MICC INSTITUTE OF TECHNOLOGY UNIVERSITY  in souTH AFRICA 

 SURS Lifetime Income Strategy

The SURS Lifetime Income Strategy is an age-based investment option that automatically allocates among a diversified set of asset

classes throughout your life. It includes an optional component designed to provide you with a personalized lifetime income stream

beginning at retirement. The SURS Lifetime Income Strategy invests your savings in up to five component portfolios, which are listed in

the pages that follow.

Investment Products Offered • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investing in the Lifetime Income Strategy does not guarantee sufficient income in retirement.

 SURS Lifetime Income Strategy Stock Portfolio

+ The objective of the Stock Portfolio is to achieve

the highest total return over time with an appropriate

level of risk consistent with its asset allocation.

+ The portfolio provides diversification by geographic

regions (US and Non-US) and by capitalization (large-

cap, mid-cap and small-cap).

+ The portfolio targets a mix of 49% US large-cap

stocks, 11% US small/mid-cap stocks and 40% Non-

US stocks. The asset-class weightings are periodically

rebalanced to their target allocation.

+ The portfolio’s performance is measured against a custom

fixed-weight benchmark comprising 49% S&P 500

Index,11% Dow Jones US Completion Total Stock Market

Index and 40% MSCI ACWI ex USA IMI Index.

+ The portfolio’s underlying investments include the SURS

Equity Index Unitized Account (managed by BlackRock),

the SURS Extended Equity Market Unitized Account

(managed by BlackRock), and the State Street Global All

Cap Equity Ex-US Index Fund

rate, determined at least monthly, and a

guaranteed minimum floor rate declared

for a defined period - currently one

calendar year. The guaranteed minimum

floor rate may change after a defined

period, but it will never be lower than the

GMIR that applies for the life of the

contract. The current rate, the

guaranteed minimum floor rate and the

GMIR are expressed as annual effective

yields. Taking the effect of compounding

into account, the interest credited to your

account daily yields the then current

rate.

VRIAC's determination of credited

interest rates reflects a number of

factors, which may include mortality and

expense risks, interest rate guarantees,

the investment income earned on

invested assets and the amortization of

any capital gains and/or losses realized

on the sale of invested assets. Under

this option, VRIAC assumes the risk of

investment gain or loss by guaranteeing

the principal amount you allocate to this

option and promising a minimum interest

rate during the accumulation period and

also throughout the annuity payout

period, if applicable.

Currently, the guaranteed minimum floor

rate equals the GMIR. The current rate

to be credited under a contract may be

higher than the GMIR/guaranteed

minimum floor rate and may be changed

at any time, except that VRIAC will not

apply a decrease to the current rate

following a rate change initiated solely by

us prior to the last day of the three-

month period measured from the first

day of the month in which such change

was effective. The current rate for a

plan’s initial investment in the SURS

Fixed Account may be in effect for less

than a full three-month period.

Any insurance products, annuities and

funding agreements that you may have

purchased are issued by Voya

Retirement Insurance and Annuity

Company (“VRIAC”). VRIAC is solely

responsible for meeting its obligations.

Plan administrative services provided by

VRIAC or Voya Institutional Plan

Services, LLC (“VIPS”). Neither VRIAC

nor VIPS engage in the sale or

solicitation of securities. If custodial or

trust agreements are part of this

arrangement, they may be provided by

Voya Institutional Trust Company. All

companies are members of the Voya®

family of companies. Securities

distributed by Voya Financial Partners,

LLC (member SIPC) or other broker-

dealers with which it has a selling

agreement. All products or services may

not be available in all statE 

 Examples of How Your Fees and Investment Mix Change by Altering

the Default Settings (cont.)

Example 3

Let’s see the fee you would pay at these three ages if you set your retirement age to 70 and secure income level to 0%.

Age 25/Fee: 0.10%

At age 25 (until approximately age 45), you would be invested in about 92% stocks, 3% real assets and 5% bonds—the fee you would pay would be

about 0.10%.

