low-Priced Stock | 13.83% | 22.24% | 17.33% | 0.000% | 0.740% | 0.240% | 0.980% | |
| Russell 2000 Value Index | 13.20% | 22.25% | 16.50% | |||||
| Fidelity Mid-Cap Stock | 11.22% | 9.05% | 1.71% | 0.000% | 0.410% | 0.300% | 0.710% | |
| Russell Midcap Index | 13.66% | 20.22% | 12.17% | |||||
| Fidelity New Millennium | 10.61% | 4.28% | 4.69% | 0.000% | 0.720% | 0.220% | 0.940% | |
| Russell Midcap Growth Index | 13.94% | 15.48% | 6.16% | |||||
| Fidelity Small Cap Stock | 12.01% | 14.57% | 11.88% | 0.000% | 0.830% | 0.270% | 1.100% | |
| Russell 2000 Index | 14.09% | 18.33% | 11.48% | |||||
| Fidelity Value | 11.39% | 21.21% | 13.93% | 0.000% | 0.720% | 0.230% | 0.950% | |
| Russell Midcap Value Index | 13.46% | 23.71% | 15.56% | |||||
Asset transfer provision for transfer of assets from other carrier: none
* In accordance with the requirements of the operating provisions of the 403(b) Program, Fidelity Investments will deduct a quarterly fee to all accounts on file beginning fourth quarter 2002. The purpose of this fee is to pay expenses associated with the 403(b) Program's limited scope third party administrator.
** FMR Co. has voluntarily agreed to reimburse shareholders a portion of the funds' management fee. This agreement can be terminated at any time. Without this reimbursement, each fund's yield would have been lower.
The Fidelity Capital & Income, Mid-Cap Stock, Low-Priced Stock, Small Cap Stock and Diversified International funds may charge a short-term trading fee.
The Low-Priced Stock fund charges 1.50% on shares held less than 90 days, the Small Cap Stock fund charges 2.00% on shares held less than 90 days and the Diversified International fund charges 1.00% on shares held less than 30 days.
Although the information contained above has been carefully verified, its accuracy cannot be guaranteed. All numbers are unaudited.
| T H E H A R T F O R D | ||||||||
|---|---|---|---|---|---|---|---|---|
| Level of Risk | Investment Options | Return on Investments (net of expenses)* | Operating Expenses | |||||
| 10/1/04 - 12/31/04 | 1 Year | Annualized 3 Years | Admin./M&E | Management Fees | Other Expenses | Total Expenses | ||
| Low | Hartford Bond HLS | 1.33% | 3.95% | 6.80% | 0.650% | 0.470% | 0.040% | 1.150% |
| LB Aggregate Bond Index | 0.95% | 4.34% | 6.19% | |||||
| General (Declared Rate) Account** | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Medium | Franklin Mutual Shares | 9.13% | 12.76% | 7.64% | 0.650% | 0.600% | 0.590% | 1.840% |
| Hartford Dividend and Growth HLS | 8.94% | 11.69% | 6.24% | 0.650% | 0.650% | 0.040% | 1.340% | |
| MFS Value | 9.82% | 14.33% | 6.69% | 0.650% | 0.600% | 0.600% | 1.850% | |
| Russell 1000 Value Index | 10.38% | 16.49% | 8.57% | |||||
| Hartford Advisers HLS | 4.37% | 3.07% | 1.29% | 0.650% | 0.630% | 0.040% | 1.320% | |
| 50% S&P 500 + 50% LBAGG Index | 5.05% | 7.64% | 5.26% | |||||
