Charles Schwab has added five new funds to its retirement lineups, the San Francisco company announced today.
The company added three new funds to its Schwab Target Funds target-date fund portfolio and two new funds to its line-up of collective trust funds for retirement plans
Charles Schwab Investment Management has added the years 2045, 2050 and 2055 to its Schwab Target Funds lineup. Charles Schwab Bank also added Schwab Managed Retirement Trust Fund (SMRT) 2055 and Schwab Indexed Retirement Trust Fund (SIRT) 2055.
"These new funds are designed for young people who want an affordable, accessible solution for a more distant retirement," said Omar Aguilar, CSIM senior vice president and chief investment officer, equities, in a press release.
The Schwab Target Funds have net operating expense ratios ranging from 55 to 84 basis points.
Charles Schwab Investment Management manages $218.3 billion in assets as of Dec. 31, 2012. It currently manages 76 mutual funds, two separate account model portfolios, and 15 ETFs.