Dear Participant:

IMPORTANT CHANGES COMING SOON TO THE BLUE RIDGE SCHOOL RETIREMENT PLANSWe are pleased to announce several important changes to our retirement plan, effective January 26, 2017, for bi-weekly contributions, and February 1, 2017, for monthly contributions. To get the most out of these changes, please read the enclosed materials carefully and plan to attend the group education session on January 9, 2017.

A COMPREHENSIVE REVIEWBlue Ridge School is committed to providing you with competitive retirement benefits and the services and tools you need to pursue your long-term savings goals. Based on a recent evaluation of the retirement plan and with the guidance of Lowe, Brockenbrough & Co., Inc., independent advisor to the plan, we are introducing several changes that are intended to enhance the investments, services, and tools you need to help you pursue your retirement savings goals.

NEXT STEPS FOR YOU• Read the enclosed transition guide and notices.

• Attend the group education session on January 9, 2017, at 1 p.m. during which Lowe, Brockenbrough & Co., Inc. will provide an overview of the enhancements.

• Access your new account and update your beneficiary information starting January 17, 2017.

HAVE QUESTIONS?Call TIAA at 800-842-2252. TIAA consultants are available Monday through Friday, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET). You can also schedule an individual advice session with a TIAA financial consultant by calling 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). Consultants will be on campus February 21 and 22 for in-person sessions.

To schedule a retirement planning session with Lowe, Brokenbrough & Co, Inc., call 804-288-0404. Representatives will be on campus for the January 9 group education session and on February 21 and 22 for individual sessions.

Blue Ridge School is committed to providing the resources you need to help you prepare for retirement. Please review the enclosed and all future communications to make the most of your retirement benefits. We also encourage you to attend the group information session on January 9, 2017 and schedule an individual session on February 21 and 22, 2017. I also welcome you to call me at 434-992-0511 if you have any questions or concerns during the transition.

Sincerely,

William “Trip” Darrin

Enclosures: Plan Updates Guide, Qualified Default Investment Alternative notice, Model Fact Sheet

CNA 701717-803102 (12/16)

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New opportunities for your retirement strategyAnnouncing updates to the Blue Ridge School retirement plans

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1 Questions? Call 800-842-2252 or visit TIAA.org/blueridgeschool

A new chapter is about to start Blue Ridge School is introducing several updates to the retirement plan: • New investment options. The new investments, carefully

selected by Blue Ridge School for its employees, may give you the ability to create a diversified retirement portfolio that matches your investment goals and preferences.

• The TIAA Custom Portfolio Model Service. This new asset allocation service is designed to provide a professionally allocated investment strategy that focuses on your retirement goals.

• New Retirement Choice and Retirement Choice Plus contracts will be issued for future contributions. Any assets in existing TIAA and CREF annuity contracts will remain there although no new contributions, rollovers or transfers may be made to them.

• You can continue to receive personalized advice on building your own portfolio using the plan’s investment options from a TIAA financial consultant. This service is available as part of your retirement plan at no additional cost to you. Investment advice is available online, by phone or through a one-on-one advice session.

Lowe, Brockenbrough & Co., Inc., an independent financial advisor, will also offer education on the new investment options in the retirement plan.1

1 TIAA and Lowe, Brockenbrough & Co., Inc., or any of their affiliates or subsidiaries are not affiliated with or in any way related to each other. TIAA acts as a recordkeeper for the plan and, in that capacity, is not a fiduciary to the plan. TIAA is not responsible for the education provided by Lowe, Brockenbrough & Co., Inc. TIAA also provides advice and education to plan participants and when it provides advice, TIAA takes fiduciary responsibility for that advice. Lowe, Brockenbrough & Co., Inc., is not responsible for the advice and education provided by TIAA.

Table of contentsA new chapter is about to start 1For all plan participants 2TIAA Custom Porfolio Model Service 3Build your own portfolio 4Q&A 5We’re here to help 6

Retirement plan updates start January 17, 2017.Key dates Event

January 9, 2017 at 1 p.m. Lowe, Brockenbrough & Co., Inc will be on site to provide an overview of the updates to the retirement plan.

January 17, 2017 Investment Election Period begins. You will be enrolled in new TIAA accounts and receive a confirmation kit with important information on making the most of your participation with TIAA.

January 26, 2017 First bi-weekly contribution is directed to the new account and new investment options.

February 1, 2017 First monthly contribution is directed to the new accounts and new investment options.

February 21 and 22 One-on-one sessions available with TIAA financial consultants and Lowe, Brockenbrough and Co., Inc.

