Nuveen announced today that the TIAA Secure Income Account (SIA) is now available to the Defined Contribution Investment Only (DCIO) market through the Morningstar Retirement Manager platform.
“…we’re excited to collaborate with Morningstar Retirement to make secure income a reality for even more retirement plan participants.”
Nuveen’s Brendan McCarthy
Through this offering, advisors and plan sponsors can utilize Morningstar Retirement’s services to offer their participants a personalized in-plan lifetime income solution and help determine the right amount to allocate to it. Designed to be used within a managed accounts program (traditional managed accounts and advisor managed accounts) or custom target date model portfolio, the TIAA SIA is a deferred fixed annuity that helps protect and grow a portion of a participant’s retirement savings over time.
“With traditional defined benefit (DB) pension plans now increasingly uncommon, more Americans are at risk of running out of money in retirement,” said Brendan McCarthy, Head of Retirement Investing at Nuveen, the investment manager of TIAA. “As retirement legislation such as the 2019 SECURE Act continues to bolster the resurgence of in-plan annuities inside employer sponsored plans, we’re excited to collaborate with Morningstar Retirement to make secure income a reality for even more retirement plan participants.”
Morningstar Retirement Manager is a platform designed to help provide employees with a comprehensive, personalized retirement plan. The service makes personalized retirement advice available at scale by using detailed participant information to offer real-time advice that’s specific to each participant on things like how much to consider saving, when to consider taking Social Security, and how to withdraw from their account once they retire.
Morningstar Retirement has offered its managed accounts services since 2003. Its managed accounts platform acts as a hub, connecting plan sponsors, RIAs, and recordkeepers with Morningstar Retirement’s underlying technology, research and methodology, dedicated investment teams, and fiduciary accountability.
TIAA Traditional, TIAA’s flagship fixed annuity for 403(b) nonprofit and government plans, has been available through Morningstar Retirement for decades.
In addition to accessing TIAA’s guaranteed income offering through a personalized managed account, the TIAA SIA is also embedded within the Nuveen Lifecycle Income CIT Series, a collective investment trust (CIT) target date solution that offers participants the option of converting a portfolio of their holdings into guaranteed income at retirement. The trustee of the CIT is SEI Trust Company.
SEE ALSO:
• TIAA Launches Lifetime Income Product
• Morningstar Retirement Joins Retirement Advisor Council
• Nuveen Extends TDF Platform with New Lifetime Income Series