This presentation is copyrighted © exclusively by Emeriti

Delivered through record keeping arrangements with TIAA-CREF and Savitz

Supported by Aetna’s fully insured group health plans

THE EMERITI PROGRAM the sustainable solution to retiree health benefits

Kenyon College

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An Integrated PartnershipEmeriti Service Providers

Comprehensive Retirement Security

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Emeriti’s Core Benefits

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Emeriti Trust Structure Emeriti Health Accounts

Emeriti Insurance Options

Delivery ModelEmeriti Core Benefits

Emeriti Reimbursement Benefit

• Employer contributions to the Grantor Trust can be used for workforce management and transition strategies.

• Grantor Trust funds are restricted to fully insured products.

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Emeriti Investment Options in 2014

TIAA-CREF Actively Managed Lifecycle Funds - Retirement Class

TIAA-CREF Money Market Fund

CORE - Required

CORE PLUS – Kenyon has not elected any Fixed Income

Balanced

Actively Managed Equity Funds

PTTAXPIMCO Total Return

OAKBXOakmark Equity & Income

TIKRXTIAA Inflation-Linked Bond

TRSCXTIAA Social Choice

Index FundsVTSSX

Vanguard Total Stock Market Index Fund SignalVTSGX Vanguard Total International Stock Signal

RFNEX American Funds Fundamental

Investors R4

REREX American Funds EuroPacific

Growth R4

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Source Trust** Emeriti Plan Contributions Earnings Payout

EmployerEmployer

VEBARequired Pre-tax Tax-free Tax-free

Employee Voluntary*

Employee VEBA

Strongly Encouraged

After-tax Tax free Tax free

Employer Grantor Trust Optional Pre-tax Tax-free Tax-free

Emeriti Health Accounts

NOTE: By comparison to Emeriti’s 501(c) 9 welfare plan, distributions from 403(b) retirement plans are taxable and do not confer guaranteed access to health care benefits.

* Employee Voluntary contributions can be funded in a variety of ways.** Services provided by TIAA-CREF Trust Company as directed trustee.

Tax Treatment

Workforce Management Flexibilities

Eligibility and contribution amounts at discretion of institution*

Retirement Incentives

Retention Opportunities

Recruitment Strategies

Special Transition Contributions

PAYER CONTRIBUTION EARNINGS PAYOUT

EMPLOYER ONLY Pre-tax Tax-free Tax-free

NOTE: These special employer contributions may be made in any amount, to any individual within classes eligible for VEBA.

Special Contributions to the Grantor Trust

Available exclusively to pay for fully insured benefits

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Pre-65 and COBRA premiums

Supplemental insurance cost shares

Medicare premiums and cost shares

Vision, dental, hearing care

Over-the-counter drugs (prescription required)

Long-term care insurance or related nursing or in-home health care services

Other post-65 insurance premiums (if Emeriti group coverage is not elected by the participant)

NOTE: A wide range of health care expenses apply for tax-free reimbursement as long as they satisfy the requirements of Section 213(d) of the IRS Code.

Residual balance stays in the participant’s account at year end and has the opportunity to grow tax free for future use.

Emeriti Reimbursement Benefit

Two reimbursement methods:

• Rx Debit Card

• Manual Claims Processing

Tax-Free Reimbursement of Out-of-Pocket Medical Expenses

Dependent relatives

Permanently disabled children

Dependent children (before majority)

Same sex and opposite sex domestic partner (pre- or post-65)

Available for You & Your DependentsParticipant’s dependents include:

Who Can Use the Reimbursement Benefit

Spouse (pre- or post-65)

Consult your summary plan description for details

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Reimbursement Benefits at Work

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Manually submit claims to Savitz:• Mail• Fax• Upload through Participant Benefits Dashboard

(MyEmeritiBenefits.org)

Rx Debit Card Available to Institution; currently not elected.

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.