| Van Kampen Equity Income | 7.80% | 11.05% | 7.08% | 0.650% | 0.360% | 0.470% | 1.480% | |
| 60% S&P 500 + 40% LBAGG Index | 5.88% | 8.29% | 4.98% | |||||
| High | Hartford Capital Appreciation HLS | 13.86% | 18.59% | 10.20% | 0.650% | 0.640% | 0.050% | 1.340% |
| Hartford Index HLS | 8.92% | 9.68% | 2.47% | 0.650% | 0.400% | 0.040% | 1.090% | |
| Hartford Stock HLS | 6.29% | 3.49% | - 0.71% | 0.650% | 0.460% | 0.030% | 1.140% | |
| MFS Capital Opportunities | 11.61% | 11.81% | - 0.74% | 0.650% | 0.750% | 0.450% | 1.850% | |
| S&P 500 Index | 9.23% | 10.87% | 3.58% | |||||
| Hartford Midcap HLS | 12.67% | 15.68% | 10.48% | 0.650% | 0.680% | 0.040% | 1.370% | |
| MFS Midcap Growth | 13.99% | 13.73% | - 6.67% | 0.650% | 0.750% | 0.590% | 1.990% | |
| Russell Midcap Growth Index | 13.94% | 15.48% | 6.16% | |||||
| Hartford Small Company HLS | 12.44% | 11.45% | 6.16% | 0.650% | 0.720% | 0.040% | 1.410% | |
| AIM Small Company Growth | 16.63% | 12.31% | 0.51% | 0.650% | 0.670% | 0.830% | 2.150% | |
| Russell 2000 Growth Index | 15.08% | 14.31% | 5.79% | |||||
| AIM Financial Services | 7.09% | 7.84% | 5.19% | 0.650% | 0.660% | 0.670% | 1.980% | |
| S&P Financial Services Sector Index | 7.91% | 10.89% | 7.44% | |||||
| AIM Leisure | 14.13% | 12.86% | 7.09% | 0.650% | 0.680% | 0.700% | 2.030% | |
| S&P Consumer Discretionary Sector Index | 13.50% | 13.24% | 5.83% | |||||
| Janus Adviser Worldwide | 10.91% | 4.05% | - 2.26% | 0.650% | 0.600% | 0.550% | 1.800% | |
| MS World Index | 12.05% | 15.25% | 7.44% | |||||
| MFS Massachusetts Investors Growth Stock | 11.12% | 8.92% | - 1.90% | 0.650% | 0.330% | 0.620% | 1.600% | |
| Russell 1000 Growth Index | 9.17% | 6.30% | - 0.18% | |||||
| Templeton Foreign | 13.88% | 17.38% | 11.37% | 0.650% | 0.610% | 0.610% | 1.870% | |
| MS EAFE Index | 15.36% | 20.70% | 12.31% | |||||
Asset transfer provision for transfer of assets from other carrier: lesser of 2% or actual deferred sales charge/surrender charge
* Effective November 5, 2004, the separate account Admin./M&E fees will be reduced from 0.850% to 0.650% on all investment options during the accumulation phase.
** The Declared Rate is credited through the close of the calendar year on contributions received during the designated calendar quarter. The rate for the fourth quarter, 2004, is 3.90 %. For contributions received prior to January 1, 2004, the Declared Rate is 3.90%. Rates quoted are effective annual yields.
| I N G F I N A N C I A L A D V I S E R S , L L C | ||||||||
|---|---|---|---|---|---|---|---|---|
| Level of Risk | Investment Options | Return on Investments (net of expenses) | Operating Expenses | |||||
| 10/1/04 - 12/31/04 | 1 Year | Annualized 3 Years | Admin./ M&E |
Management Fees |
Other Expenses |
Total Expenses | ||
| Low | ING Fixed Plus** | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ING VP Intermediate Bond Portfolio | 0.99% | 3.99% | 5.59% | 0.850% | 0.400% | 0.100% | 1.350% | |
