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PLANUniversity of Alabama at Birmingham457(b) Deferred Compensation Plan

saving : investing : planning

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EligibilityAll employees (excluding student teachers/employees) are immediately eligible to begin contributing to the plan.

Enrolling is easy! Here’s how It’s easy to join. Just decide how much you want to save and how to invest your account contributions. Then, visit VALIC.com/uab, click the green box marked “Enroll,” and follow the prompts to enroll online.

ContributionsGenerally, you may contribute as much as 100% of your annual includible compensation up to $17,500 in 2014.

Catch-up contributionsYou may be able to contribute up to an additional:

> $17,500 in 2014 if you are within the last three taxable years ending the year before the year you attain normal retirement age as specified under 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, you may not combine the two catch-up amounts, but you may contribute up to the higher amount.

Pretax or Roth contributionsYou have a choice regarding your elective contributions. 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. You are subject to the annual contribution limits regardless which account option you choose.

Stop/change contributionsYou may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to your employer’s plan provisions and any administrative requirements.

Account consolidationYou may be able to transfer your vested retirement account balance from a prior employer’s plan to the 457(b) plan with VALIC. This can be an excellent way to simplify your financial profile and to ensure 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 imposes surrender charges.

VestingYou are always 100% vested in your own contributions.

Personal serviceFor assistance, please call:

> Client Care Center: 1-800-448-2542

> Birmingham:

• John French, CFP®, Financial Planning Advisor Cell: 205-602-6414

• Ashley Folkes, CFP®, Financial Advisor Cell: 334-379-4006

• Sheila Bendall, Retirement Plan Consultant Cell: 205-234-0583

> Selma and Montgomery:

• Al Perry, Financial Advisor Cell: 334-412-5606

> Huntsville:

• Don Odendahl, Financial Advisor Cell: 256-337-9758

Investment flexibilityYou choose how to invest all contributions from among the mutual funds and the Fixed-Interest Option* offered under the University of Alabama at Birmingham 457(b) Deferred Compensation Plan.

Remember, this plan represents a long-term investment. 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 possible loss of principal.

University of Alabama at Birmingham 457(b) Deferred Compensation Plan

Your employer’s Deferred Compensation Plan with VALIC provides you an excellent opportunity to reduce taxable income and accumulate additional money for your retirement. You may make pretax contributions to a traditional account and/or after-tax contributions to a Roth account through convenient payroll deduction. Both types of accounts benefit from the opportunity for tax-advantaged growth.

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

This is not your plan document or your Summary Plan Description. The administration of each plan is governed by the actual plan document. If discrepancies arise between this insert and the plan document, the plan document will govern.

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Investment options American Funds Capital World G/I R3American Funds Growth Fund of Amer R3American Funds New World R3Calvert Global Alternative Energy AColumbia Dividend Income AColumbia Mid Cap Index AColumbia Small Cap Index ADavis Financial ADreyfus Intl Stock IndexDWS S&P 500 Index AFidelity Select Advisor Gold AFidelity Advisor New Insights AFidelity Advisor Strategic Income AFranklin Templeton Moderate Allocation A **Ivy Mid Cap Growth YJPMorgan Core Bond AJPMorgan Research Market Neutral AMFS Value R3Oppenheimer International Diversified APIMCO All Asset All Authority APIMCO Real Return ARidgeWorth Mid-Cap Value Equity ARoyce Special Equity SvcSentinel Common Stock A Sentinel Government Securities ASentinel Small Company ATempleton Global Bond AVALIC Company I Global Real EstateVanguard Health CareWells Fargo Adv DJ Target 2010 A **Wells Fargo Adv DJ Target 2020 A **Wells Fargo Adv DJ Target 2030 A **Wells Fargo Adv DJ Target 2040 A **Wells Fargo Adv DJ Target Today A **Fixed-Interest Option* from VALIC

