Press Release

Fidelity Investments® to Expand Target Date Lineup With Launch of Guaranteed Income Solution

Issued by Fidelity Investments

June 10, 2026

Freedom Lifetime CITs will combine target date investing with lifetime income options from Nationwide® and New York Life®, aiming to help many Americans retire with greater confidence

BOSTON – Target-date pioneer and industry leaderⁱ Fidelity Investments® today announced plans to launch Fidelity Freedom® Lifetime, a suite of target date collective investment trusts (CITs) with a built-in guaranteed income option*. This retirement solution will be available to employers and plan sponsors on Fidelity’s recordkeeping platform in early 2027.

Freedom Lifetime will leverage Fidelity’s time-tested target date strategy that has helped millions of Americans save for retirement for more than 30 yearsⁱ, combined with the option to convert a portion of an employee’s target date balance into guaranteed lifetime income*. The Freedom Lifetime suite will include a strategic allocation to an insurance pool through Nationwide and New York Life — two highly rated insurers with deep expertise in delivering guaranteed income solutionsⁱⁱ. This exposure will allow employees participating in employer retirement plans, particularly those nearing and in retirement, to elect to receive a guaranteed lifetime income stream* designed to create predictable income throughout retirement.

“Increasingly, employees are looking for more clarity in their retirement income streams,” said Molly Cunningham, head of Workplace Lifetime Financial Help. “In designing Freedom Lifetime, our priority was to maximize the value of lifetime income while keeping the participant and plan sponsor experience simple and easy to adopt. Along with Fidelity’s deep target date and asset management expertise, employees can benefit from Fidelity’s integrated and holistic support including education, tools, and dedicated live, one‑on‑one support to help employees create a retirement plan that fits their goals.”

“Nationwide is pleased to extend our strong ongoing relationship with Fidelity by serving as an insurer on Fidelity Freedom Lifetime, which marks an important step forward in expanding access to retirement income solutions for America’s workers,” said Kevin Jestice, president of Retirement Solutions at Nationwide. “As a protection company with 100 years of experience safeguarding people and businesses, and more than a decade of experience with lifetime income solutions specifically designed for use within employer-sponsored retirement plans, we’ve seen how essential these offerings are as more employees approach retirement and look to turn savings into dependable income for a dignified retirement.”

“For more than 180 years, New York Life has helped individuals turn savings into lasting financial security,” said David Cruz, head of Institutional Annuities at New York Life. “As the largest mutual life insurance company in the U.S.ⁱⁱⁱ, we’re proud to bring our deep expertise in guaranteed income solutions to Fidelity Freedom Lifetime, an important step in expanding access to retirement income for employees. With our long-term focus and experience delivering income for life, we are excited about this opportunity to help employees turn their savings into income that they can depend on throughout retirement.”

Freedom Lifetime will utilize a blended investment approach, investing in a mix of active and index underlying funds​, including the insurance pool, while employing active asset allocation across different asset classes.​ The series will offer competitive pricing, with asset-based pricing dependent on share class and vintage. The portfolio management team for Freedom Lifetime will include long-tenured target date co-portfolio managers Andrew Dierdorf, Brett Sumsion, Finola McGuire Foley, and Cait Dourney Earle, who collectively have more than 85 years of experience at Fidelity and are grounded in the firm’s unparalleled global research organization.

“Fidelity’s deep research and capital‑markets expertise allow us to build the diversified Freedom Lifetime portfolios that are paired with the purposeful design of meeting predictable income needs,” said Andrew Dierdorf, co-portfolio manager of the Fidelity Freedom Lifetime Suite. “This offering provides access to guaranteed income to help keep employees on track toward their retirement goals.”

Employees will also have access to a digital experience that is fully integrated through Fidelity’s record-keeping platform. This experience will provide users with the ability to model scenarios to illustrate potential income in retirement and, when eligible to purchase lifetime income, obtain real-time guaranteed income quotes, which allows them to take action to convert a portion of savings into lifetime income.

Fidelity’s Retirement Income Products and Solutions

As a leading workplace benefits provider, Fidelity offers a variety of options designed to help employees better manage the transition from saving for retirement to living in retirement, which includes retirement investment selections, flexible withdrawal strategies, and managed account and guaranteed income solutions. ​In 2024, Fidelity introduced Guaranteed Income Direct, a new solution allowing employees to convert all or a portion of their retirement savings – from a 401(k), 403(b) or 457(b) – into an immediate income annuity to provide consistent, pension-like payments throughout retirement.

Fidelity’s Target Date Platform

Fidelity helps more Americans with retirement than any other company^iv and its target date solutions are designed to help investors grow their retirement savings during their earning years while also helping to provide income and stability through their retirement years. Fidelity offers a range of active, index and blend target date solutions totaling more than $770 billion in assets^vi. To learn more about Freedom Lifetime, visit https://www.fidelityworkplace.com/s/freedom-lifetime.

About Fidelity Investments

Fidelity’s goal is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity’s strength comes from the scale of our diversified, market-leading financial services businesses that serve individuals, families, employers, wealth management firms, and institutions. With assets under administration of $17.9 trillion, including managed assets of $7.0 trillion as of March 31, 2026, we focus on meeting the unique needs of a broad and growing customer base. Privately held for 79 years, Fidelity employs more than 80,000 associates across North America, Europe, and Asia-Pacific. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance. 

For more information about Nationwide and Nationwide’s ratings, visit www.nationwide.com or Company Ratings -- Nationwide.

Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2026

About New York Life

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largestⁱⁱⁱ mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, disability income insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.^v

ⁱ Fidelity's Freedom Funds are an industry-leading target date strategy based on AUM market share of the target date fund industry at #2 overall target date and #1 blend target date share, according to U.S.-based target date retirement assets under management (mutual fund + CIT) as of CY 2025, Sway Research. ​Fidelity has over 30 years of target date experience and innovation, with over $770B in AUM as of 12/31/2025 and 18k plan sponsor clients and 7m+ in shareholders invested - shareholders include DC (including TEM) participants and retail investors on Fidelity’s platform only, based on Fidelity internal analysis, as of 06/30/2025.

ⁱⁱ Nationwide and New York Life are two experienced, and highly rated insurers based on their stability, claims-paying ability and overall financial strength: Nationwide Life Insurance Company, with over 100 years’ experience, is rated A+ by S&P Global ratings, the fifth highest of 21 ratings. Affirmed: 04/12/25. New York Life Insurance Company and New York Life Insurance and Annuity Corporation, with over 180 years’ experience, has received the highest financial strength ratings currently awarded to any U.S. life insurer by A.M. Best (A++), Fitch (AAA), Moody’s (Aa1), and Standard & Poor’s (AA+). Source: Individual Third-Party Ratings Reports as of 9/30/25. There is no guarantee that current ratings will be maintained.

ⁱⁱⁱ Based on revenue reported by Fortune 500 ranked within Industries – Insurance: Life, Health (Mutual), Fortune Magazine, June 3, 2025. For methodology, please visit https://fortune.com/ranking/fortune500/2025/#methodology. 

^iv Based on two surveys: The PLANSPONSOR Magazine 2025 Recordkeeping Survey (© Asset International Inc.), based on defined contribution plan assets administered and number of participants of recordkeepers, as of 6/10/2025; and The Cerulli Report – U.S. Markets 2024, based on an industry survey of firms reporting total IRA assets administered Q4 2023.

^v Individual independent rating agency commentary as of 10/28/2025: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aa1), Standard & Poor’s (AA+). 

^vi Fidelity data as of December 31, 2025.

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