Common use of Retirement Annuity Clause in Contracts

Retirement Annuity. Full-time and part-time A employees, who are appointed for at least four complete calendar months, participate in a defined contribution retirement plan administered by XXXX/CREF (the “pension plan”). Some of the key terms of the pension plan are summarized below. For all employees, participation in the pension plan is mandatory. For employees in TIER I (those hired and enrolled in TIAA/CREF before July 1, 1994 with no break in service2), the Foundation contributes 11% of the first $16,500 of the employee’s earnings during the calendar year, and 14% of the employee’s earnings over $16,500. Employees are immediately and fully vested in the employer contributions. For employees in TIER II (those hired on or after July 1, 1994, and before January 1, 2000, with no break in service*), there is a one-year waiting period to participate in the pension plan. The Foundation contributes 8% of the employee’s earnings during the first seven years of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. Employees must make a mandatory employee contribution of 3% of his/her earnings (on a pre-tax basis) starting at the end of the one-year waiting period. Employees are immediately and fully vested in their employer contributions and employee contributions. For employees in TIER III (those first hired, or rehired after a break in service,* on or after January 1, 2000 and before January 1, 2009), there is a one-year waiting period to participate in the pension plan. The Foundation contributes 8% of the employee’s earnings from the 2nd through the 7th year of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. Employees are fully vested in their employer contributions after three years of service. (The one-year waiting period counts toward this vesting requirement.) Employees must make a mandatory employee contribution of 3% of his/her earnings after completing three years of service. An employee’s own contributions are immediately and fully vested. For employees in TIER IV (those first hired, or rehired after a break in service,* on or after January 1, 2009), there is a one-year waiting period to participate in the pension plan. The Foundation contributes 8% of the employee’s earnings from the 2nd through the 7th year of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. The employer contribution for each year is allocated to the plan in a lump sum as soon as practicable after the final payroll for that year. Employees are fully vested in their employer contributions after three years of service. (The one-year waiting period counts toward this vesting requirement.) No employee contributions are required. Rehired employees who have previously vested in the Foundation’s pension plan will not be required to satisfy a new vesting period. This is not a complete summary of the Foundation’s Defined Contribution Retirement Plan. Employees should refer to the official plan document for other important terms and conditions of 2 For the purpose of determining an employee’s Pension Tier level, a “break in service” is defined as a lapse in employment in excess of 4 months. the plan. If there is any ambiguity or inconsistency between this summary and the plan document, the terms of the plan document will govern. Plan Contributions as a Percentage of Eligible Compensation For Tier I Employees (Hired prior to July 1, 1994) By the Foundation By the Participant Total 11% of the first $16,500 of Compensation 0% 11% 14% of Compensation above $16,500 0% 14% Plan Contributions as a Percentage of Eligible Compensation For Tier II Employees (Hired on or after July 1, 1994) Years of Service By the Foundation By the Participant Total Years 1 8% None 8% Years 2 through 7 8% 3% 11% Years 8 or more 10% 3% 13% Plan Contributions as a Percentage of Eligible Compensation For Tier III Employees (Hired on or after January 1, 2000) Years of Service By the Foundation By the Participant Total Year 1 None None None Years 2 and 3 8% None 8% Years 4 through 7 8% 3% 11% Years 8 or more 10% 3% 13% Plan Contributions as a Percentage of Eligible Compensation For Tier IV Employees (Hired on or after January 1, 2009) Years of Service By the Foundation By the Participant Total Year 1 None None None Years 2 through 7 8% None 8% Years 8 or more 10% None 10%

Retirement Annuity. Full-time and part-time A employees, who are appointed for at least four complete calendar months, participate in a defined contribution retirement plan administered by XXXX/CREF (the “pension plan”). Some of the key terms of the pension plan are summarized below. For all employees, participation in the pension plan is mandatory. For employees in TIER I (those hired and enrolled in TIAA/CREF before July 1, 1994 with no break in service2service*), the Foundation contributes 11% of the first $16,500 of the employee’s earnings during the calendar year, and 14% of the employee’s earnings earn- ings over $16,500. Employees are immediately and fully vested in the employer contributions. For employees in TIER II (those hired on or after July 1, 1994, and before January 1, 2000, with no break in service*), there is a one-year waiting period to participate in the pension plan. The Foundation contributes 8% of the employee’s earnings during the first seven years of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. Employees must make a mandatory employee contribution of 3% of his/her earnings (on a pre-tax basis) starting at the end of the one-year waiting period. Employees are immediately and fully vested in their employer contributions and employee contributions. For employees in TIER III (those first hired, or rehired after a break in service,* on or after January 1, 2000 and before January 1, 2009), there is a one-year waiting period to participate in the pension pen- sion plan. The Foundation contributes 8% of the employee’s earnings earn- ings from the 2nd through the 7th year of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. Employees are fully vested in their employer contributions after three years of service. (The one-year waiting period counts toward this vesting requirement.) Employees must make a mandatory employee contribution of 3% of his/her earnings after completing three years of service. An employee’s own contributions are immediately and fully vested. For employees in TIER IV (those first hired, or rehired after a break in service,* on or after January 1, 2009), there is a one-year waiting period to participate in the pension plan. The Foundation contributes 8% of the employee’s earnings from the 2nd through the 7th year of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. The employer contribution for each year is allocated to the plan in a lump sum as soon as practicable after the final payroll for that year. Employees are fully vested in their employer contributions after three years of service. (The one-year waiting period counts toward this vesting requirement.) No employee contributions are required. Rehired employees who have previously vested in the Foundation’s pension plan will not be required to satisfy a new vesting period. This is not a complete summary of the Foundation’s Defined Contribution Retirement Plan. Employees should refer to the official plan document for other important terms and conditions of 2 For the purpose of determining an employee’s Pension Tier level, a “break in service” is defined as a lapse in employment in excess of 4 months. the plan. If there is any ambiguity or inconsistency between this summary and the plan document, the terms of the plan document will govern. Plan Contributions as a Percentage of Eligible Compensation For Tier I Employees (Hired prior to July 1, 1994) By the Foundation By the Participant Total 11% of the first $16,500 of Compensation 0% 11% 14% of Compensation above $16,500 0% 14% Plan Contributions as a Percentage of Eligible Compensation For Tier II Employees (Hired on or after July 1, 1994) Years of Service By the Foundation By the Participant Total Years 1 8% None 8% Years 2 through 7 8% 3% 11% Years 8 or more 10% 3% 13% Plan Contributions as a Percentage of Eligible Compensation For Tier III Employees (Hired on or after January 1, 2000) Years of Service By the Foundation By the Participant Total Year 1 None None None Years 2 and 3 8% None 8% Years 4 through 7 8% 3% 11% Years 8 or more 10% 3% 13% Plan Contributions as a Percentage of Eligible Compensation For Tier IV Employees (Hired on or after January 1, 2009) Years of Service By the Foundation By the Participant Total Year 1 None None None Years 2 through 7 8% None 8% Years 8 or more 10% None 10%vesting