Questions? Call 800-842-2252 or visit TIAA.org/blueridgeschool 2

For all plan participantsHow future contributions will be directed to the new investment optionsNew accounts

On January 17, 2017, if you are currently contributing, you will be enrolled in new Retirement Choice and Retirement Choice Plus contracts for all future contributions. TIAA will send you an enrollment confirmation that includes your new account information. Your beneficiary information will be copied from your current contracts. Please be sure to review and update your beneficiary information to ensure it reflects your intentions.

Future contributions

Beginning January 26, 2017, for bi-weekly payroll and February 1, 2017, for monthly payroll, all future contributions will be directed to your new account and the plan’s default investment option, which is the balanced risk-based custom portfolio. See page 3 for more information about the new custom portfolio model service.

You can update your new account beginning January 17, 2017. Go to TIAA.org/blueridgeschool and select Log In, in the upper right hand corner. (First-time users will need to Register for Access to establish a user ID and password). Then select My Account. To update your investment choices for future contributions, choose Manage Investments, then Change allocation of contributions. You can build your own portfolio from the new investment choices or view and manage the Custom Portfolio Model Service options.

Existing account balances

Any balances will remain in your current contracts and current investment choices. Transfers will continue to be permitted among TIAA Traditional Annuity, CREF Money Market Account and CREF Stock Account. However, transfers will not be permitted into any of the other investment options and no new contributions, rollovers or transfers can be made to these contracts.

If you’d like to take advantage of the new investment choices or the new Custom Portfolio Model Service, you can transfer some or all of your existing account assets to the new contracts.

If you are no longer contributing to the plan, you will not be issued a new contract. However, you are eligible to open a new contract and transfer some or all of your current balances to the new investment options.

Before considering a transfer, please note that a transfer to the new Retirement Choice and Retirement Choice Plus contracts is a permanent decision. Money cannot be moved back to an old contract. There are differences between the old and new contracts that relate to TIAA Traditional that you should be aware of before considering a transfer:

• The TIAA Traditional Annuity in the Retirement Choice and Retirement Choice Plus contracts has a guaranteed minimum interest rate* between 1% and 3%, which may be lower than your current guaranteed rate.

• When TIAA Traditional assets are transferred out of an old contract, you risk giving up favorable crediting rates on older contributions.**

• The TIAA Traditional Annuity in the Retirement Choice contracts has different liquidity rules.

For details, see the Contract Comparison located at TIAA.org/contractcomparison. If you have questions or would like to request a transfer to the new contract, call 800-842-2252 to speak to a TIAA financial consultant.

* Guarantees are subject to TIAA’s claims-paying ability.** The TIAA Traditional Annuity 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 periods other than the period for which they were declared.

3 Questions? Call 800-842-2252 or visit TIAA.org/blueridgeschool

Get started with the new asset allocation service. An alternative to choosing your own investments.

It’s easy to get started

Simply log in to your account at TIAA.org/blueridgeschool and select Manage Investments under My Account. You can choose Change Allocation of Contributions or Change Investments to subscribe. Based on your responses to a brief questionnaire, the portfolio of investments that best aligns with your information and goals will be selected for you. Once you review the recommended portfolio and underlying investments, you can approve it or consider other options.

Your eligible plan assets, as well as future contributions, will be invested in the portfolio you choose. If your financial situation or goals change, you can update the online questionnaire and consider other options.

TIAA Custom Portfolio Model Service$

$

NEW

A new service designed to help you save for what matters—your retirement goals

Professional management. Your portfolio will be professionally designed and allocated for you to help you invest for retirement.

Simple and convenient. This service provides the convenience of a complete retirement portfolio in a single choice.

The Blue Ridge School is pleased to introduce a convenient new way for you to plan and save for retirement. The Custom Portfolio Model Service helps to simplify investing by offering a single portfolio to you based on your current financial situation and future goals.

This option is available through TIAA’s Custom Portfolio Model Service, and gives the Blue Ridge School, along with their investment advisor, the opportunity to create a series of five risk-based model portfolios tailored specifically for Blue Ridge School retirement plan participants. Each portfolio includes a professionally selected mix of investments that corresponds to criteria developed by the Blue Ridge School in consultation with their investment advisor.1 It is managed to maintain a specific level of risk and will be automatically rebalanced on a regular basis.

Blue Ridge School Model Portfolios: Conservative

Moderate Conservative

Balanced

Moderate Growth

Aggressive Growth

How can you determine which Model Portfolio is right for you? Just fill out a Risk Tolerance Questionnaire when you log in to your account at TIAA.org/blueridgeschool. A model will be recommended based on your answers. You may select the recommended portfolio model or choose another that you believe is more appropriate.

