A TIAA-CREF news release said the diversified mutual fund seeks high total return over time primarily through income, with a secondary emphasis on capital appreciation. The fund will have a net expense ratio for its retirement class shares of 0.61% of assets.
It is intended for investors who are nearing retirement, are looking to roll over assets to an IRA from a retirement plan, or are already in retirement, the company said.
The Lifecycle Retirement Income Fund is designed to help support investors’ capital preservation and income needs throughout retirement. The fund, from which investors may withdraw assets at any time, complements guaranteed retirement income vehicles such as annuities or systemic withdrawals from an IRA or other account, the announcement said.
“This new fund offers retirement investors what we believe is an optimal amount of growth without undue risk, and complements other funds and accounts as part of a well-diversified retirement portfolio,” said Scott C. Evans, Executive Vice President, Asset Management, in the news release.