| LB Aggregate Bond Index | 0.95% | 4.34% | 6.19% | |||||
| ING VP Money Market Portfolio | 0.21% | 0.21% | 0.34% | 0.850% | 0.250% | 0.100% | 1.200% | |
| 91-Day Treasury Bills | 0.52% | 1.41% | 1.34% | |||||
| Janus Aspen Series Flexible Income Portfolio | 0.72% | 3.09% | 6.01% | 0.850% | 0.600% | 0.040% | 1.490% | |
| LB Government/Credit Bond Index | 0.80% | 4.19% | 6.59% | |||||
| Medium | ING VP Balanced Portfolio, Inc. | 6.29% | 8.50% | 4.38% | 0.850% | 0.500% | 0.100% | 1.450% |
| 60% S&P 500 + 40% LBAGG Index | 5.88% | 8.29% | 4.98% | |||||
| Janus Aspen Series Balanced Portfolio | 6.11% | 7.61% | 4.12% | 0.850% | 0.650% | 0.020% | 1.520% | |
| 50% S&P 500 + 50% LBAGG Index | 5.05% | 7.64% | 5.26% | |||||
| High | Fidelity VIP Growth Portfolio | 8.24% | 2.50% | - 2.19% | 0.850% | 0.580% | 0.090% | 1.520% |
| Russell 3000 Growth Index | 9.66% | 6.93% | 0.26% | |||||
| FTVIP Franklin Small Cap Value Securities Fund | 11.71% | 22.70% | 13.09% | 0.850% | 0.570% | 0.420% | 1.840% | |
| Russell 2000 Value Index | 13.20% | 22.25% | 16.50% | |||||
| ING MFS Capital Opportunities Portfolio | 11.51% | 11.92% | - 0.53% | 0.850% | 0.650% | 0.250% | 1.750% | |
| ING VP Index Plus Large Cap Portfolio | 8.98% | 9.64% | 2.18% | 0.850% | 0.350% | 0.080% | 1.280% | |
| ING VP Value Opportunity Portfolio | 7.36% | 9.22% | - 0.32% | 0.850% | 0.600% | 0.100% | 1.550% | |
| Lord Abbett Growth and Income Portfolio | 10.70% | 11.70% | 5.65% | 0.850% | 0.500% | 0.350% | 1.700% | |
| Pioneer Fund VCT Portfolio | 9.03% | 10.31% | 2.81% | 0.850% | 0.650% | 0.110% | 1.610% | |
| S&P 500 Index | 9.23% | 10.87% | 3.58% | |||||
| ING VP Index Plus MidCap Portfolio | 11.52% | 15.60% | 9.79% | 0.850% | 0.400% | 0.100% | 1.350% | |
| S&P MidCap 400 Index | 12.15% | 16.47% | 10.52% | |||||
| ING VP International Value Portfolio | 12.84% | 16.42% | 7.97% | 0.850% | 1.000% | 0.000% | 1.850% | |
| MS EAFE Index | 15.36% | 20.70% | 12.31% | |||||
| ING VP Small Company Portfolio | 13.25% | 13.42% | 5.58% | 0.850% | 0.750% | 0.100% | 1.700% | |
| Russell 2000 Index | 14.09% | 18.33% | 11.48% | |||||
| Janus Aspen Series Mid Cap Growth | 14.96% | 19.73% | 4.65% | 0.850% | 0.650% | 0.020% | 1.520% | |
| Russell Midcap Growth Index | 13.94% | 15.48% | 6.16% | |||||
| Janus Aspen Series Growth Portfolio | 9.81% | 3.63% | - 0.46% | 0.850% | 0.630% | 0.040% | 1.520% | |
| Russell 1000 Growth Index | 9.17% | 6.30% | - 0.18% | |||||
| Oppenheimer Global Securities Fund/VA | 16.03% | 18.16% | 8.96% | 0.850% | 0.630% | 0.040% | 1.520% | |
| MS World Index | 12.05% | 15.25% | 7.44% | |||||
Asset transfer provision for transfer of assets from other carrier: none
No annual maintenance fee.
* As of October 2004 the M&E has been reduced to .85%.
** The Declared Rate as of January 2005 is 3.75%, expressed as an annual effective yield, and is guaranteed not to drop below 3.40% through December 31, 2005.
