TIAA and Nuveen Lifetime Income Default Target-Date Offerings Reach Nearly $35 Billion in AUM

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TIAA and Nuveen, two prominent names in the financial services industry, have reached a significant milestone with their suite of lifetime income target-date solutions. Assets under management (AUM) for these innovative products have surged to nearly $35 billion, establishing them as the market leaders in this space.

The suite of lifetime income-embedded target-date solutions offered by TIAA and Nuveen caters to a wide range of institutional clients, including those in corporate, educational, governmental, and healthcare retirement plans. Key offerings include TIAA RetirePlus, the TIAA Secure Income Account (SIA), and the Nuveen Lifecycle Income CIT Series (NLI). These solutions are designed to provide retirees with a reliable source of income throughout their golden years, ensuring financial security and peace of mind.

A pivotal moment occurred in March 2024 when NLI, a target date collective investment fund solution, was activated for 19 plan sponsors. NLI, launched in August 2023, has quickly gained traction as an effective tool for defined contribution plans seeking to incorporate lifetime income options. This successful rollout reflects the joint commitment of Nuveen and TIAA to expand access to these vital solutions across the retirement market.

Colbert Narcisse, Chief Product Officer for TIAA, emphasized the significance of this milestone, highlighting TIAA’s longstanding leadership in the realm of lifetime income solutions. The recent success of NLI, combined with TIAA’s strategic distribution agreement with Empower, positions the firm for significant growth in the retirement space.

Brendan McCarthy, Head of Nuveen Retirement Investing, underscored the importance of collaboration with top retirement plan advisors and consultants. NLI has been recognized as a straightforward solution for employers looking to offer their employees the security of a guaranteed paycheck for life.

The pressing need for lifetime income solutions is evident, as highlighted by a 2023 TIAA Institute survey revealing poor longevity literacy among U.S. adults. Kourtney Gibson, Chief Institutional Client Officer for TIAA, emphasized the company’s commitment to addressing the retirement crisis by providing reliable, mission-driven solutions backed by financial strength and expertise.

With a legacy dating back to 1918, TIAA has been at the forefront of offering guaranteed solutions that benefit retirement savers. The company’s robust track record and unwavering commitment to retirement security have earned it the trust of millions of Americans.

Through innovative products like TIAA RetirePlus, the TIAA Secure Income Account, and the Nuveen Lifecycle Income CIT Series, TIAA and Nuveen are empowering individuals from all walks of life to enjoy fulfilling and dignified retirements. These solutions offer participants the flexibility to convert their savings into a reliable stream of income, ensuring a financially secure future for retirees across the nation.