PLAN

Enroll today. Enjoy tomorrow. 403(b) and 457(b) Retirement Plans s a vi ng : i n v e s t ing : pla nni ng

Pay yourself first. Contribute automatically by convenient payroll reduction.

Voluntary contribution plans to help you prepare for and live a secure retirement As an employee of the you have a special opportunity to prepare for the future. Depending on which institution you work for, you can contribute to a 403(b) plan, a 457(b) plan, or both. You may set aside money through convenient pretax or post-tax (Roth) payroll reduction contributions. Pretax contributions lower your taxable income and may reduce your current income taxes. Qualified distributions of Roth contributions are tax free at time of withdrawal. Either way, your accounts benefit from the opportunity for tax-advantaged growth. See your employer or human resources department to determine whether your institution permits Roth contributions. This is not your plan document. The administration of each plan is governed by the actual plan document. If discrepancies arise between this brochure and the plan document, the plan document will govern. 1

p lan h ig h l ig ht s

Participate in the 403(b) and 457(b) Retirement Plans.

Your employer’s voluntary contribution plans offer you a unique advantage in preparing for a secure retirement. For example:

>> You contribute automatically by convenient payroll reduction >> You may have the option of making traditional pretax and/or Roth (after-tax) contributions >> Contributing pretax dollars will reduce your current taxable income >> Contributing Roth (after-tax) dollars may reduce your income taxes at the time of withdrawal if certain conditions are met >> You decide how to invest your contributions >> On your pretax contributions, you defer taxes on contributions and earnings until withdrawal. Taxes are payable at withdrawal, and federal withdrawal restrictions apply. You might incur a 10% federal early withdrawal penalty if you withdraw funds before age 59½ from your 403(b) account or from amounts rolled over to the 457(b) plan from non-457(b) plans. Please check the plan highlights inserted in the back pocket or contact your financial advisor to get additional information on the pretax and post-tax contributions. Enrollment For the 403(b) plan, simply decide how much you want to save and how you want to invest contributions to your account. For the 457(b) plan, you generally must enroll before the beginning of the month in which you want to begin contributions, or — if you’re a new employee — on or before the first day of employment.

2

Your contributions You can contribute either to the 403(b) Plan or the 457(b) Deferred Compensation Plan or both. Regardless of your election, you are subject to the annual contribution limits detailed below. 403(b) Plan

457(b) Deferred Compensation Plan Your contributions

As much as 100% of your annual includible compensation, up to $17,500 in 2014. You can increase or decrease the amount you contribute to the plan as often as your employer allows.

As much as 100% of your annual includible compensation, up to $17,500 in 2014. You can increase or decrease the amount you contribute to the plan as often as your employer allows.

Catch-up contributions You might be eligible to contribute up an additional

You may be eligible to contribute up to an additional

> $3,000 in 2014 if you have at least 15 years of service with the employer

>> $17,500 in 2014 if you are within the last three taxable years ending the year before you reach normal retirement age (as specified in the plan) and have undercontributed in prior years, or

> $5,500 in 2014 if you are age 50 or older If you are eligible for both catch-up provisions, you must exhaust the 15-year catch-up first.

>> $5,500 in 2014 if you are age 50 or older If you are eligible for both, you cannot combine the two catch-up amounts, but you can contribute up to the higher amount.

Please check with your employer or human resources department to determine whether your institution offers both plans. Pretax or Roth contributions You have a choice regarding your elective contributions to your 403(b) plan. Regardless of your election, you are subject to the annual contribution limits detailed previously. You can direct all of your contributions to a traditional pretax account, to a Roth account or to a combination of the two. Contributions to a Roth account are after-tax. Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is after the end of the five-year period beginning the year the first Roth contribution was made to the plan and (2) is after attainment of age 59½, death or disability.

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p lan h ig h l ig ht s

Your plan was established to encourage long-term savings.

