Great-West Retirement Services has launched an updated set of target-date funds that it believes will address some of the problems that were found with target-date funds in 2008.

The Maxim Lifetime Asset Allocation Series offers investors a choice of three distinct glide paths, depending on their risk tolerance, a lifetime approach to investing that extends beyond retirement and third-party advice.

“We waited until now to introduce a target-date product because we wanted to redefine and enhance the target-date fund category,” said Charlie Nelson, president of Great-West. “Through the passage of time and the benefit of 20/20 hindsight, it became clear that first-generation target-date funds have some limitations. The Maxim Lifetime Asset Allocation Series addresses those concerns.”

Nelson added: “These enhancements result in a strong fiduciary process for plan sponsors and an investment vehicle that helps participants meet their retirement savings goals.”

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