Nuveen today announced its Lifecycle Income Series, a target-date solution for defined contribution (DC) plans that offers guaranteed savings growth.
An extension of the Nuveen Lifecycle target-date fund (TDF) platform, the new series is structured as a collective investment trusts (CIT) available only to qualified retirement plans, says Nuveen in a new release. The series also includes three TDF strategies: Nuveen Lifecycle Income Index (all passive investments), Nuveen Lifecycle Income Blend (a blend of active and passive investments) and Nuveen Lifecycle Income Active (all active investments) and is embedded with the TIAA Secure Income Account (SIA).
The trustee for the new CITs is SEI Trust Company, with Nuveen serving as advisor.
“TIAA and Nuveen are uniquely positioned to advance the evolution of defined contribution into a comprehensive retirement planning approach that can support both investment growth and guaranteed income generation,” said Mike Perry, head of the Global Client Group and Global Product at Nuveen, in a statement. “We believe retirement income that never runs out will give people confidence that they’ve taken control of their financial futures, and we are strongly committed to the mission of creating secure, satisfying retirements for even more Americans.”
Nuveen credits the passage of the SECURE Act of 2019 for allowing employer-sponsored retirement plans to offer guaranteed lifetime income solutions. As a result, more employees are showing interest in the products, despite others still reporting unfamiliarity in the products.
“We’re making it easier for plan consultants to provide improved retirement outcomes, because they can now deploy lifetime income in a simple, affordable target date fund structure that they and their clients are familiar and comfortable with,” added Perry. “Nuveen and our parent TIAA believe that every worker in America has the right to save for and achieve a financially secure retirement, with access to low-cost investment options that help provide ample income for a dignified retirement.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