Vesting Vesting refers to your ownership of money in your retirement plan account. You are always 100% vested in your own contributions, plus rollover contributions, and any earnings they generate. Account statement Your retirement plan sends all active participants a comprehensive account statement every calendar quarter. This account statement documents all activity for the preceding period, including total contributions and transfers among investment options. You can choose to “go paperless” if you wish. Receive secure, paperless, electronic notification when your retirement account statements, transaction confirmations and certain regulatory documents are available online through our secure connection PersonalDeliver- ®. Managing these items electronically is faster and more secure than paper mail. Simply log in to your account at VALIC.com to sign up for this free service. Account consolidation You might be able to transfer your vested retirement account balance from a prior employer’s plan to your current workplace retirement plan. This can be an excellent way to simplify your financial profile and to ensure your overall investments are suitably diversified and consistent with your investment preferences. However, before you make that decision, check to see if the other provider’s contract provides additional benefits or imposes surrender charges. Withdrawals Generally, you can withdraw your account balance if any of these events apply: 403(b) Plan

457(b) Deferred Compensation Plan

>> Attainment of age 591/2

>> Attainment of age 701/2

>> Your death

>> Severance from employment

>> Your disability

>> Unforeseeable emergencies

>> Severance from employment >> Immediate financial hardship

You must begin taking distributions when you reach age 701/2 or retire from the employer sponsoring the plan, whichever occurs later. Remember that income tax is payable at withdrawal, and withdrawals from your 403(b) account prior to age 591/2 are subject to federal restrictions and may be subject to a 10% federal early withdrawal penalty. The 10% penalty also applies to the amounts rolled over to the 457(b) plan from non-457(b) eligible retirement plans.

4

Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is made after the end of the five-year period beginning with the first year for which a Roth contribution was made to the plan Roth contribution was made to the plan and (2) is after the attainment of age 59½, death, or disability.

With more people approaching retirement, stand out from the crowd Don’t worry, it’s not hard to do. The simple truth is that most people haven’t invested the time or money to build a secure financial future. Recent studies show that: >> 24% of workers say they are not at all confident about having enough money for a comfortable retirement* >> 36% of workers have less than $1,000 in savings, and 56% say their savings and investments total less than $25,000* >> Only one in three (29%) workers is very confident about having enough money to pay basic living expenses in retirement*

The good news is that wherever you may be in your working career, you have several sources to access for retirement income, including: >> Pension plans >> 403(b) and 457(b) retirement savings plans >> Social Security >> Savings/investments >> IRAs

Some of these sources offer a built-in safety net for a small portion of the population. For everyone else, options need to be weighed and decisions made. VALIC offers the services, products and support that can help guide you through these important choices.

* Source: Ruth Helman, Nevin Adams, Craig Copeland, and Jack VanDerhei, “The 2014 Retirement Confidence Survey: Confidence Rebounds–for Those With Retirement Plans, “EBRI Issue Brief, no. 397, March 2014.

5

5

Reasons to save for retirement

6

1

We’re living longer Life expectancy has increased dramatically and continues to rise. That means you could spend 20 years or more enjoying retirement. Born in 1940 Born in 1960 Born in 1980

Average lifespan

Born in 2000 Born in 2010 0

20

40

60

80

Source: National Center for Health Statistics from birth, 2013.

2

Retirement lifestyles are changing People today are reinventing retirement and staying active longer. That takes more money. For example, a worker earning $50,000 at retirement will need to replace 85% of that amount each year to maintain the same standard of living, according to one study. Source: Aon Consulting, The Real Deal 2012 Retirement Adequacy at Large Companies.

3

Inflation isn’t going away Inflation diminishes the real annual rate of return on your investment. It also reduces your purchasing power over time. Either way, inflation erodes the value of your money. That means you need a retirement plan that factors inflation into its calculations. Today

In 20 years

In 40 years

$40,000

$72,244

$130,482

Inflation has averaged around 3% annually for the past 20 years, which may not sound like much, but it can take a big bite. For example, in 40 years you’ll need $130,482 to equal $40,000 today.

