Share this article Share this article VALLEY FORGE, Pa., Dec. 11, 2020 /PRNewswire/ -- Vanguard is continuing to lower the cost of investing by broadening access to Vanguard Institutional Target Retirement Funds (TRFs). Effective immediately, the plan-level minimum investment requirement has been reduced to $5 million from $100 million, enabling more 401(k) and 403(b) plan sponsors to offer these low-cost, broadly diversified options to their retirement plan participants. The average expense ratio of Vanguard's index-based Institutional TRFs—which mirror the glide path and asset allocation of Vanguard Target Retirement Funds—is 0.09%, 85% lower than the industry average 1. "Whether it be through technology-driven innovations, leading advice solutions, or world-class fund offerings, Vanguard works tirelessly to improve outcomes for plans sponsors and their participants," said John James, managing director and head of Vanguard Institutional Investor Group. "When it comes to people's hard-earned retirement savings, Vanguard is dedicated to continuing to lower the cost and complexity of investing to best steward the financial well-being of the millions of retirement plan participants we serve."