| O L D H A M R E S O U R C E M U T U A L , I N C . | ||||||||
|---|---|---|---|---|---|---|---|---|
| Level of Risk | Investment Options | Return on Investments (net of expenses) | Operating Expenses | |||||
| 10/1/04 - 12/31/04 | 1 Year | Annualized 3 Years | Admin./ M&E* | Management Fees | Other Expenses | Total Expenses | ||
| Low | Fidelity U.S. Bond Index | 0.89% | 3.86% | 5.97% | 0.500% | 0.320% | 0.000% | 0.820% |
| PIMCO Total Return D | 1.18% | 4.31% | 6.09% | 0.500% | 0.750% | 0.000% | 1.250% | |
| LB Aggregate Bond Index | 0.95% | 4.34% | 6.19% | |||||
| Fidelity Money Market | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Safeco Preference FP Fixed* | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| 91-Day Treasury Bills | 0.52% | 1.41% | 1.34% | |||||
| Medium | Merger | 3.34% | 2.21% | 1.97% | 0.500% | 1.370% | 0.000% | 1.870% |
| Pax World Balanced | 8.74% | 12.89% | 6.12% | 0.500% | 0.990% | 0.000% | 1.490% | |
| Oakmark Equity & Income | 4.99% | 9.86% | 9.49% | 0.500% | 0.920% | 0.000% | 1.420% | |
| 60% S&P 500 + 40% LBAGG Index | 5.88% | 8.29% | 4.98% | |||||
| High | Clipper | 8.39% | 5.37% | 5.55% | 0.500% | 1.130% | 0.000% | 1.630% |
| Russell 1000 Value Index | 10.38% | 16.49% | 8.57% | |||||
| Jensen | 7.07% | 5.51% | 2.59% | 0.500% | 0.880% | 0.000% | 1.380% | |
| Russell 1000 Growth Index | 9.17% | 6.30% | - 0.18% | |||||
| Artisan Mid Cap Value | 10.99% | 25.70% | 17.91% | 0.500% | 1.390% | 0.000% | 1.890% | |
| FAM Value | 8.83% | 16.36% | 10.91% | 0.500% | 1.240% | 0.000% | 1.740% | |
| Russell Midcap Value Index | 13.46% | 23.71% | 15.56% | |||||
| Dreyfus Mid Cap Index | 11.92% | 15.43% | 9.45% | 0.500% | 0.510% | 0.000% | 1.010% | |
| S&P Mid Cap 400 Index | 12.15% | 16.47% | 10.52% | |||||
| Gabelli Small Cap Growth | 15.03% | 21.18% | 16.08% | 0.500% | 1.420% | 0.000% | 1.920% | |
| Russell 2000 Growth Index | 15.08% | 14.31% | 5.79% | |||||
| Royce Total Return | 10.25% | 17.02% | 14.05% | 0.500% | 1.180% | 0.000% | 1.680% | |
| Russell 2000 Value Index | 13.20% | 22.25% | 16.50% | |||||
| Needham Small Cap Growth | 14.58% | 9.84% | N/A | 0.500% | 2.260% | 0.000% | 2.760% | |
| Needham Growth | 13.23% | 5.70% | 3.41% | 0.500% | 1.770% | 0.000% | 2.270% | |
| Russell 2000 Growth Index | 15.08% | 14.31% | 5.79% | |||||
| Third Avenue International Value | 10.13% | 27.20% | 23.76% | 0.500% | 1.750% | 0.000% | 2.250% | |
| MS EAFE Index | 15.36% | 20.70% | 12.31% | |||||
| Gabelli Global Growth | 12.82% | 8.93% | 4.68% | 0.500% | 1.710% | 0.000% | 2.210% | |
| MS World Index | 12.05% | 15.25% | 7.44% | |||||
| Third Avenue Real Estate Value | 11.40% | 27.66% | 21.92% | 0.500% | 1.190% | 0.000% | 1.690% | |
| Wilshire REIT Index | ||||||||
Asset transfer provision for transfer of assets from other carrier: none
* Premium payments will be credited with the effective interest rate established for the date each payment is received. The current rate as of December 31, 2004, is 3.10%. The effective rate reflects the effects of daily compounding of interest.
