Transamerica Introduces Nuveen TDFs, TIAA Lifetime Income

TIAA and Transamerica Corp. announced today a strategic partnership to offer the Nuveen Lifecycle Income CIT Series as a default option for retirement plans recordkept by Transamerica. The solution integrates Nuveen’s target-date-fund features with guaranteed lifetime income through TIAA’s Secure Income Account.

The NLI CIT Series resembles a target-date fund, yet allows for liquidity and portability. The offering also has lower expected portfolio volatility, given its allocation to the SIA, according to the companies.

The TIAA SIA offers participants the option to secure pension-like lifetime retirement income. The account also offers the opportunity for higher income in retirement with a TIAA loyalty bonus, which TIAA provides based on the length of time funds are held in the firm’s flagship Traditional Annuity.

Solutions to “the retirement crisis will not be done by any one company or organization,” wrote Surya Kolluri, head of the TIAA Institute, in a LinkedIn post. “It will take a coalition from policy makers, distributors, technology companies, plan and product providers to employers to give more Americans access to lifetime income.”

TIAA and Transamerica described the product as an “efficient, cost-effective” way for plan sponsors to offer a lifetime income option to participants.

“Lifetime income options are no longer a luxury—they’re essential for helping people reach their retirement goals,” said Josh Rundle, head of retirement solutions at Transamerica, in a statement. “Through our strategic relationship with TIAA and Nuveen, Transamerica is making it easier and more affordable for plan sponsors to offer participants both growth potential and guaranteed income.”

Nuveen affiliates and TIAA investment management teams had $1.4 trillion assets under management as of March 31. Transamerica provides retirement, investment and life insurance solutions for more than 10 million Americans.