For expenses incurred after termination

Portable, nationwide access

Annual choice among plans

Catastrophic protection

Guaranteed issue group health insurance coverage

Prescription (Part D approved) drug coverage

Foreign urgent or emergency care*

Preventive care*

Emeriti Post-65 Group Health Insurance

Pre-65 coverage options available

*Depending on plan chosen.

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Emeriti Insurance Choices for 2014

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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.

PLEASE NOTE: Emeriti will offer Aetna Group Medicare Supplement Insurance (GMS) Plans to retirees living in Florida.

How Do You Access Medicare and Emeriti Health Insurance

NOTE: Consult your Summary Plan Description for details.

After age 65 When you retire After enrollmentin Medicare Parts A & B

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Permanently disabled children**

Dependent children (before majority)

Same sex and opposite sex domestic partner (pre- or post-65) plan*

Available for Participant & DependentsParticipant’s dependents include:

Who Can Use Emeriti Health Insurance

Spouse (pre- or post-65)

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NOTE: The employer’s plan establishes specific rules for vesting in the Emeriti account balance and retirement eligibility for the Emeriti insurance.

*Independent 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.

As of 1/1/2014 Post-65 retiree and their dependents may enroll in different plans

How are Insurance Premiums Paid?

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Paid through Emeriti Health Account if participant has sufficient funds, as follows:

1. Grantor Trust2. Employer VEBA3. Employee VEBA4. ACH

If no Health Account funds, payment is made from ACH withdrawals after institutional premium subsidy, if applicable

Definition of eligible participant and dependents

• All benefit eligible employees age 21 and older eligible to make voluntary contributions

Vesting (access to employer contributions)

• 10 years of service at time of termination

Definition of retirement eligibility (access to Emeriti group insurance)

• Age 59 1/2 with 10 years of service at time of termination

Emeriti Plan Design: Kenyon College Provisions

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Employer funding levels

• Annual contribution in the amount of $955 into VEBA Trust

• Leaves of Absence (no contributions for those on unpaid leaves of absence)

Emeriti Plan Design

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Employee contribution options

• Permitted by institution

Starting age for employer funding

• Age 35

Employer funding period

• Employer contributions continue for 25 years or upon death, termination or retirement, whichever comes first

Emeriti Plan Design

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Forfeitures (upon termination without vesting or upon death of last surviving eligible dependent)

• Attributable to employer dollars, offset future employer plan costs

Monthly Program Fees:

• Emeriti’s $5 monthly fee taken from accounts for active employees

• Savitz $1.00 monthly fee for active employees and $6.00 for retirees and terminated taken from accounts

• TIAA-CREF $0.67 monthly fee for active employees and retirees/terminated employees taken from accounts

Emeriti Plan Design

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The monthly Emeriti fees for active employees, retired, terminated, disabled, and deceased employees are swept from participant accounts the last week of each month.

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Participant Communications

Emeriti WebsiteEmeritiHealth.org

Emeriti WorkshopsScheduled annually on campus

Emeriti Enrollment KitsMailed to residence

Emeriti Life Stage CommunicationsVarious Media

Emeriti Service Center1-866-EMERITI (1-866-363-7484)

Emeriti Benefits Dashboard At-a-glance benefits web siteMyEmeritiBenefits.org

Quarterly Statements:Print or electronic options

TIAA-CREF Investment MicrositePlan level fund information

Contacts

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Emeriti

Jim DawsonClient Services Consultant I Institutional Client Services

800-626-4717

Email: jdawson@tiaa-cref.org

Denver, Colorado

Christina Fendley

(845) 567-6666

Email: cfendley@emeritihealth.org

New Windsor, NY

Assistant Director, Implementation and Communications

TIAA-CREF

Emeriti Tutorial

Emeriti Program TIAA-CREF Remittance Process for Kenyon College

For Plan Sponsor Use Only

Understanding status codes and money sources

www.emeritihealth.org

Emeriti Tutorial

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Employee Status Codes and Descriptions:

