The AFL-CIO is collaborating with Wilmington Trust, BNY Mellon, PGIM Fixed Income and AFL-CIO ITC Financial to offer 12 new target-date collective investment trust funds to its 56 unions and 12.5 million members.
“Defined benefit plans remain the bedrock of a secure retirement,” the union federation said in a release, “[but] this important extension of the AFL-CIO suite of branded investment products ensures that defined contribution investors’ interests are protected and provides a cost-effective solution that brings this proposition to life.”
Wilmington Trust will serve as trustee for all 12 funds, while BNY Mellon will provide the glide path and index management for the funds. PGIM Fixed Income will manage the fixed-income component of the products, and AFL-CIO ITC Financial, the broker-dealer subsidiary of the AFL-CIO Investment Trust Corp., will handle distribution.
The target-date funds are being offered in five-year increments and carry a flat fee of 12 basis points for all investors. CITs are pooled, tax-exempt investment vehicles sponsored and maintained by a bank or trust company that also serves as the trustee.
Wells Fargo and UBS also add advisors from Morgan Stanley, Edward Jones, Merrill and Fidelity in a fresh round of wirehouse recruiting
How we got here – and what to do about it
AI trust gap: Americans want protection, not autonomy, in their finances
One in three of Goldman's 109 new partners comes from asset and wealth management, signaling the division's growing strategic weight.
Three firms secure experienced wealth management teams as advisor recruiting competition intensifies across the US.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
