TIAA-CREF is rolling out lifecycle funds on a newly launched recordkeeping platform. Clients using the education and non-profit provider's Open Plan Solutions platform will be able to offer participants a choice of seven lifecycle funds.

Purdue University will transition to the new platform in the coming weeks. The platform offers sponsors and participants more investment options and "the ability to provide enhanced recordkeeping" said TIAA-CREF spokesman Glen Weiner.

TIAA-CREF will enroll new clients in Open Plan Solutions, while existing clients can choose to migrate to the system on a case-by-case basis, said Weiner.

The decision to add lifecycle funds was client-driven, said Weiner. In the past year, TIAA-CREF has been on a strategic offensive, adding more local offices, launching an advertising campaign, and adding more products. TIAA-CREF recently opened an Albany office, and plans on announcing the opening of another this week, said Weiner.

MFWire reported that TIAA-CREF filed for the lifecycle funds in June.

The seven funds, targeted for investors retiring in 2010, 2015, 2020, 2025, 2030, 2035 and 2040, will have total operating expenses of 60 to 61 basis points, according to the latest filing for the funds .

Scott Budde will lead a team in managing the funds. 

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