Source: U.S. Department of Labor, Bureau of Statistics CPI-U, 1979-2009.

4

Social Security outlook Social Security was never designed to do more than supplement retirement income. Average annual benefit payable to retired worker in 2014*

$15,528

Average annual benefit payable to couple in 2014*

$25,332

Maximum annual benefit for a worker at full retirement in 2014*

$31,704

* After 1.5% COLA. As of January 2014. Average amounts can change monthly.

Social Security is also under increasing stress as baby boomers retire and fewer workers remain to support the system. With less money coming in and more retirees collecting benefits, current projections are that future benefits could be reduced. Sources: socialsecurity.gov. 2014 Social Security Trustees Report

5

Rising healthcare expenses As we age, more of our money is likely to be needed for healthcare and related medical expenses. And according to many studies, the rate of inflation for healthcare is likely to continue for years to come. Sources: Study by Towers Watson, New York City, July 2012. Survey by Healthcare Cost Institute, May 2012.

7

8

Why start today? Time is money. Every day you delay in starting to save for retirement means less time to benefit from compound interest. And the only way to make up for that lost time is to save more in the time remaining until retirement. Consider a hypothetical 25-year-old investor who saved $200 a month through pretax salary-reduction contributions to a tax-qualified retirement plan. She saved for five years, then left the money invested. Assuming an 8% annual rate of return on investment, our young investor would have accumulated $200,000 by the time she was 65. And her out-of-pocket cash outlay was just $12,000! However, a 35-year-old investor in the same plan would have to save at the same rate for 15 years to accumulate $200,000 by age 65, and would have to contribute about $36,000 out of pocket. A 45-year-old contributing the same amount would have to save for 27 years to reach $200,000. His out-of-pocket cash outlay? $64,800. And he wouldn’t reach his goal until age 72! (See chart.)

Your out-of-pocket cost to accumulate $200,000 deposits

This chart compares the total out-of-pocket costs required to fund the retirement goals of three tax-qualified plan investors who began contributing $200 a month at different ages. The example assumes an 8% annual rate of return. Tax-qualified plan accumulations are taxed as ordinary income when withdrawn. Federal restrictions and a 10% federal early withdrawal penalty can apply to early withdrawals. This chart is hypothetical, only an example, does not reflect the return of any specific investment and is not a guarantee of future income.

$64,800

$36,000

$12,000 25 years old

35 years old

45 years old

$200 per month for 5 years

$200 per month for 15 years

$200 per month for 27 years

NOTE: $200 in pretax contributions would equal about $267 out of pocket if paid with after-tax dollars assuming a 25% federal marginal tax bracket.

Remember investing involves risk, including the possible loss of principal.

9

10

Why enroll in your retirement plan? Reduce taxable income while you save for retirement Participating in a tax-deferred retirement plan is an easy way to set aside money for your future. Pretax contributions to the plan are made through a convenient payroll reduction program — before withholding tax is calculated. This reduces your taxable income while you save for retirement. Taxes on all interest and earnings from your account are deferred until withdrawal, usually at retirement. (Remember that income taxes are payable upon withdrawal, and federal restrictions and tax penalties can apply to early withdrawals, depending on your contract.)

The advantages of a tax-deferred retirement plan taxable account tax-deferred account

$142,000 $97,000

$45,000

$57,000

$16,000 $18,000 10 years

20 years

Lower maximum capital gains rates may apply to certain investments in a taxable account (subject to IRS limitations, capital losses may be deducted against capital gains), which would reduce the differences between the changes of the accounts shown in the chart. You should consider your personal investment horizon and current and anticipated income tax brackets when making investment decisions, as they may further affect the results of the comparison. Control your investments You decide how to invest all contributions to your retirement account from among the investment options available in your plan. Your retirement plan offers you access to investment options that cover a broad spectrum of asset categories and classes. This gives you the flexibility to create a diversified investment mix to suit your individual needs and goals. Keep in mind that investments in variable annuities and mutual funds fluctuate in value, so they could, when redeemed, be worth more or less than the original cost. Bear in mind that investing involves risk, including possible loss of principal.

