State of Michigan 401(k) and 457 Plans

State Street Target Retirement 2050

Manager: State Street

Category: Target Retirement date fund

Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2050.

Strategy: The Fund invests in a combination of U.S. stocks, international stocks, bonds and cash, and allocates its assets among these funds according to a pre-determined asset allocation strategy. On an annual basis, the Fund automatically rebalances to a more conservative strategy as the year 2050 gets closer. Over time, the stock allocation decreases and the bond allocation increases. Five years after reaching its 2050 target retirement year, the Fund will be invested in its most conservative mix of cash, bond and stock investments and will be mapped to the Target Retirement Income Fund.

On February 24, 2017, the cost of investing in the Plan’s target retirement date funds will decrease from .12 percent to .07 percent resulting in a lower net fund fee. The returns you will see here are blended returns, which combine the historical data from the previous fund share class K with the newer, lower cost share class M. Therefore, the returns may differ from what State Street reports on their fund fact sheets.

Fund fact sheet