Enhancements to the Tax Sheltered Annuity (TSA) 403(b) Program - Update: September 2008

September 22, 2008

Dear Participant in the Voluntary 403(b) Plan:

We are writing to update you regarding the upcoming changes to the Arizona Board of Regents' Voluntary 403(b) Plan and an important deadline for your financial planning.

As we communicated in August, the Arizona Universities completed a review process to select 403(b) providers able to meet new and more rigorous IRS regulations. We are ready to move forward with the new program parameters and effective November 1, 2008, Voluntary 403(b) Plan salary deferrals will only be directed to the three authorized providers - AIG Retirement, Fidelity Investments, and TIAA-CREF.

If you have an active salary deferral with another company, the deferral to that previously authorized company will end October 31, 2008 (paycheck of November 7). If you wish to continue investing future salary deferrals in the Voluntary 403(b) Plan, you must open an account with AIG Retirement, Fidelity Investments, or TIAA-CREF.

Representatives from AIG Retirement, Fidelity Investments, and TIAA-CREF will be on campus in October to conduct informational sessions, meet with employees individually, and assist you in opening an investment account. Please visit http://www.hr.arizona.edu/tsa_enhancements_2008 for locations and times. If you would like to work with a representative sooner, contact them directly.

AIG Retirement (520) 795-8050 George Maytorena; (520) 275-4032 Gerry Petersen Fidelity Investments (866) 588-2612 Damond Peterson TIAA-CREF (866) 548-3705, ext. 7709 Donn Fitch

Visit the Human Resources website or for more information, email.

Human Resources, Benefits Administration Team