T. Rowe Price has launched a new series of target-date funds for retirement plans and other institutional investors with lower shareholder servicing costs.
The new series of 13 Retirement I Funds follow the same strategies as the firm's Retirement Funds series, with glide paths, underlying funds and targeted asset allocation all the same, but have lower shareholder servicing costs.
Financial intermediaries, retirement plans, other institutional investors, and individuals investing a minimum of $1 million can use Retirement I Fund series as a low-cost share class option.
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The new funds became available October 1.
Lower-cost retirement shares are gaining in number as increased focus on expenses in retirement plans drives asset managers to look for ways to lower the price tag.
Among managers who haven't yet responded to the call for lower costs, a significant percentage does plan to join the crowd—and the shares' popularity shows: R6-share class funds have doubled in the amount of assets they hold since 2011.
The new T. Rowe Price funds are as follows: T. Rowe Price Retirement I 2005 Fund—I Class; T. Rowe Price Retirement I 2010 Fund—I Class; T. Rowe Price Retirement I 2015 Fund—I Class; T. Rowe Price Retirement I 2020 Fund—I Class; T. Rowe Price Retirement I 2025 Fund—I Class; T. Rowe Price Retirement I 2030 Fund—I Class; T. Rowe Price Retirement I 2035 Fund—I Class; T. Rowe Price Retirement I 2040 Fund—I Class; T. Rowe Price Retirement I 2045 Fund—I Class; T. Rowe Price Retirement I 2050 Fund—I Class; T. Rowe Price Retirement I 2055 Fund—I Class; T. Rowe Price Retirement I 2060 Fund—I Class; and T. Rowe Price Retirement Balanced I Fund—I Class.
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