Press Release

Transamerica to Offer Nuveen Target-Date Funds with Embedded TIAA Lifetime Income

Issued by Transamerica

July 9, 2025

TIAA and Transamerica today announced a strategic relationship to offer the Nuveen Lifecycle Income Index CIT Series (NLI) as a default option for retirement plans that Transamerica recordkeeps. The innovative solution from TIAA and Nuveen integrates Nuveen’s target-date fund features with guaranteed lifetime income through the TIAA Secure Income Account (SIA)^i,offering plan sponsors an efficient, and cost-effective way to provide lifetime income options to defined contribution plan participants, so that Americans can achieve more financial security and live the lifestyle they envisioned in retirement.

The NLI CIT Series offers a diversified portfolio in a single investment, with the added benefit of guaranteed income in retirement. It is designed to reduce portfolio volatility while maintaining liquidity and portability – packaged in a familiar, professionally managed target-date structure. The NLI CIT Series is expected to be available to plan sponsors later this year.

“This collaboration reflects our commitment to delivering forward-thinking retirement solutions that meet the evolving needs of today’s workforce,” said Josh Rundle, head of retirement solutions at Transamerica. “By joining forces with Nuveen and TIAA, we’re combining investment innovation with the strength and stability of a trusted leader in lifetime income. Together, we’re making it easier for plan sponsors to offer participants a more secure path to and through retirement.”

"TIAA is a long-standing leaderⁱⁱ in lifetime income and has been innovating guaranteed income solutions for over 100 years," said Colbert Narcisse, head of Product and Business Development at TIAA. "Our approach simplifies plan administration and allows plan sponsors to deliver lifetime income that is backed by TIAA's top insurance ratings^iii, proven annuity track record, and robust financial foundation."

"This relationship with Transamerica significantly expands access to guaranteed lifetime income solutions – something that our research shows that workers overwhelmingly want," said Brendan McCarthy, head of Retirement Investing at Nuveen. "We are continuously innovating our products and solutions while educating advisors and plan sponsors on how offering lifetime income can make their retirement plans more competitive."  

The Nuveen Lifecycle Income Index CIT Series

• Offers a diversified portfolio in a single investment while providing the option to generate guaranteed lifetime income in retirement through an allocation to the TIAA Secure Income Account (SIA).
• Is similar to traditional target-date funds but with lower expected portfolio volatility given the allocation to the SIA.
• Provides experienced investment management with detailed attention to risk management.
• Allows for liquidity and portability packaged in a familiar, professionally managed, target-date structure.

The TIAA Secure Income Account

• Ensures retirement savings are protected and guaranteed to increase every single day – even in the most volatile markets. 
• Offers the option, but not the obligation, to secure pension-like^iv retirement income that lasts for an individual’s life (as well as the life of a spouse or partner if elected) to help cover everyday living costs – or expenses.
• Offers the opportunity for higher income in retirement with a TIAA Loyalty Bonus^SM and the potential that income will increase in retirement helping to mitigate the effect of inflation on an individual’s purchasing power.^v
• The competitiveness of TIAA lifetime income payments can allow participants to leave more of their savings invested during their retirement in order to participate in market movements over what could be a 30 to 40 year life in retirement.

About TIAA 

TIAA is a leading provider^vi of more secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It has $1.4 trillion in assets under management (as of 3/31/2025).^vii

About Transamerica

Transamerica believes everyone deserves the opportunity to live their best life. It's what inspires us to be a champion for helping everyday Americans thrive. As a leading provider of life insurance, retirement, and investment solutions for more than 10 million Americans, we help people make the most of what's important to them. Supporting our customers' financial futures with innovative products and services has been our mission for more than 120 years. In 2024, Transamerica fulfilled its promises to customers, paying more than $62 billion in insurance, retirement, and annuity claims and benefits, including return of customer-paid annuity premiums. Transamerica is part of the Aegon group of companies. Aegon is an international financial services holding company. For more information, visit www.transamerica.com.

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. 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 Nuveen.com.

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