30 years

This chart compares the hypothetical results of contributing $100 each month to (1) a taxable account and (2) a tax-qualified retirement account. Bear in mind that a $100 pretax contribution to a tax-qualified account has a current cost of $75 (assuming a 25% income tax bracket) and also reduces current taxable income. Remember investing involves risk, including the possible loss of principal. The chart assumes an 8% annual rate of return. Fees and charges, if applicable, are not reflected in this example and would reduce the amount shown. Income taxes on tax-deferred accounts are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal penalty may apply to withdrawals prior to age 591/2. This information is hypothetical and only an example. It does not reflect the return of any investment and is not a guarantee of future income. 11 11

Securities and investment advisory services are offered by VALIC Financial Advisors, Inc., member FINRA and an SEC-registered investment advisor. VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.

VALIC.com Copyright © The Variable Annuity Life Insurance Company. All rights reserved. VC 22427 (07/2014) J93620 EE

University System of Georgia 403(b) Plan Plan Highlights Summary Fidelity Investments® About Fidelity Investments

Plan highlights

Chances are you already know Fidelity Investments by reputation. Founded in 1946, and America’s largest privately held investment company, Fidelity has always been committed to providing exceptional money management, outstanding customer service, and state-of-the-art technology. Fidelity is committed to providing a range of investment options, proven long-term performance, educational resources, and superior customer service to all employees to help you plan for retirement.

Your retirement plan with Fidelity Investments offers the advantage of pretax contributions and tax-deferred growth. Many of the plan’s benefits are designed to help you improve your ability to reach your financial goals. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Investment options When it comes to mutual funds, Fidelity has a long-standing commitment to research and performance. By investing your contributions at Fidelity, you have access to hundreds of investment options, all categorized in an easy-to-understand format. Shown below is a look at the categories of investment options offered by your plan. A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, are available online at Fidelity NetBenefits® at www.fidelity.com/atwork.

With Fidelity, you can count on: • More than 65 years of investment experience • More than 20 years of experience helping people plan for retirement • Powerful online tools, experienced professional support, and easy access that can help make you a wiser investor

Categories to the left have potentially more inflation risk and less investment risk Money Market (or Short Term)

Managed Income/ Stable Value

Bond

Categories to the right have potentially more investment risk and less inflation risk Balanced/ Hybrid

Domestic Equity

International/ Global Equity

Large Value

Large Blend

Large Growth

Mid Value

Mid Blend

Mid Growth

Small Value

Small Blend

Small Growth

Specialty

Last categorization date 4/30/2014. This spectrum, with the exception of the Domestic Equity category, is based on Fidelity’s analysis of the characteristics of the general investment categories and not on the actual investment options and their holdings, which can change frequently. Investment options in the Domestic Equity category are based on the options’ Morningstar categories as of the date indicated. Morningstar categories are based on a fund’s style as measured by its underlying portfolio holdings over the past three years and may change at any time. These style calculations do not represent the investment options’ objectives and do not predict the investment options’ future styles. Investment options are listed in alphabetical order within each investment category. Risk associated with the investment options can vary significantly within each particular investment category and the relative risk of categories may change under certain economic conditions. For a more complete discussion of risk associated with the mutual fund options, please read the prospectuses before making your investment decisions. The spectrum does not represent actual or implied performance. Fidelity Freedom® Funds offer a blend of stocks, bonds, and short-term investments within a single fund. They are designed for investors who don’t want to go through the process of picking several funds from the three asset classes but who still want to diversify among stocks, bonds, and short-term investments. Investment options to the left have potentially more inflation risk and less investment risk Fidelity Freedom® Income Fund

