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Collective investment trust

Nuveen Lifecycle Income CIT Series

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Collective Investment Trusts (CITs) are available only to qualified retirement plans, such as 401(k) defined contribution plans and governmental plans.

In 1971, 71% of American workers had access to a defined benefit (pension) plan; that number shrunk to 12% in 2020.1 Meanwhile 40% of US households risk running short of money in retirement.2 The time to restore lifetime income in workplace retirement plans is now.

Introducing the Nuveen Lifecycle Income CIT series – this next generation QDIA combines a familiar target date structure with the opportunity for guaranteed lifetime income.  In fact, an investment in this series may help participants save during their working years to help meet income needs in retirement. The Nuveen Lifecycle Income CIT series are available as an all passive (Nuveen Lifecycle Income Index CITs), blend of active and passive (Nuveen Lifecycle Income Blend CITs) and all active (Nuveen Lifecycle Income Active CITs).

Our parent company, TIAA, has supported lifetime income for over 100 years.

$545B
in benefits paid since 19183
$294B
one of the largest general accounts of any U.S. life insurer4
$49B
in statutory capital5

A deeper look: Nuveen Lifecycle Income Series

The TIAA advantage: sharing the profits 

Allocating to the SIA provides a guaranteed minimum income floor with the potential for more favorable rates depending on the interest rate environment and mortality. Driven by TIAA’s not-for-profit heritage, we seek to reward participants with additional income at and during retirement.

The TIAA advantage: sharing the profits. Loyalty bonus plus raises in retirement

Strength. Experience. Consistency.

Nuveen's parent company, TIAA, is among the highest-rate insurance companies in the U.S.,10 allowing payouts of more than $545B in retirement income benefits since 1918.3 In fact, TIAA has paid more income than the guaranteed minimum every year since 1949.11

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This is a critical endeavor at a time when more and more Americans are facing a major gap in their retirement savings.
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Delivering more: can guaranteed investment strategies help?

1. Employee Benefit Security Administration, Department of Labor. Table E7; October 2022
2. Employee Benefit Research Institute, as of 07 Mar 2019.
3. As of 31 Dec 2021. Other benefits from TIAA include: surrender benefits and other withdrawals, death benefits, health insurance and disability insurance benefits, and all other policy proceeds paid. 
4.  Largest U.S. Life Insurer: S&P Global Market Intelligence Platform, as of December 31, 2021. Financial Strength: The TIAA General Account, December 31, 2022. Total assets $346.6 billion. Total TIAA assets include, in addition to the General Account, separately managed accounts such as the Real Estate Account and TIAA Stable Value.
5 Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability. Past performance is no guarantee of future results.
6. Amounts above will convert to lifetime income based on TIAA's new money payout basis.
7. TIAA may share profits with TIAA Secure Income Account owners through higher initial annuity income and through further increases in annuity income benefits during retirement.  These additional amounts are not guaranteed beyond the period for which they were declared. TIAA may provide a loyalty bonus that is only available when electing lifetime income. The amount of the bonus is discretionary and determined annually.
8. Founders' unit class only available for the first three years for new plans; additional unit classes are available.
9. Rolling monthly data from 01 Jan 1994 to 01 Jan 2023. The “Career Contributor” represents a participant who has accumulated savings in TIAA Traditional, a similar product to the TIAA Secure Income Account but with a longer track record. The “New Contributor” represents a participant who has accumulated savings outside of TIAA Traditional. The “New Contributor” accumulated the same amount as a “Career Contributor” by the time both participants reach retirement. The “New Contributor” deposits their savings into TIAA Traditional the day before annuity payments begin, when both the “New” and “Career” Contributors are age 67. Both annuitize their full, identical accumulations. Both select a Single Life Annuity with 10 years guaranteed (TIAA Secure Income Account w/ 10). Over 300 individual retirement month cohorts were analyzed. Assumes level monthly premiums over stated investment periods. Percentage represents the difference in initial income, on average over each time period, for a “Career Contributor” vs. a “New Contributor”.
10. For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is a member of one of only three insurance groups in the United States to currently hold the highest rating available to U.S. insurers from three of the four leading insurance company rating agencies: A.M. Best (A++ as of 7/22), Fitch (AAA as of 10/22) and Standard & Poor’s (AA+ as of 9/22), and the second highest possible rating from Moody’s Investors Service (Aa1 as of 6/22). There is no guarantee that current ratings will be maintained. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value. 
11. TIAA fixed annuity interest and income benefits include guaranteed amounts plus additional amounts as may be established on a year-by-year basis by the TIAA Board of Trustees. The additional amounts, when declared, remain in effect through the “declaration year”, which begins each March 1 for accumulating annuities and January 1 for payout annuities. Additional amounts are not guaranteed beyond the period for which they are declared.

