T. Rowe Price will cut expenses on all target date mutual funds and trusts starting July 1, the fund group said Monday.
The resulting asset-weighted average fee reduction is 6.3 basis points for its TDFs and 4.8 basis points for TDF trusts; specific fee changes will vary across products.
T. Rowe Price also has filed a registration statement for a new lineup of TDFs, which it is calling its "Retirement Blend Funds," with the Securities and Exchange Commission. It expects to make these new funds available to investors on or about July 28 as Investor Class and I Class shares from 2005 through 2065.
"We understand everyone's path to retirement is different, and we look forward to delivering greater choice and value to the target date marketplace through these lower fees and the new Retirement Blend Funds," said Wyatt Lee, head of Target Date Strategies, Multi-Asset, in a statement.
