1. This presentation is copyrighted © exclusively by Emeriti 2014 Benefits THE EMERITI PROGRAM for those planning for retirement 1 Medicare and Emeriti’s Health Insurance and Reimbursement Benefit

2. Your Institution’s Commitment Giving you a tax-free way to pay for your health care expenses in retirement Providing access to group health insurance when you retire Keeping you informed about retiree health care issues along the way Your Institution is: 2

3. Emeriti’s Core Benefit Features 3 Tax-advantaged savings and investment vehicle for payment of future medical expenses in retirement Emeriti Health Accounts Portable group retiree health insurance options building on the foundation of Medicare Emeriti Health Insurance Tax-free reimbursement of qualified medical expenses not covered by Medicare or Emeriti insurance options Emeriti Reimbursement Benefits Online In print On the phone In person Participant Education & Decision Support Services

4. Emeriti TIAA- CREF Accumulation Recordkeeping Trust Services Investment Management Proprietary Mutual Funds Non Proprietary Mutual Funds Savitz Disbursement Recordkeeping Insurance Premiums Qualifying Medical Expenses Debit CardManual Claims Aetna Retiree Health Plans HealthPartners Retiree Health Plans 4 Emeriti’s Service Providers

5. It’s Not Too Late To Save 5

6. Health Expenses in Retirement Can Add Up 6 Medicare Parts A, B & D deductibles Parts B & D* premiums Part D Coverage Gap cost share Part D (True Out- of-Pocket) TrOOP Supplemental Insurance Premiums for all insurance Out-of-pocket medical costs Co-pays and co-insurance Out-of-Pocket Expenses Other Medical Expenses VisionHearing Medical equipment Long-term careNursing Home *Part D premium is indexed to income.

7. Source: EBRI estimates from the 2009 Medical Expenditure Panel Survey. 11 Out-of- Pocket 13% Private Insurance 14% Medicare 59% Other 14%* *VA, Tricare, other private, Medicaid, other. Medicare is Not Enough 7

8. Keep This In Mind Building up tax-free assets for retiree healthcare protects your pension retirement income. Medicare cost shares are increasingly indexed to income. Investment and tax diversity are key. 8

9. Part A (Hospital) and Part B (Medical) Original Medicare Medicare provides these coverages You have your choice of doctors & providers Part C Medicare Advantage, PPO Plan Private insurers approved by Medicare provide Parts A & B coverage You may get extra benefits Part D Prescription Drug Private insurers approved by Medicare provide coverage Different plans cover different drugs at different levels You can choose from a range of plan designs How Medicare Works 9

10. Guaranteed issue group health insurance for lifetime of the participant Portable, nationwide access* Choice of insurance options (medical, Part D Rx, dental) Annual choice among plans Catastrophic protection Foreign urgent or emergency care* Ongoing information and decision support services Emeriti Retiree Health Insurance Platform *Available in some plans. 10

11. When You Can Access Emeriti Health Insurance After age 65 When you retire After enrollment in Medicare Parts A & B 11 Must meet all three requirements in addition to satisfying your Plan’s retirement eligibility rules (age and service criteria).

12. Permanently disabled children** Dependent children (before majority, to age 26) Domestic partner (pre- or post-65) depending on your plan* Available for Eligible Participant & Dependents Participant’s dependents include: Who Can Use Emeriti Health Insurance Spouse (pre- or post-65) 12 *Domestic partners’ coverage is available only if elected by the institution. Nondependent domestic partners pay for insurance outside of the Health Account. **Determination of permanent disability also confers access to post-65 insurance for these individuals. Disability must occur before majority. Post-65 dependents can enroll in separate coverage from participant.

13. Emeriti Insurance Choices for 2014 13 One Medicare coordination plan Two Medicare supplemental plans (availability based on state approval) Two Medicare Advantage PPO (Extended Service Area (ESA) available for geographical areas outside Aetna’s network) Rx High Plan – continuing coverage in coverage gap Rx Mid Plan – generic coverage only in coverage gap Rx Low Plan – no coverage in coverage gap One dental plan Five Group Medical Plans* Three Rx Plans** One Dental Plan* * Availability based on state approval. ** The Rx Mid-High Plan is a grandfathered plan and is closed to new entrants.

14. STEP 1 Create Your Own Plan STEP 2STEP 3 select a medical planselect an Rx planConsider the optional dental plan 14

15. Or Preserve Your Options Choose Rx Low Plan as stand-alone option Select Rx Low Plan Add dental to the Rx Low Plan if you wish Consider Dental Selecting an RX Low Plan allows you to remain in the Emeriti Program and permits you to change coverage in future years. 15

16. Emeriti’s Other Program Components Emeriti Health Accounts A tax-advantaged way to save and invest for future medical expenses. Emeriti Reimbursement Benefits A tax-free method for you to pay for other qualified out-of-pocket medical expenses not covered by Medicare or Emeriti insurance. 16

17. Reimbursement Benefit Options 17 Manually submit claims to Savitz: Mail Fax Upload through Participant Benefits Dashboard (MyEmeritiBenefits.org) Reimbursement Benefits will be paid from participant’s balance in the Money Market Fund. Participants may transfer lump-sum amounts or set-up monthly systematic transfers in amounts of $100 or more.

