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--(BUSINESS WIRE)--
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

Investing involves risk, including risk of loss.

Unless otherwise expressly disclosed to you in writing, the information provided in this material is for educational purposes only. Any viewpoints expressed by Fidelity are not intended to be used as a primary basis for your investment decisions, are based on facts and circumstances at the point in time they are made, and are not individualized or particularized to you, your plan, or your plan’s participants or beneficiaries. Accordingly, Fidelity and its representatives are not acting in a fiduciary capacity, and nothing in this material constitutes impartial investment advice, under or within the meaning of the Employee Retirement Income Security Act of 1974 or the Internal Revenue Code of 1986, both as amended, or any regulations or other guidance thereunder. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in the products or services and may receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

No target date investment option is considered a complete retirement program and there is no guarantee any single investment option will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at or after the pools’ target dates. In order to provide an income stream, there is no or limited access to assets rolled over to purchase individual retirement annuities from the Insurers. Annuity guarantees are subject to the claims-paying ability of the issuing insurance company. Investment performance of the Fidelity Freedom Commingled Pool products depends on the performance of the underlying investment options and on the proportion of the assets invested in each underlying investment option. The investment risk of each Fidelity Freedom Commingled Pool changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the portfolio manager. Pursuant to Fidelity Institutional Asset Management Trust Company's (the Adviser) ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the commingled pool's strategic asset allocation strategy shown in its glide path. The commingled pools are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. The Adviser may buy and sell futures contracts (both long and short positions) in a commingled pool in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

*Certain Fidelity Freedom Lifetime collective investment trusts (CITs) include allocations to group annuity contracts issued to Fidelity Institutional Asset Management Trust Company by the insurers during accumulation. This annuity allocation provides plan participants with the option to elect to receive guaranteed lifetime income at retirement age from selected insurers through the purchase of rollover individual retirement annuities. Both the group annuity and individual annuity contracts are subject to the claims paying ability of the issuing insurers.

Any rollover individual retirement annuity is opened directly with each insurer pursuant to their respective new account opening procedures. Assets used to purchase the income stream will no longer be liquid.

This investment option may not be available in all states or territories.

Neither FIAM nor FIAM TC ("Fidelity") are insurance companies and make no guarantees as to the contractual obligations of each insurer. Insurers are not affiliated with each other or with Fidelity and its affiliates.

The Fidelity^® Freedom Lifetime Commingled Pools are commingled pools of the FIAM Group Trust for Employee Benefit Plans, and are managed by Fidelity Institutional Asset Management Trust Company (FIAM TC), a trust company organized under the laws of the State of New Hampshire.

The Fidelity^® Freedom Lifetime Commingled Pool is not a mutual fund.

Fidelity Institutional Asset Management (FIAM) includes the following entities that provide investment services FIAM TC and FIAM LLC, a U.S. registered investment adviser. Fidelity Asset Management Solutions (FAMS) provides a broad array of investment solutions with its Global Institutional Solutions (GIS), Global Asset Allocation (GAA), and institutional equity, fixed income, high income, and alternative asset management teams through FIAM LLC, FIAM TC and Fidelity Diversifying Solutions LLC.

FIAM products and services may be presented by Fidelity Distributors Company LLC, Fidelity Institutional Wealth Adviser LLC, or Fidelity Brokerage Services, LLC, Member NYSE, SIPC, each a non-exclusive financial intermediary that is affiliated with FIAM, or Fidelity Investments Canada ULC and FIL Limited, all of which are compensated for such services.

Certain data and other information in this report were supplied by outside sources and are believed to be reliable and current. However, Fidelity cannot verify the accuracy of such information, and such information is subject to change without notice.

Fixed annuities available through Guaranteed Income Direct are issued by third-party insurance companies, which are not affiliated with any Fidelity Investments company. A contract’s financial guarantees are solely the responsibility of and are subject to the claims-paying ability of the issuing insurance company.

Income annuities available as plan distribution options are selected by the plan’s fiduciaries and sold and issued by third-party insurance companies which are not affiliated with any Fidelity Investments company. Fidelity Health Insurance Services, LLC (“FHIS”) may receive a fee from the issuing insurance company; however, FHIS does not directly or indirectly solicit, negotiate, or sell any annuities available as plan distribution options. A contract’s financial guarantees are solely the responsibility of and are subject to the claims paying ability of the issuing insurance company.

Pension benefits are guaranteed by the plan sponsor unless the sponsor transfers the liability to a third-party insurance company. Unlike pensions, annuities must be purchased and have associated costs and expenses.

The third parties mentioned herein and Fidelity Investments are independent entities and are not legally affiliated.

A link to third-party material is included for your convenience. The content owner is not affiliated with Fidelity and is solely responsible for the information and services it provides. Fidelity disclaims any liability arising from your use of such information or services. Review the new site's terms, conditions, and privacy policy, as they will be different from those of Fidelity's sites.

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Fidelity Distributors Company LLC

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National Financial Services LLC, Member NYSE, SIPC

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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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Source: Fidelity Investments