Fidelity Freedom® 2005 Fund

Fidelity Freedom® 2010 Fund

Fidelity Freedom® 2015 Fund

Investment options to the right have potentially more investment risk and less inflation risk Fidelity Freedom® 2020 Fund

Fidelity Freedom® 2025 Fund

Fidelity Freedom® 2030 Fund

Fidelity Freedom® 2035 Fund

Fidelity Freedom® 2040 Fund

Fidelity Freedom® 2045 Fund

Fidelity Freedom® 2050 Fund

Fidelity Freedom® 2055 Fund

Target date investments are represented on a separate spectrum because they are generally designed for investors expecting to retire around the year indicated in each investment’s name. The investments are managed to gradually become more conservative over time. The investment risk of each target date investment changes over time as its asset allocation changes. The investments are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after the investments’ target dates.

Customer service

One-on-one guidance from Fidelity

At Fidelity, we do more than just provide investment opportunities. We also offer the types of tools and resources that can help you become a better investor. Our commitment to investor education means you have easy access to the people and information you need to help you make informed investment decisions.

Tap into Fidelity’s guidance and experience — and feel more confident about your financial future.

www.fidelity.com/atwork Simply log on to Fidelity NetBenefits,® virtually anywhere, any time, for immediate access to your account. You can view your account balances, request exchanges between investment options, track your contributions, access fund information, and more.

1-800-343-0860 Call us toll free, virtually 24 hours a day, seven days a week, for account balance transactions and more. And with our phone system’s natural language capabilities, you can quickly and easily monitor and manage your account by using simple phrases and voice commands.

Knowledgeable representatives Call a Fidelity Retirement Services Representative at 1-800-343-0860, Monday through Friday, 8 a.m. to midnight Eastern time, for account information and assistance. Fidelity’s representatives are knowledgeable, dedicated, professional, and committed to helping you take full advantage of your retirement plans.

A Fidelity Workplace Planning and Guidance Consultant is ready to help you: • Manage your retirement savings goals • Choose from a wide range of investments • Build a plan that’s easy to put into action Schedule a complimentary one-on-one appointment by calling 1-800-642-7131 or by registering online at getguidance.fidelity.com.

Education how and when you need it To help you make knowledgeable and confident decisions about your money, Fidelity offers flexible learning opportunities, including: • Online workshops, tools, and resources • On-site learning opportunities • Regular email and print messages • Experienced representatives

Withdrawal restrictions Withdrawals from the plan are generally permitted when you terminate your employment or retire, as defined by your plan. Keep in mind that withdrawals are subject to income taxes and possibly to early withdrawal penalties.

To enroll in the plan Contact a Fidelity Retirement Services Representative to begin enrollment today. To schedule an appointment, call Fidelity Investments toll free at 1-800-343-0860, Monday through Friday, 8 a.m. to midnight Eastern time.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call Fidelity at 1-800-343-0860 or visit www.fidelity.com for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. The trademarks and/or service marks appearing above are the property of FMR LLC and may be registered. Be sure you understand the tax consequences of any withdrawal from the plan. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 © 2014 FMR LLC. All rights reserved. 687845.1.1 3.EPC000357098.100

University System of Georgia 403(b) Plan. TIAA-CREF Plan Highlights What sets TIAA-CREF apart TIAA-CREF is the financial services company that serves 3.9 million of your colleagues in the academic, medical, cultural and research fields.

TIAA-CREF investment options We offer choices like the TIAA Traditional Annuity, which provides a minimum guaranteed interest rate plus the opportunity for additional amounts. The TIAA Traditional Annuity provides a good way to obtain guaranteed income during retirement, backed by TIAA’s claims-paying ability.1 We also offer the TIAA Real Estate Account, a variable annuity account that invests in income-producing commercial real estate. Investment performance for commercial real estate seldom moves in tandem with either stock or bond market performance. However, there are risks associated with real-estate ownership and you should read the Account’s prospectus carefully before you invest.2

Personalized Retirement Plan advice TIAA-CREF can provide you with personalized retirement planning and advice on your retirement plan portfolio, at no additional cost.