18. NOTE: A wide range of health care expenses are eligible for tax-free reimbursement as long as they satisfy the requirements of Section 213 (d) of the IRS Code. How You Can Use Your Reimbursement Benefit Emeriti Reimbursement Form available on MyEmeritiBenefits.org 18 Partial List of Uses Medicare premiums and cost shares Supplemental insurance deductibles, co-insurance, co-pays Vision, dental, hearing care Over-the-counter and non-formulary drugs (with Rx prescription from doctor) Medical equipment Long-term care insurance Medical expenses associated with nursing or in-home health care services Other post-65 and pre-65 insurance premiums (if Emeriti coverage is not elected)

19. Dependent relatives depending on your plan Permanently disabled children Dependent children (before majority, to age 26) Domestic partner (pre- or post-65) depending on your plan Available for You & Your Dependents Participant’s dependents include: Who Can Use Your Reimbursement Benefits Spouse (pre- or post-65) 19

20. Lifecycle funds Asset diversification among asset classes Automatic rebalancing TIAA-CREF Lifecycle Funds (Retirement Class) A money market mutual fund Seeks to assure the value of your investment at $1 per share TIAA-CREF Money Market Fund (Retirement Class) Investment Options in 2014 20 CORE FUNDS Core Plus Funds subject to Plan Sponsor election.

21. 21 Emeriti Program Fees FeesActive ServiceTerminated/Retiree Emeriti$5.00 TIAA-CREF$.67 Savitz$1.00$6.00 Investment management fees are variable by selected mutual funds (see prospectuses) Monthly Participant Fees Your employer may cover all or some portion of the service fees. Check with your institution’s benefit administrator if you are uncertain.

22. 22 Participant Education and Decision Support Tools OnlineIn Print On the PhoneIn Person Coming Soon

23. 23 Emeriti Retiree Teleconferences Want more information about Emeriti’s Insurance Plan Options for 2014? Attend a teleconference Wednesday, November 20 at 3pm (ET) Wednesday, December 4, at 3pm (ET). For both calls, please call 1-866-692-3580, and enter Conference ID: 6163967.

24. 24 Access 2014 Annual Enrollment Materials Click on ALREADY A PARTICIPANT tab EmeritiHealth.org

25. Emeriti Retirement Health Solutions is not an insurance company, insurance broker or insurance provider. Summary Plan Description (SPD) This presentation is intended to provide you with a brief summary of some of the details of your Employer’s Emeriti Plan and the Emeriti Program. For a full summary of the terms of your Employer’s Emeriti Plan you must consult the SPD, which will be provided to you upon enrollment or upon request. 25 Emeriti Retirement Health Solutions provided this information and is responsible for its content. Emeriti, TIAA-CREF, Savitz, Aetna Life Insurance Company, and HealthPartners are independent corporations and are not legally affiliated. The retirement healthcare program is offered by the employer. Teachers Insurance and Annuity Association (TIAA) will provide services to the plan and make available investment options. TIAA-CREF Trust Company, FSB provides investment management and trust services.

26. Investment Adviser Status Emeriti Retirement Health Solutions is a registered investment adviser for purposes of selecting the range of investment options available under the Emeriti Program. Emeriti may provide non-personalized educational materials to plan participants relating to their and their employer’s contribution to their Emeriti Plan and the allocation of their Emeriti Health Account balances among available investment options. Emeriti does not provide personalized investment advice to participants. The participation interests in the voluntary employee contribution VEBA trusts associated with the Emeriti plans (the “Interests”) may be treated as securities under federal or various state securities laws. The offering of these Interests is subject to compliance with any applicable federal or state law. For residents of Georgia, the Interests are being offered in reliance on paragraph 13 of Code Section 10-5-9 of the Georgia Securities Act of 1973, as amended (the “Georgia Act”). The Interests may not be sold or transferred except in a transaction which is exempt under the Georgia Act or pursuant to an effective registration under the Georgia Act. 26

27. Addendum 27

28. NOTE: Participants always pay the Medicare Part B premium. Understanding Emeriti’s National Group Medical Plan Options 28 Aetna Traditional Choice Coordinates with original Medicare Has a plan deductible Parts A & B deductibles covered by plan deductible Most claims for Medicare allowable charges will be paid in full after plan deductible Preventive services and annual physical covered 100% by Medicare Aetna Supplemental Retiree Medical Plans K and L Supplements original Medicare Have no plan deductible Have coinsurance on some services You pay a portion of Part A deductible You pay all of the Part B deductible Preventive services and annual physical covered 100% by Medicare