** The principal value of an investment is not guaranteed at any time including at or after the target maturity date.

Generally, higher potential returns involve greater risk and short-term volatility. For example, small-cap, mid-cap, sector and emerging funds can experience significant price fluctuation due to business risks and adverse political developments. International (global) and foreign funds can experience price fluctuation due to changing market conditions, currency values, and economic and political climates. High-yield bond funds, which invest in bonds that have lower ratings, typically experience price fluctuation and a greater risk of loss of principal and income than when investing directly in U.S. government securities such as U.S. Treasury bonds and bills, which are guaranteed by the government for repayment of principal and interest if held to maturity. Investors should carefully assess the risks associated with an investment in the fund. Fund shares are not insured and are not backed by the U.S. government, and their value and yield will vary with market conditions.

Fixed-interest option withdrawal / transfer restrictionsYou may withdraw no more than 20% from the Fixed-Interest Option annually. There is no withdrawal charge for this transaction. In-service transfers from the Fixed-Interest Option to another funding entity can be accomplished over a five-year period. There are no transfer or withdrawal restrictions if one of the following conditions is met:

> Annuity payout option is selected

> Your death

> Total and permanent disability

> Withdrawal taken as a hardship under the terms of the employer plan

> Retirement or severance from employment of the plan sponsor

> Elect to transfer a portion of the account value to a companion account for a loan

This restriction includes money transferred to mutual funds or to another provider.

Withdrawal restrictionsYour plan was established to encourage long-term savings, so withdrawals prior to age 70½ may be subject to federal restrictions. Unlike many other plan types, there is no 10% federal early withdrawal penalty for early withdrawals in the 457(b) plan except on amounts rolled over from other non-457(b) eligible retirement plans and withdrawn prior to age 59½.

Generally, depending on your employer’s plan provisions, you may withdraw your vested account balance if you meet one of the following requirements:

> Retirement or severance from employment

> Unforeseeable emergencies

> Your death

> Age 70½ (if your plan allows in-service distributions)

In addition, you must begin taking distributions once you reach age 70½ or retire, whichever is later.

Unforeseeable emergencyIf you feel you are facing a financial hardship, contact your VALIC financial advisor for unforeseeable emergency eligibility, requirements and details, or contact the VALIC Client Care Center at 1-800-448-2542.

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To view or print a prospectus for a currently offered fund, visit www.valic.com/uab and access “Prospectuses and Other Materials.” Click on the appropriate link in this section. Click on “Funds” at the left-hand side of the screen, and the funds available for your plan will be displayed. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542. 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 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 25092 (02/2014) J92381 EE

Distribution optionsVALIC offers many distribution options, allowing you to tailor benefits to meet your individual needs. Depending on your employer’s plan provisions, withdrawal options include:

> Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts rollovers

> Receiving systematic withdrawals

> Taking a lump-sum distribution

> Choosing one of the many annuity options available from VALIC

> Deferring distributions until a later date (but no later than age 70½) if you are no longer working, allowing your account to continue to grow tax deferred

Generally, income taxes must be paid on all amounts withdrawn from your plan.

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

Consult your financial advisor for more specific information.

Account statementVALIC sends all active participants a comprehensive account statement every calendar quarter. This statement documents the activity in your account for the preceding period, including total contributions and transfers among investment options.

Financial planningYour VALIC financial advisor can help draw a blueprint for retirement income planning that includes the following:

> Analyzing your budget

> Protecting your assets after retirement

> Reviewing your current retirement savings and other resources

> Exploring ways to increase savings, if needed

There is no cost for this service.

Account accessOnce you have enrolled in your retirement plan, use these contacts to access your account information and perform various transactions including changing investment choices and percentages. You can access your account, 24 hours a day, seven days a week from anywhere, at any time:

VALIC Online at VALIC.com/uab

VALIC by Phone at 1-800-448-2542Access 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

Real strategiesLet us help you prepare for a secure retirement

CLICkVALIC.com/uab

CALL1-800-448-2542

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