Investment choices that match your goals We provide a wide range of financial services to help meet your needs. From retirement savings accounts and brokerage services, to life insurance, to education savings and mutual funds, we can help you understand the choices that suit your personal situation.

Low costs TIAA-CREF is committed to keeping costs low, which is why our expenses are generally among the lowest in the variable annuity and mutual funds according to Morningstar® Direct (March 2014) based on Morningstar expense comparisons by category. Our low costs can help put more of your money working toward your retirement and other goals.

University System of Georgia 403(b) Plan

We’re here to help. If you need assistance with enrolling online, call TIAA-CREF at 800 842-2252 Monday to Friday, 8 a.m. to 10 p.m. (ET), or Saturday, 9 a.m. to 6 p.m. (ET).

Prepare to enroll online TIAA-CREF makes it easy for you to enroll online in the University System of Georgia 403(b) Plan. Online enrollment is the fastest and easiest way to enroll. Before you enroll, have the following information available: WW Your

investment choices and allocations: Go to www.tiaa-cref.org/usg to review your investment choices.

WW Your

Social Security Number

WW Your

beneficiary’s Social Security Number, birth date and address

To enroll online Go to www.tiaa-cref.org/usg and click on Enroll Now. Use the drop-down menus to select your school and the plan in which you wish to enroll. You will come to the Welcome page. Once on this page: WW If

you are a first-time user: Click Register with TIAA-CREF to set up your User ID and password.

WW If

you are a returning user: Enter your established TIAA-CREF User ID and click Log In. –– Follow the on-screen directions to complete your enrollment application.

WW Note:

At the allocation screen, click on any investment choice to view its fact sheet.

–– Print a confirmation page from the Thank You screen.

Important In addition to enrolling with TIAA-CREF as your provider for this plan, you must complete a Salary Reduction Agreement. Obtain a copy of the form by contacting your Campus HR/ Benefits Office and then return the completed and signed form back to that office as well.

The TIAA Traditional Annuity provides a guarantee of principal and a specified interest rate in the accumulation phase – based upon TIAA’s claims paying ability. It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. Such additional amounts, when declared, remain in effect for the “declaration year” which begins each March 1 for accumulating annuities and January 1 for payout annuities. Additional amounts are not guaranteed for the future years. TIAA Traditional is a guaranteed insurance contract and not an investment for Federal Securities Law purposes. 2 The real estate industry is subject to various risks including fluctuations in underlying property values, expenses and income, and potential environmental liabilities. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org/usg for details. 1

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 800 842-2252 or go to www.tiaa-cref.org/usg for current fund and product prospectuses that contain this and other information. Please read the prospectuses carefully before investing. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. © 2014 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017 C17682 141002932

358521_446411 (06/14)

UNIVERSITY SYSTEM OF GEORGIA 403(b) PLAN VALIC Introduction/History

Tier III Funds for GA Board Selection AllianceBer Sm-Mid Val R AmCent Intl Disc Adv American Century Small Cap Growth Fund Amer Funds Fundamen R3 Amer Funds Small Cap World R3 BlackRock Equity Div R BlackRock Health Sciences Opportunities Calvert Long Term Income A Calvert Soc Inv Bond A Columbia Marsico 21st R Columbia Mid Cap Growth A Columbia Mid Cap Value R Dreyfus Mid Cap Growth A Dreyfus Strat Value A Fidelity Adv Emerg Mkt T Fidelity Adv Intl Disc T Fidelity Adv LevCo Stk T Fidelity Adv Small Cap T Franklin Templeton Income R Franklin Temp Sm Cap Val R Gabelli Asset A Invesco Charter R Invesco Energy A Invesco Global Real Estate R Invesco Intl Growth R Invesco Small Cap Equity R Invesco Small Cap Growth R Janus Adviser Bal S Janus Adviser Forty S Janus Perkins Mid Cap Value S JPMorgan InVal A Loomis Sayles High Inc A Munder Mid-Cap Core Gr A Mutual Discovery R Oppenheimer Gold & SpecA PIMCO StkPl Tot Ret A Pioneer Cullen Value A Pioneer Mid-Cap Value A Pioneer R Putnam Convert Inc-Gr R Templeton World Fund A Vanguard Windsor II WF Adv Spec Tech A

