Nuveen Collaborates with Morningstar Retirement to Offer TIAA Secure Income Account

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Feb 01, 2024, 09:17 ET

NEW YORK, Feb. 1, 2024 /PRNewswire/ -- Nuveen, the investment manager of TIAA, announced today that the TIAA Secure Income Account (SIA), issued by Teachers Insurance and Annuity Association of America, is now available to the Defined Contribution Investment Only (DCIO) market through the Morningstar® Retirement Manager^SM platform. 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.

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 what the right amount of their retirement savings to allocate to the TIAA SIA might be. This service is available only to individuals whose retirement plans offer both Morningstar Retirement Manager and the TIAA SIA.

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 is a leading provider of digital advice and investment management for retirement savers, having 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.

"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. "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."

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.

Media Contact:
E-Soo Kim | [email protected] | 551.224.4919

About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Sept 2023 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

About TIAA
TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider¹, paid more than $5.6 billion in lifetime income to retired clients in 2022 and has $1.3 trillion in assets under management (as of 12/31/2023)².

About Nuveen Lifecycle Income CIT Series
SEI Trust Company serves as the Trustee of the Nuveen/SEI Trust Company Investment Trust III and maintains ultimate fiduciary authority over the management of, and the investments made, in the Nuveen Lifecycle Income CIT Series (Lifecycle CIT Series).

Each fund is part of a trust operated by the trustee. The trustee is a trust company organized under the laws of the Commonwealth of Pennsylvania and wholly owned subsidiary of SEI Investments Company (SEI). The Lifecycle CIT Series is managed by the trustee, based on the investment advice of Nuveen Fund Advisors, LLC, the investment adviser to the trust, and Nuveen Asset Management, LLC as investment sub-adviser to the Lifecycle CIT Series.

The Lifecycle CIT Series are trusts for the collective investment of assets of participating tax qualified pension and profit-sharing plans and related trusts, governmental plans and other eligible plans, as more fully described in the Declaration of Trust. As a bank collective investment trust, the trust is exempt from registration as an investment company. A plan fiduciary should consider the funds' objectives, risks, and expenses before investing. This and other information can be found in the Declaration of Trust and the Funds' Disclosure Memorandum.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

Income guarantees are based on the claims-paying ability of the issuing insurance company. All investments involve risk, including the loss of principal. There can be no assurance that any financial strategy will be successful.

Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.

TIAA Secure Income Account is a fixed annuity product issued through this contract by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: Form series including but not limited to: TIAA-UQDIA-002-K and related state specific versions. Not all contracts are available in all states or currently issued.

Morningstar^® Retirement Manager^SM is offered by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc., and is intended for citizens or legal residents of the United States or its territories. Morningstar Retirement is a group within Morningstar Investment Management LLC. Morningstar Investment Management is not affiliated with Nuveen or TIAA.

¹ As of July 21, 2022. Based on data in PLANSPONSOR's 403(b) 2022 DC Recordkeeping Survey, combined 457 and 403(b) data
² As of December 31, 2023 assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,284 billion

SOURCE Nuveen