N - Active status of eligible participant without a contribution0 - Participant Voluntary Contributions (to Employee VEBA)1 - Employer Contribution (to Employer VEBA or to Grantor Trust)V– Terminated – eligible for Reimbursement Benefit only (with EE assets, and ER contributions, if vested)4 – Retired – met eligibility for Emeriti Health Insurance6 - DeathF – Surviving (Eligible Dependent)5 - DisabledL - Leave of Absence3 - Military Leave

•Please Note: Each participant will have only one status code reported on the file; files with new status codes will override any prior status code that were submitted

Money Source Coding and Descriptions:

VEBA TRUSTSSource F - EmployerSource K – Employee After Tax ContributionSource D - ER- Insurance Subsidy

GRANTOR TRUSTSource F - Employer

TIAA-CREF Plan Administrator Website

www.emeritihealth.org25

Getting Access for New Plan AdministratorsYou can register new plan administrators for Secure Access to the TIAA-CREF Plan Administrator website where important

tasks can be completed in an environment that is secure, fast and easy to use.

To add a new plan administrator –within TIAA-CREF Plan Focus Website.

Section One – Confirming usersGo to the “Plans” section of the website. Then, click “Add New Site User” under “Site Access.”

Section Two- Making ChangesEnter the new user’s name and email address and select their user type, either Plan Administrator or Auditor. Then, click “Next” tocontinue.

Section Three – Adding new usersAdd new user’s personal information

* Please refer to TIAA-CREF- Plan Focus – User Access Guide Sheet and Point lead contact for quick review process.

Through Secure Access, you will be able to:• Run online reports for your Emeriti VEBA Trust and Grantor Trust plans • View your employees' accumulations, allocations and contributions within your Emeriti plan(s)• Send secure emails to TIAA-CREF about your Emeriti plan(s)

Please note: hire dates, termination dates, participant enrollment and vesting may not be updated through the Plan Administrator Site for your Emeriti Plan.

Updating data

www.emeritihealth.org

Emeriti Tutorial

Where to apply changes:• Remittance File.

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Defining changes:•New hire•Termination – may be eligible for Reimbursement Benefit, but not eligible for Emeriti insurance•Retired – met institution’s retirement criteria for Emeriti Health Insurance; automatically eligible for Reimbursement Benefit•Leave of absence•Military leave•Deceased

When to apply changes:• Apply to your next file remittance (bi-weekly)

Making contribution remittances

www.emeritihealth.org

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How to remit and fund contributions:Submit Employer VEBA contributions for actives and identify the distinct source codes

When to remit contributions:• Currently bi-weekly

Good Order Letter process:•File is scrubbed w/in TIAA; individual processor informs plan sponsor that data is In Good Order (IGO), and gives institution the go ahead to remit funds.

Applying termination retirement status codes and dates

www.emeritihealth.org

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Where to apply termination and retirement status codes:

REMITTANCE FILE

Where to apply termination and retirement dates:

REMITTANCE FILE

Processing forfeitures

www.emeritihealth.org

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How to apply forfeiture to institution’s plan:•Send Jim Dawson or [emeritiadminstrator@tiaa-cref.org] and provide forfeiture direction

Where to get forfeiture information:•TIAA-CREF sends out a forfeiture report at the beginning of each month•Plan Sponsor can generate a report on the TIAA-CREF plan administrator website

When to apply forfeitures:•Coordinate with future remittance

Obtaining reports for Emeriti Plan on TIAA-CREF website

www.emeritihealth.org

Emeriti Tutorial

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Types of reports available for Emeriti Plan:•Source Plan balance (individual balance report also available)•Distributions•Contributions•Non-premium transaction report (fees)•Forfeitures

How to obtain reports:•Under reporting section of the TIAA-CREF Plan Focus website:

www.tiaa-cref.org

Contacts

Emeriti Tutorial

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Emeriti

Jim DawsonClient Services Consultant I Institutional Client Services

800-626-4717, CO

Email: jdawson@tiaa-cref.org

Christina Fendley

(845) 567-6666, NY

Email: cfendley@emeritihealth.org

Assistant Director, Implementation and Communications

TIAA-CREF

Disclosures

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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.