Age 55/Fee: 0.10%

At age 55, you would be invested in about 77% stocks, 6% real assets, and 17% bonds. The fee you would pay would be about 0.10%.

Age 65/Fee: 0.10%

At age 65, you would be invested in about 51% stocks, 5% real assets and 44% bonds. You would pay a fee of 0.10%. You do not have any money

allocated to the secure income portfolio; as a result, at retirement, you would not receive guaranteed lifetime income and you would not be eligible for

retiree health benefits (the requirement to have money in the secure income portfolio for retiree health benefits only applies to the Retirement Savings

Plan, not the Deferred Compensation Plan).

Cash Portfolio

Stock Portfolio

Bond Portfolio

Real Asset Portfolio

0

20

40

60

80

100

20 25 30 35 40 45 50 55 60 65 70 75 80 85+

Asset Allocation (%)

Age

RETIREMENT AGE OF 70 AND 0% SECURE INCOME LEVEL

Saving Transitioning Income

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 A Word About Risk

The following descriptions of risk are associated with investments in the Lifetime Income Strategy.

Allocation Risk: Allocating to different types of assets may have a large impact on returns if one asset class significantly underperforms the others.

Capitalization Size Risk (Small/Mid): Small- and mid-cap stocks are often more volatile than large-cap stocks—smaller companies generally face higher risks due to their limited product

lines, markets and financial resources.

Commodity Risk: Commodity-linked investments may experience greater volatility than investments in traditional securities. The value of commodity-linked investments may be affected by

financial factors, political developments and natural disasters.

Credit Risk: A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial

strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline.

Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than traditional investments, and may be more volatile, especially in a down market.

Diversification/Focused Portfolio Risk: Portfolios that hold a smaller number of securities may be more volatile than more diversified portfolios, since gains or losses from each security will

have a greater impact on the portfolio’s overall value.

Foreign (Non-US) Risk: Non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency

exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets.

Inflation Risk: Prices for goods and services tend to rise over time, which may erode the purchasing power of investments.

Interest-Rate Risk: As interest rates rise, bond prices fall and vice versa—long-term securities tend to rise and fall more than short-term securities.

Leverage Risk: Trying to enhance investment returns—by borrowing money or using other leverage tools—magnifies both gains and losses, resulting in greater volatility.

Liquidity Risk: The difficulty of purchasing or selling a security at an advantageous time or price.

Market Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value.

REIT Risk: Investments in real estate can decline due to a variety of factors affecting the real estate market, such as economic conditions, mortgage rates and availability. REITs may have

additional risks due to limited diversification and the impact of tax law changes.

Other Important Information

The SURS Lifetime Income Strategy’s component portfolios, including the SURS Lifetime Income Strategy Secure Income Portfolio, are only available in the Retirement Savings Plan and the Deferred

Compensation Plan are not offered for sale to the general public. Each component portfolio is a separate account that invests in a set of underlying investment components. Separate accounts are

not mutual funds and are not required to file a prospectus with the SEC. Interests in these components are not deposits of AllianceBernstein Trust Company, LLC, or any AllianceBernstein affiliate, and

are not insured by the Federal Deposit Insurance Corporation (FDIC). The Lifetime Income Strategy is exempt from investment company registration under the Investment Company Act of 1940, and

purchases and sales of interests in the Lifetime Income Strategy are not subject to registration under the Securities Act of 1933. Management of the SURS Lifetime Income Strategy, however, is generally

subject to the fiduciary duty and prohibited transaction requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the related rules and regulations of the US

Department of Labor. AllianceBernstein provides asset-allocation advice and other services for the SURS Lifetime Income Strategy.

The return and account value of the SURS Lifetime Income Strategy’s underlying component portfolios will fluctuate and may be worth more or less than the original amount contributed, including at

your retirement date. However, any decreases in value of the component portfolios caused by market performance will not reduce any associated lifetime income.

Investments in the SURS Lifetime Income Strategy are not guaranteed against loss of principal—account values may be more or less than the amount invested—including at your retirement date.

Investing in the SURS Lifetime Income Strategy does not guarantee sufficient retirement income.

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