| T I A A - C R E F | ||||||||
|---|---|---|---|---|---|---|---|---|
| Level of Risk | Investment Options | Return on Investments (net of expenses) |
Operating Expenses | |||||
| 10/1/04 - 12/31/04 |
1 Year | Annualized 3 Years |
Admin./ M&E |
Management Fees |
Other Expenses | Total Expenses |
||
| Low | CREF Bond Market Account | 0.98% | 4.17% | 6.15% | 0.230% | 0.110% | 0.050% | 0.390% |
| LB Aggregate Bond Index | 0.95% | 4.34% | 6.19% | |||||
| CREF Inflation-Linked Bond Account | 2.41% | 8.01% | 10.56% | 0.230% | 0.110% | 0.050% | 0.390% | |
| Citi US Inflation-Linked Securities Index | 2.57% | 8.40% | 11.05% | |||||
| CREF Money Market Account | 0.40% | 1.02% | 1.09% | 0.230% | 0.060% | 0.050% | 0.340% | |
| 91-Day Treasury Bills | 0.52% | 1.41% | 1.34% | |||||
| TIAA Traditional Annuity** | -- | 3.04% | 5.68% | N/A | N/A | N/A | N/A | |
| Medium | CREF Social Choice Account | 6.46% | 9.02% | 5.78% | 0.230% | 0.090% | 0.050% | 0.370% |
| 60% Russell 3000 + 40% LBAGG Index | 6.43% | 8.94% | 5.72% | |||||
| TIAA Real Estate Account*** | 3.38% | 12.57% | 7.76% | 0.300% | 0.220% | 0.085% | 0.600% | |
| NCREIF Index*** | 3.42% | 12.42% | 8.61% | |||||
| High | CREF Equity Index Account | 10.03% | 11.55% | 4.39% | 0.230% | 0.080% | 0.050% | 0.360% |
| CREF Stock Account | 11.14% | 13.03% | 5.74% | 0.230% | 0.120% | 0.050% | 0.400% | |
| Russell 3000 Index | 10.16% | 11.95% | 4.80% | |||||
| CREF Global Equities Account | 11.44% | 13.49% | 5.86% | 0.230% | 0.160% | 0.050% | 0.440% | |
| MS World Index | 12.05% | 15.25% | 7.44% | |||||
| CREF Growth Account | 9.12% | 6.25% | - 1.71% | 0.230% | 0.140% | 0.050% | 0.420% | |
| Russell 1000 Growth Index | 9.17% | 6.30% | - 0.18% | |||||
Asset transfer provision for transfer of assets from other carrier: none
* In accordance with the requirements of the operating provisions of the 403(b) Program, TIAA-CREF will assess a fee for each active account on a monthly basis beginning December 2002. The purpose of this fee is to pay expenses associated with the 403(b) Program's limited scope third party administrator.
** Rates for the TIAA Traditional Annuity are quoted after all operation charges have been deducted. These charges are very low, averaging about . of 1% of assets. New contributions applied to the TIAA Traditional Annuity under a Group Supplemental Retirement Annuity (GSRA) contract during the period from December 1, 2004 through January 31, 2005, will be credited with an interest rate of 3.25%.
*** TIAA Real Estate Account and the NCREIF Index returns are presented one quarter in arrears due to a lag in the availability of the benchmark return.
| T R A V E L E R S L I F E & A N N U I T Y | ||||||||
|---|---|---|---|---|---|---|---|---|
| Level of Risk | Investment Options | Return on Investments (net of expenses)* | Operating Expenses | |||||
| 10/1/04 - 12/31/04 | Annualized 1 Year | 3 Years | Admin./ M&E | Management Fees | Other Expenses | Total Expenses | ||
| Low | Fixed Income* | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Travelers Money Market Portfolio | 0.26% | 0.41% | 0.46% | 0.600% | 0.320% | 0.100% | 1.020% | |
| 91-Day Treasury Bills | 0.52% | 1.41% | 1.34% | |||||