VALIC has more than half a century of experience helping Americans plan for and enjoy a secure retirement. We take a personal approach to retirement plans and programs, offering customized solutions for individual needs. For more than five decades, we have specialized in serving educators. Our experienced financial advisors provide the highest level of personal, face-to-face service. This is not your plan document. The administration of each plan is governed by the actual plan document. In the event of a conflict between this insert and the plan document, the plan document will govern.

Plan highlights

Your employer’s 403(b) plan with VALIC offers the advantages of pretax and after-tax Roth contributions and tax-deferred growth. This plan is a great way to help accumulate money for your future. Remember, investment values will fluctuate and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than their original cost. Bear in mind that investing involves risk, including the possible loss of principal.

Investment options

Please reference the VALIC quarterly fund performance sheet for average annual returns and expense ratios for each fund. Tier I Funds for GA Board Selection1 T. Rowe Price Rtmt 2010 R T. Rowe Price Rtmt 2020 R T. Rowe Price Rtmt 2030 R T. Rowe Price Rtmt 2040 R T. Rowe Price Rtmt Inc R Tier II Funds for GA Board Selection AllianceBernstein International Growth (R) AllianceBernstein International Value (R) Allianz NFJ Dividend Value (R) AmCent Inf-Adj Bd Adv AmCent Premium Money Market (Inv) AmCent Vista Adv American Funds American Balanced R3 American Funds American Hi Inc Tr R3 Amer Funds Bond Fund of Amer (R-3) Amer Funds Cap World Growth&Inc (R3) Amer Funds Growth Fund of Amer (R-3) Artisan Mid Cap Value (No Load) Calvert Social Investment Equity (A) Columbia Small Cap Value A Davis New York Venture (R) Dreyfus MidCap Index Evergreen Intl Bond A JPMorgan Equity Index (A) JPMorgan Small Cap Growth (A) Loomis Sayless Global Equity and Income A Oppenheimer Main Street Small Cap (N) Pioneer Emerging Markets (A) Templeton Global Bond R Virtus Real Est Sec A Fixed-Interest Option2

Ticker Symbol RRTAX RRTBX RRTCX RRTDX RRTIX Ticker Symbol AWPRX AIVRX PNERX AIAVX TCRXX TWVAX RLBCX RITCX RBFCX RWICX RGACX ARTQX CSIEX CSMIX NYVRX PESPX ESIYX OGEAX PGSGX LGMAX OPMNX PEMFX FGBRX PHRAX

Ticker Symbol ABSRX ACIDX ANOAX RFNCX RSLCX MRDVX BHSRX CLDAX CSIBX CMTRX CBSAX CMVRX FRSDX DAGVX FTMKX FTADX FLSTX FSCTX FISRX FVFRX GATAX CHRRX IENAX RGREX AIERX SMERX GTSRX JABRX JARTX JMVIX JFEAX NEFHX MGOAX TEDRX OPGSX PTOAX CVFCX PCGRX PIORX PCVRX TEMWX VWNFX WFSTX

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. While the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money while investing in the fund.

The principal value of an investment in a Target Date fund is not guaranteed at any time including at or after the target maturity date. The target date is the approximate date when investors plan to start withdrawing their money.

1

Policy Form GFA-504, a group fixed allocated annuity, issued by The Variable Annuity Life Insurance Company.

2

Administrative charge

No administrative charges are applicable, based on current fee revenues from Rule 12b-1 fees and recordkeeping fees received by VALIC or an affiliate from the mutual funds offered in your plan. The fee revenues will be reviewed annually and may impact the net administrative fee. Additionally, annual operating expenses charged by the mutual funds apply for each mutual fund chosen and are described in each fund’s prospectus.