1 TIAA as the Program Sponsor is not responsible for developing or selecting your Model. Please see the program disclosure document for complete information. You cannot subscribe to the service in any account that has an outstanding systematic withdrawal.

Questions? Call 800-842-2252 or visit TIAA.org/blueridgeschool.

Questions? Call 800-842-2252 or visit TIAA.org/blueridgeschool 4

Build your own portfolio

NEW

These new choices may offer you flexibility to create a retirement portfolio that matches your investment preferences and goals.

GUARANTEED* TICKER SYMBOL

TIAA Traditional Annuity* Guaranteed Annuity

MONEY MARKET TICKER SYMBOL

TIAA-CREF Money Market Institutional TCIXX

FIXED INCOME (BONDS) TICKER SYMBOL

Federated Institutional High Yield Bond Institutional FIHBX

Metropolitan West Total Return Bond I MWTIX

PIMCO Real Return Institutional PRRIX

Templeton Global Bond R6 FBNRX

TIAA-CREF Bond Plus Institutional TIBFX

Vanguard Short-Term Government Bond Index Admiral VSBSX

Vanguard Total Bond Market Index Admiral VBTLX

EQUITIES (STOCKS) TICKER SYMBOL

Delaware Small Cap Core I DCCIX

DFA Emerging Markets I DFEMX

Harding Loevner Institutional Emerging Markets I HLMEX

JHancock Disciplined Value Mid Cap R6 JVMRX

JHancock Disciplined Value R6 JDVWX

Lazard International Strategic Equity Institutional LISIX

MFS Blended Research Core Equity R5 MUEVX

T. Rowe Price Growth Stock I PRUFX

Vanguard 500 Index Admiral VFIAX

Vanguard Developed Markets Index Institutional VTMNX

Vanguard Mid Cap Index Admiral VIMAX

Vanguard Small Cap Index Admiral VSMAX

* TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.

Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org/blueridgeschool for details.

You can see details about the new investment options online at TIAA.org/blueridgeschool. Click on Investment Options and then select View All Investments to view the individual investment information.

Retirement plan investment adviceAs a participant in the plan, you have access to personalized retirement plan advice on the plan’s investment options. This service is available as part of your retirement program at no additional cost to you.

You can receive personalized advice on building your own portfolio using the plans’ investment options at your convenience in person or by phone. To schedule your advice session, call TIAA at 800-732-8353, weekdays, 8 a.m. to 8 pm.

To schedule a session with Lowe, Brockenbrough & Co, Inc, call 804-288-0404, weekdays, 9 a.m. to 5 p.m. or email retplans@lowebrockenbrough.com

You can get quick, convenient answers via the Retirement Advisor online tool at TIAA.org/retirementadvisor.

Q&A1. Why is Blue Ridge School updating the

retirement plans?Blue Ridge School is committed to providing you with competitive retirement benefits and recently conducted a review of the retirement plans. The resulting updates are intended to give you the investments, services and tools you need to pursue your retirement savings goals.

2. How can I learn about the new investment options?A list of the new investment options is included in this guide. You can visit the dedicated retirement plan website at TIAA.org/blueridgeschool for additional information.

3. What if I would like help making investment choices?You can get personalized advice on building your own portfolio using the plan’s investment options from a TIAA financial consultant. This service is available as part of your retirement program at no additional cost to you.

To schedule an advice session with a TIAA financial consultant, call TIAA at 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET).

4. I am currently contributing to TIAA. What happens to my current account balances and future contributions?All assets will remain where they are there. Starting January 17, 2017, you can direct any assets and future contributions to other options on the new investment menu. If no action is taken, Blue Ridge School has provided instructions to invest future contributions using the TIAA Custom Portfolio Model Service and the balanced model.

5. Can I move money from an existing TIAA account to a new one?Yes, but it’s a move you’ll want to weigh carefully. You may move money out of your existing TIAA contracts to the new contracts, subject to any restrictions that apply to the investments. However, any money that you move out of your existing contract(s) cannot be moved back into them. Money in the TIAA Traditional Annuity deserves special attention. For instance, money moved out of TIAA Traditional in the existing contracts will no longer receive the 3% minimum guaranteed rate. In short, the pros and cons are different for every participant. A TIAA financial consultant can help you explore your options.