29. NOTE: Participants always pay the Medicare Part B premium. Understanding Emeriti’s National Group Medical Plan Options 29 Aetna Medicare Advantage High and Low PPO (or PPO ESA) Replaces original Medicare Have no plan deductible You pay no Parts A & B deductibles High plan has coinsurance, low plan has coinsurance and copayments Preventive services and annual physical covered 100% by the Plan Silver & Fit © Exercise & Healthy Aging Program available with high and low plans Access to over 10,000 fitness clubs and exercise centers Engage online and through educational materials

30. *For 2014 the Traditional Choice plan is not available in MD. **For 2014, the SRM Plans are not available in VT, MD, MN, and U.S. Territories. Emeriti Group Medical Plan Options in 2014 Underwritten by Aetna Aetna SRM Plan L** Aetna SRM Plan K** Aetna Medicare Advantage High PPO/ESA-PPO Aetna Traditional Choice* 30 NOTES: The ESA-PPO Plan has the same benefits as the In-Network PPO Plan. Aetna’s GMS Plans A and L will be offered in Florida in place of SRM Plans K and L. $200 deductible$0 plan deductible in- and out-of-network $0 plan deductible in- and out-of-network 20% coinsurance25% coinsurance50% coinsurance15% coinsurance in-network 25% coinsurance out-of-network Primary care visit at $15 Specialist visit at $40 (in-network) 30% coinsurance (out-of-network) $1,250 out-of-pocket limit $2,400 out-of-pocket limit (2013 calculation) $4,800 out-of-pocket limit (2013 calculation) $2,750 out-of-pocket limit in-network $5,500 out-of-pocket limit out-of-network $6,700 out-of-pocket limit in-network $10,000 out-of-pocket limit out-of-network 100% preventive care covered by Medicare 100% preventive care covered by the plan 100% preventive care covered by the plan After plan deductible is satisfied, plan payment in full on Medicare eligible costs. Payment based on the balance after Medicare’s payment. Payment based on total Aetna allowable cost. Aetna Medicare Advantage Low PPO/ESA-PPO

31. Retiree Cost Share for Typical Doctor’s Visit Bill of $100 Traditional Choice SRMP LSRMP K High MA PPO/ESA Charge Medicare Pays Aetna Pays You Pay $100 $80 $20 $0 $100 $80 $15 $5 $100 $80 $10 $100 $0 $85 $15 NOTE: Illustration assumes any annual plan deductibles have already been satisfied for the plan year. 31 Low MA PPO/ESA $100 $15 $85 $0

32. You pay first $310 as deductible You pay 25% of drug costs You pay 97.5% of brand drugs You pay 72% of generic drugs You pay 5% Greater of $2.55 or 5% for covered generic. Greater of $6.35 or 5% for all other drugs. Deductible Initial Coverage Period Coverage Gap Catastrophic Coverage You reach Catastrophic Coverage at $4,550 in true out-of-pocket costs. You reach the Coverage Gap at $2,850 in total Part D covered drug expenditures (includes plan deductible, your costs and plan costs in the Initial Coverage Period). Four Components of Standard Part D Benefit in 2014 32

33. Standard Formulary $310 deductible Initial Cov Limit Retail: 15% - 25% Coverage Gap: no coverage* Catastrophic Cov: 95% coverage Step therapy required for some drugs Open Formulary $100 deductible Initial Cov Limit and Coverage Gap Retail 15% - 25% - 40% Coverage Gap: full coverage Catastrophic Cov: 100% coverage No Step therapy required Open Formulary $100 deductible Initial Cov Limit Retail 15% - 25% - 50% Coverage Gap: generic coverage only* Catastrophic Cov: 95% coverage Step therapy required for some drugs Rx Mid PlanRx Low Plan Emeriti Rx Coverage in 2014 Underwritten by Aetna Members who use Aetna’s Rx Home delivery Mail Order Drug (MOD) program will pay 5% less than the negotiated cost of the drug as compared to retail. 33 Rx High Plan

34. Preventive Service Coverage100% Annual Deductible (basic and major services)$100 Basic Services Coverage (e.g. fillings, standard crowns, extractions) 50% Major Services Coverage (e.g. root canal therapy, surgical removals, dentures) 50% Annual Benefit Maximum$1,500 NOTES: 1.Twelve month waiting period applies, but may be waived with evidence of continuing coverage. 2.One-time only opt-in opportunity. 3.Dental is only available when you enroll in a combination Medical/Rx coverage, or elect the stand-alone Rx Low Plan 4. Please note: in the states of CA, OR, WA*, the stand-alone Dental plan may be elected if the participant is enrolled in a Kaiser Permanente MAPD Plan, and with evidence of existing coverage. 5. Dental not available in MD. Aetna Dental Coverage in 2014 Dental Design 34