Withdrawals before age 59½ may be subject to federal restrictions and a 10% federal early withdrawal penalty. Withdrawals are not subject to the 10% federal early withdrawal penalty if you are age 55 or older when you separate from service from your employer. Early withdrawals for total disability or death of the policyholder do not incur the 10% federal early withdrawal penalty. In addition, you must begin taking distributions once you reach age 70½ or you retire, whichever is later.

Participant service options

Tax-free loans

• Assistance from on-site financial advisors • Comprehensive computer-based retirement planning and investment advisory services • Objective and expert investment guidance • Customized asset management services • Assisted enrollment services • ePrint: a Web-based system that provides access to all the documentation you need to invest and to manage your account • Account access through the Internet, voice-response telephone system, Client Care Center and mobile devices • Annual client reviews • Educational seminars on-site or online at the VALIC Financial Planning and Education Center • Quarterly account statements for active accounts • Quarterly educational newsletters

Contributions

The Internal Revenue Code limits your employee contribution to $17,500 in 2014. If you are age 50 or older, you are eligible to contribute up to an additional $5,500 in 2014. Please consult with your local advisor to discuss your personal contribution limits.

Fixed-Interest Option withdrawal/transfer restrictions Generally, a maximum of 20% of your Fixed-Interest Option account balance will be available for in-service withdrawals or transfers to another investment option each year. However, there are no transfer or withdrawal restrictions if one of the following conditions is met:

• Annuity payout option is selected • Your death or total and permanent disability • Retirement or separation from service from the employer who maintains the plan • Withdrawal taken as a hardship under the terms of the plan • Transfer a portion of the account value to a companion account for a loan

Tax-free loans enable you to access your account, subject to certain limitations, without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and a 10% federal early withdrawal penalty may apply if you are under age 59½.

Distribution options

Generally you have a choice of payout options. For example, you can: • Purchase an annuity to receive regular income payments • Leave funds on deposit • Take systematic or partial withdrawal • Take a lump-sum distribution • Transfer or roll over your account balance to another tax-advantaged plan that accepts rollovers

How to enroll in the plan

Enrolling is easy; you can enroll online using the University System of Georgia’s custom website at VALIC.com/usg or you can enroll by phone through the VALIC Enrollment Center at 1-888-569-7055. If you need assistance, contact your financial advisor. Your financial advisor will work with you through each step of the enrollment process.

Managing your account

Once you are enrolled, you can access your account information and perform certain transactions, 24 hours a day, seven days a week from anywhere at any time: • VALIC Online at VALIC.com/usg • VALIC by Phone at 1-800-448-2542 Access account information on your mobile device. • VALIC Mobile for iPad®, iPhone® or Android™-based phones • VALIC Mobile Access for Web-enabled devices at my.valic.com/mobility

Contact information

VALIC 100 Ashford Center North, Suite 100 Atlanta, GA 30338

Investors should carefully consider the investment objectives, risks, fees, charges and expenses before investing. This and other important information is contained in the prospectus, which can be obtained from your financial professional or visit www.valic.com/usg and click on Access ePrint at the right-hand side of the screen. Enter ["your Group ID" OR insert group’s ID #] in the Login field and click Continue. Click on Funds at the left-hand side of the screen, and the funds available for your plan will be displayed. You can also request a copy by calling 1-800-428-2542. Read the prospectuses carefully before investing. This information is general in nature and may be subject to change. Neither VALIC nor its financial advisors or other representatives give legal or tax advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For legal or tax advice concerning your situation, consult your attorney or professional tax advisor. Securities and investment advisory services are offered by VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment advisor. VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company. iPad and iPhone are registered trademarks of Apple Inc. Android is a trademark of Google Inc. Copyright © The Variable Annuity Life Insurance Company. All rights reserved. VC 22688 (07/2014) 93790 EE