Retirement Annuity. Full-time and part-time A employees, who are appointed for at least four complete calendar months, participate in a defined contribution contri- bution retirement plan administered by XXXX/CREF (the “pension plan”). Some of the key terms of the pension plan are summarized below. For all employees, participation in the pension plan is mandatory. For employees in TIER I (those hired and enrolled in TIAA/CREF before July 1, 1994 with no break in service2service*), the Foundation contributes 11% of the first $16,500 of the employee’s earnings during the calendar year, and 14% of the employee’s earnings earn- ings over $16,500. Employees are immediately and fully vested in the employer contributions. For employees in TIER II (those hired on or after July 1, 1994, and before January 1, 2000, with no break in service*), there is a one-year waiting period to participate in the pension plan. The Foundation contributes 8% of the employee’s earnings during the first seven years of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. Employees must make a mandatory employee contribution of 3% of his/her earnings (on a pre-tax basis) starting at the end of the one-year waiting period. Employees are immediately and fully vested in their employer contributions and employee contributions. For employees in TIER III (those first hired, or rehired after a break in service,* on or after January 1, 2000 and before January 1, 2009), there is a one-year waiting period to participate in the pension pen- sion plan. The Foundation contributes 8% of the employee’s earnings earn- ings from the 2nd through the 7th year of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. Employees are fully vested in their employer contributions after three years of service. (The one-year waiting period counts toward this vesting requirement.) Employees must make a mandatory employee contribution contri- bution of 3% of his/her earnings after completing three years of service. An employee’s own contributions are immediately and fully vested. For employees in TIER IV (those first hired, or rehired after a break in service,* on or after January 1, 2009), there is a one-year waiting period to participate in the pension plan. The Foundation contributes 8% of the employee’s earnings from the 2nd through the 7th year of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. The employer contribution for each year is allocated to the plan in a lump sum as soon as practicable after the final payroll for that year. Employees are fully vested in their employer contributions after three years of service. (The one-year waiting period counts toward this vesting requirement.) No employee contributions are required. Rehired employees who have previously vested in the Foundation’s pension plan will not be required to satisfy a new vesting period. This is not a complete summary of the Foundation’s Defined Contribution Retirement Plan. Employees should refer to the official plan document for other important terms and conditions of 2 * For the purpose of determining an employee’s Pension Tier level, a “break in service” is defined as a lapse in employment in excess of 4 months. the plan. If there is any ambiguity or inconsistency between this summary and the plan document, the terms of the plan document will govern. Plan Contributions as a Percentage of Eligible Compensation For Tier I Employees (Hired prior to July 1, 1994) By the Foundation By the Participant Total 11% of the first $16,500 of Compensation 0% 11% 14% of Compensation above $16,500 0% 14% Plan Contributions as a Percentage of Eligible Compensation For Tier II Employees (Hired on or after July 1, 1994) Years of Service By the Foundation By the Participant Total Years 1 8% None 8% Years 2 through 7 8% 3% 11% Years 8 or more 10% 3% 13% Plan Contributions as a Percentage of Eligible Compensation For Tier III Employees (Hired on or after January 1, 2000) Years of Service By the Foundation By the Participant Total Year 1 None None None Years 2 and 3 8% None 8% Years 4 through 7 8% 3% 11% Years 8 or more 10% 3% 13% Plan Contributions as a Percentage of Eligible Compensation For Tier IV Employees (Hired on or after January 1, 2009) Years of Service By the Foundation By the Participant Total Year 1 None None None Years 2 through 7 8% None 8% Years 8 or more 10% None 10%.