The target date is the approximate date when investors plan to start withdrawing their money. The principal value of the CIT is not guaranteed at any time, including at the target date. After 30 years past when the target-date has been reached, the CIT may be merged into another target-date CIT with the same asset allocation. The unit value of the CIT will fluctuate, and investors may lose money. The CIT may not achieve its target allocations and even if it does, the asset allocations may not achieve the desired risk-return characteristics and may result in the CIT underperforming other similar funds.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA institute.

The information contained is about the Nuveen target date strategies overall and also contains information about the Nuveen Lifecycle Income Collective Investment Trust Series described on this material (Lifecycle CIT Series). Please note that the Lifecycle CIT Series is not a series of mutual funds and differs in many ways from the mutual funds using a similar strategy. Information about the mutual funds or management of the mutual funds should not be automatically applied to the CIT. The Lifecycle CIT series may be referred to as “Funds” in the following disclosures.

Risk considerations

Investing involves risk; principal loss is possible. There is no guarantee the Lifecycle CIT Series’ investment objectives will be achieved. The Lifecycle CIT Series are funds of funds subject to the risks of its underlying funds in proportion to each Fund’s allocation. Underlying Funds invest primarily in stocks and bonds. Large cap stocks may grow more slowly than the overall market. Growth stocks and stocks issued by smaller companies are more volatile than other stocks. Bonds lose value when the issuer is unable to make interest and principal payments when due or otherwise faces a decline in its credit quality. They experience volatility when interest rates fluctuate. Rising interest rates can cause bond prices to fall. Declining interest rates can cause bond income to fall. Non-U.S. investments involve risks including currency fluctuation, political and economic instability, and lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. The target date is the approximate date when investors plan to start withdrawing their money. The principal value of the Fund(s) are not guaranteed at any time, including at the target date. After 30 years past when the target date has been reached, the Funds may be merged into another target date Fund with the same asset allocation. The unit value of the Funds will fluctuate, and investors may lose money. The Fund may not achieve its target allocations and even if they do, the asset allocations may not achieve the desired risk-return characteristics and may result in the Fund underperforming other similar funds. Allocations are subject to change. 

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 a contract by Teachers Insurance and Annuity Association of America (TIAA), New York, NY. Form series including but not limited to: TIAA-STDFA-001-NUV and related state specific versions. Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability.

As a complex bank product, CITs are exposed to operational, regulatory and reputational risks. CITs may not be suitable for all plan investors or all plan needs and may outperform certain sector products during times of market volatility but also may underperform certain sector products over periods of time. Diversification does not assure a profit or protect against loss.

SEI Trust Company (the “Trustee”) serves as the Trustee of the Nuveen/SEI Trust Company Investment Trust III (the “Trust”) and maintains ultimate fiduciary authority over the management of, and the investments made, in the Lifecycle CIT Series. Each Fund is part of the 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 bank collective investment trusts, 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 Memoranda. The Fund is not a mutual fund, and its units are not registered under the Securities Act of 1933, as amended, or the applicable securities laws of any state or other jurisdiction.

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