| Travelers Quality Bond Portfolio | 0.58% | 2.67% | 4.71% | 0.600% | 0.320% | 0.110% | 1.030% | |
| LB Aggregate Bond Index | 0.95% | 4.34% | 6.19% | |||||
| Travelers U.S. Government | 1.12% | 5.49% | 6.76% | 0.600% | 0.320% | 0.100% | 1.020% | |
| ML US Treasury/Agency Master Index | 0.47% | 3.42% | 5.62% | |||||
| Medium | Equity Income Portfolio (Fidelity) | 8.94% | 9.22% | 6.80% | 0.600% | 0.750% | 0.120% | 1.470% |
| Russell 3000 Value Index | 10.62% | 16.94% | 9.16% | |||||
| MFS Total Return | 6.75% | 10.80% | 6.51% | 0.600% | 0.800% | 0.020% | 1.420% | |
| 60% S&P 500 Index + 40% LBAGG Index | 5.88% | 8.29% | 4.98% | |||||
| Smith Barney Appreciation Portfolio | 7.20% | 8.14% | 3.15% | 0.600% | 0.750% | 0.020% | 1.370% | |
| S&P 500 Index | 9.23% | 10.87% | 3.58% | |||||
| High | AIM V.I. Premier Equity Fund | 8.34% | 5.14% | - 3.23% | 0.600% | 0.610% | 0.240% | 1.450% |
| Equity Index Portfolio - Class II | 8.88% | 9.58% | 2.39% | 0.600% | 0.310% | 0.290% | 1.200% | |
| Fidelity VIP Contrafund S2 | 8.95% | 14.47% | 9.43% | 0.600% | 0.580% | 0.320% | 1.500% | |
| S&P 500 Index | 9.23% | 10.87% | 3.58% | |||||
| Dreyfus VIF Developing Leaders Portfolio | 7.60% | 10.68% | 5.21% | 0.600% | 0.750% | 0.070% | 1.420% | |
| Russell 2000 Index | 14.09% | 18.33% | 11.48% | |||||
| Capital Appreciation (Janus) | 13.63% | 18.81% | 3.18% | 0.600% | 0.750% | 0.070% | 1.420% | |
| Van Kampen LIT Emerging Growth - Class II | 9.61% | 6.14% | - 3.55% | 0.600% | 0.700% | 0.320% | 1.620% | |
| Russell 1000 Growth Index | 9.17% | 6.30% | - 0.18% | |||||
| Large Cap Portfolio (Fidelity) | 9.41% | 5.88% | 0.23% | 0.600% | 0.750% | 0.110% | 1.460% | |
| S&P 500 Growth Index | 8.51% | 6.13% | 0.63% | |||||
| MFS Mid Cap Growth | 13.93% | 13.42% | - 7.71% | 0.600% | 0.800% | 0.120% | 1.520% | |
| Putnam VT Discovery Growth - IB | 12.79% | 6.93% | - 0.60% | 0.600% | 0.700% | 1.110% | 2.410% | |
| Russell Midcap Growth Index | 13.94% | 15.48% | 6.16% | |||||
| Putnam VT International Equity - IB | 14.75% | 15.50% | 6.48% | 0.600% | 0.770% | 0.470% | 1.840% | |
| MS EAFE Index | 15.36% | 20.70% | 12.31% | |||||
| Putnam VT Small Cap Value - IB | 13.61% | 25.46% | 14.87% | 0.600% | 0.800% | 0.370% | 1.770% | |
| Russell 2000 Value Index | 13.20% | 22.25% | 16.50% | |||||
| Salomon Brothers Variable All Cap Portfolio | 8.17% | 7.66% | 3.49% | 0.600% | 0.850% | 0.130% | 1.580% | |
| Russell 3000 Index | 10.16% | 11.95% | 4.80% | |||||
| Salomon Brothers Variable Investors | 8.58% | 9.72% | 3.35% | 0.600% | 0.700% | 0.120% | 1.420% | |
| S&P 500 Value Index | 9.93% | 15.71% | 6.47% | |||||
| Smith Barney Aggressive Growth Portfolio | 8.01% | 9.29% | - 0.72% | 0.600% | 0.800% | 0.020% | 1.420% | |
| Russell 3000 Growth Index | 9.66% | 6.93% | 0.26% | |||||
| Travelers Disciplined Mid Cap | 11.47% | 15.75% | 9.43% | 0.600% | 0.700% | 0.120% | 1.420% | |
| Russell Midcap Index | 13.66% | 20.22% | 12.17% | |||||
Asset transfer provision for transfer of assets from other carrier: lesser of 2% or actual deferred sales charge/surrender charge
* Interest rate varies quarterly. The rate for the fourth quarter of 2004 is 4.00%.