6. Will I pay any fees to invest in the retirement plan(s)?All investment options have expenses and other fees that can be found in the prospectuses at TIAA.org/blueridgeschool. Some investment options may also have redemption and other fees. In addition to investment fees, there is an annual TIAA Plan Servicing Fee of 23 basis points (0.23%) and an annual non-TIAA Plan Servicing Fee of 20 basis points (0.20%) that is paid to the independent advisor for the plan. These fees are deducted in quarterly installments of 5.75 basis points (0.0575%) and 4.00 basis points (0.040%), respectively (deducted pro rata from the investment options in your account). The deductions will be identified as “TIAA Plan Servicing Fee” and “Non-TIAA Plan Servicing Fee” on your statement and when you view your account online.

5 Questions? Call 800-842-2252 or visit TIAA.org/blueridgeschool

Questions? Call 800-842-2252 or visit TIAA.org/blueridgeschool 5Questions? Call 800-842-2252 or visit TIAA.org/blueridgeschool 6

We’re here to helpNot sure where to begin? Let us help you take the next step!

To update your account online, go to TIAA.org/blueridgeschool and select Log In. If you’re new to TIAA, click on Register for Access to set up online access to your account.

If you have any questions or would like assistance selecting your new investment options, call TIAA at 800-842-2252, weekdays, 8 a.m. to 10 p.m. or Saturday, 9 a.m. to 6 p.m. (ET).

We encourage you to schedule a one-on-one advice session. To schedule an advice session with TIAA, call 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). There is no additional cost to you for this service.

To schedule a retirement planning session with Lowe, Brockenbrough & Co., Inc., call 804-288-0404, weekdays, 9 a.m. to 5 p.m. (ET) or use email retplans@lowebrockenbrough.com.

Phone In personOnline

C37244 701717-802127 (12/16)

Blue Ridge School 273 Mayo Drive Saint George, VA 22935

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Distributions from 403(b) plans before age 59½, severance from employment, death or disability may be prohibited, limited and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans.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.You should consider the investment objectives, principal strategies, principal risks, portfolio turnover rate, performance data, and fee and expense information of each underlying investment carefully before directing an investment based on the model. For a free copy of the program description and the prospectus or other offering documents for each of the underlying investments (containing this and other information), go to TIAA.org/blueridgeschool for current product and fund prospectuses or call TIAA at 877-518-9161. Please read the program description and the prospectuses or other offering documents for the underlying investments carefully before investing.The Model is an asset allocation recommendation developed by your Plan Sponsor in consultation with consultants and other investment advisors designated by the Plan Sponsor whereby assets are allocated to underlying mutual funds and annuities that are permissible investments under the plan. Model-based accounts will be managed on the basis of the plan participant’s personal financial situation and investment objectives.Changes in your personal financial situation or investment objective may require a change in the model recommended for your model-based account. Please contact us at 800-842-2888, visit our website or contact your Plan Sponsor if you need to update your financial situation or investment objective. As a participant in the Program, you may wish to request a reasonable restriction on the management of your model-based account. Please contact your Plan Sponsor to discuss your options for requesting a reasonable restriction or a modification to an existing restriction.The Plan Fiduciary and the Plan Advisor may determine that an Underlying Investment(s) is appropriate for a Model Portfolio, but not appropriate as a stand-alone investment for a Participant who is not participating in the Program.No registration under the Investment Company Act, the Securities Act or state securities laws—The Model is not a mutual fund or other type of security and will not be registered with the Securities and Exchange Commission as an investment company under the Investment Company Act of 1940, as amended, and no units or shares of the Model will be registered under the Securities Act of 1933, as amended, nor will they be registered with any state securities regulator. Accordingly, the Model is not subject to compliance with the requirements of such acts, nor may plan participants investing in underlying investments based on the Model avail themselves of the protections thereunder, except to the extent that one or more underlying investments or interests therein are registered under such acts.No guarantee—Investments based on the Model are not deposits of, or obligations of, or guaranteed or endorsed by TIAA, the Investment Advisor, The Plan or their affiliates, and are not insured by the Federal Deposit Insurance Corporation, or any other agency. An investment based on the Model is not guaranteed, and you may experience losses, including losses near, at, or after the target-date. There is no guarantee that investments based on the Model will provide adequate income at and through your retirement. Investors should not allocate their retirement savings based on the Model unless they can readily bear the consequences of such loss.The TIAA Custom Portfolio Program Model-Based Service (the “Program”) has been implemented by your Plan Sponsor to meet the unique retirement requirements of your plan. The Program is administered by Teachers Insurance and Annuity Association of America (“TIAA”) as plan recordkeeper. Should you have any questions about the Program offering, please contact your Plan Sponsor directly.TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, 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. Each is solely responsible for its own financial condition and contractual obligations.©2016 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017