As a result of the College closure, the retirement plan will terminate in June 2027.

Action is Required. You will need to determine what to do with your existing account(s).

CCA’s retirement plan is scheduled to terminate in June 2027. At that time, employees and former employees with money remaining in the CCA retirement plan will need to determine what to do with their account balance and, if applicable, any outstanding retirement plan loan.

You do not need to wait until June 2027 to take action. If you already know your employment termination date, you can begin reviewing your options and making arrangements with TIAA.

TIAA is expected to send an action letter in May 2027 with detailed instructions, important deadlines, and information about the final plan termination process.

A few important points:

• Your retirement plan balance is 100% yours, including all applicable sources of money in your account.
• The termination of the CCA retirement plan does not mean that you lose your retirement savings.
• Individual retirement contracts that are not part of the CCA 403(b) plan are not affected by the termination of the CCA retirement plan. However, this is a good time to review all of your retirement accounts and determine whether consolidation or another action may make sense for you.
• Creative Planning will continue to be available as a resource for retirement and financial questions.

1. Roll your account into an IRA of your choice

You may choose to roll your retirement savings into an IRA of your choice.

• A properly completed rollover generally allows your retirement savings to remain tax-deferred, avoiding current income taxes on the amount rolled over.
• This would include your entire balance.
• You will need to initiate the rollover directly with TIAA.
• If you currently have a loan through the CCA 403(b) plan, be aware that an IRA does not provide the same retirement-plan loan feature.

2. Rollover to your new employer’s qualified retirement plan

If you begin working for a new employer, you may be able to roll your CCA retirement savings into that employer’s qualified retirement plan.

• Allows entire balance to rollover, no tax consequences.

3. Take a distribution

You may choose to take your retirement savings as a distribution. However, taking a distribution can have significant tax consequences.

• If you are under age 59½, an additional 10% early-distribution tax may apply, subject to applicable exceptions.
• Federal and state income taxes may apply.
• The taxable portion of a distribution generally counts as income for the year in which you receive it.

4. Take no action

If you do not take action when the CCA retirement plan terminates, your account will be handled according to the plan’s default termination provisions.

Generally:

• If your balance is below the plan’s applicable cash-out threshold, your account may be liquidated and a check may be issued to you.
• If your balance is above the applicable threshold, your balance may be automatically rolled into an IRA established* on your behalf, with a default investment selected according to the plan’s requirements.
• You will retain the ability to move funds from that IRA to another provider of your choice.

*The final timeline, applicable thresholds, and IRA provider have not yet been determined. TIAA will provide this information in the action letter expected in May 2027.

Your CCA retirement account does not automatically disappear when your employment ends. Once your employment separation date is reported to TIAA, you will be able to take action on your account. Your account balance belongs to you, including all applicable sources of money in the account.

You should review your options and take any necessary action before the CCA retirement plan terminates in June 2027.

If you are a former CCA employee and still have retirement savings in the CCA retirement plan, you should review your account and determine whether you want to move or otherwise manage those funds before the plan terminates.

You may have several options, including rolling your funds into an IRA or another eligible employer-sponsored retirement plan.

See “What are my options?” below, and/or contact a Creative Planning consultant for guidance.

When your employment ends, your separation date will be reported to TIAA. Once TIAA has this, you can begin taking action on your retirement account.

If you choose not to take action immediately, you will generally have until the plan terminates in June 2027, subject to the specific deadlines established by the plan and TIAA.

Employees who remain employed through CCA’s final operations should receive additional information regarding the timeline for making changes following their termination date.