Celebrating 20 years of target date leadership

Some strategies mentioned are available only to certain retirement plans and may not be available to all investors.

Diversification cannot assure a profit or protect against loss in a declining market.

Morningstar Awards 2020©. Morningstar, Inc. All Rights Reserved. Morningstar presents the Exemplary Stewardship Award to an asset manager that has shown an unwavering focus on serving the best interests of investors. Morningstar’s manager research analysts conduct in-depth qualitative analyses in order to select nominees and, subsequently, vote to determine the award winner. To qualify for the award, the firm must have received a Parent pillar rating of “positive,” or, if one or more of its strategies have been rated under the enhanced ratings methodology launched in November 2019, “High.” The Parent pillar rating measures the quality of the firm's care of investors' capital. The firms must demonstrate an investor-focused corporate culture and an alignment of interest between investors and the people who control the destiny of the investment strategies.

The Morningstar Awards for Investing Excellence winners are chosen based on research and in-depth qualitative evaluation by Morningstar's manager research group. Portfolio Manager, an individual or team who has produced exceptional returns over the long term. Morningstar’s manager research analysts conduct in-depth qualitative analyses in order to select nominees and subsequently, vote to determine the award winner. To qualify for the award, the manager's strategy must currently earn a Morningstar Analyst Rating™ of Gold or Silver for at least one vehicle and/or share class. For more information about Morningstar Awards, visit https://go.morningstar.com/Morningstar-Awards [go.morningstar.com].

Effective 1 January 2021, Jerome Clark stepped down as co-portfolio manager and Co-chairman of the funds' Investment Advisory Committee and transitioned from his role as portfolio manager to a new role within the firm.

©2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Important Information

All investments are subject to risk, including the possible loss of the money you invest. The principal value of the Retirement Strategies and the Target Strategies (collectively, the “target date strategies”) is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the strategies. If an investor plans to retire significantly earlier or later than age 65, the strategies may not be an appropriate investment even if the investor is retiring on or near the target date. The target date strategies' allocations among a broad range of underlying T. Rowe Price stock and bond strategies will change over time. The Retirement Strategies emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long-term post-retirement withdrawal horizon. The Target Strategies emphasize asset accumulation prior to retirement, balance the need for reduced market risk and income as retirement approaches, and focus on supporting an income stream over a moderate post-retirement withdrawal horizon. The target date strategies are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The key difference between the Retirement Strategies and the Target Strategies is the overall allocation to equity; although they each maintain significant allocations to equities both prior to and after the target date, the Retirement Strategies maintain a higher equity allocation, which can result in greater volatility over shorter time horizons.

To obtain a prospectus for any T. Rowe Price Retirement Fund, click here.

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