On Sept. 28, 2021, Vanguard announced it will merge the two share classes of its Target Retirement series into one and reduce fees as a result of the new larger asset base. The Malvern-based firm will merge the target-date series’ Institutional share class into its Investor share class, resulting in a single share class that’s expected to have an expense ratio of 0.08%. Currently, the Investor share class has fees that vary from 0.12% to 0.15% depending on the vintage, and the Institutional share class charges 0.09% across all funds. The merger is expected to be completed by February 2022.
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