T. Rowe Price has launched a new series of target-date funds for retirement plans and other institutional investors with lower shareholder servicing costs.

The new series of 13 Retirement I Funds follow the same strategies as the firm's Retirement Funds series, with glide paths, underlying funds and targeted asset allocation all the same, but have lower shareholder servicing costs.

Financial intermediaries, retirement plans, other institutional investors, and individuals investing a minimum of $1 million can use Retirement I Fund series as a low-cost share class option.

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