AARP has found a new partner to advise a series of Retirement Readiness lifestyle funds, reports Morningstar.

SSgA will advise the three-fund suite made up of a conservative, moderate and aggressive fund that will each be based on a mix of indexes, according to Morningstar. The funds have a 50 basis point fee.

AARP members can buy any of Scudder Investments' 38 no-load mutual funds through an investment program partnership. Scudder also offers a three-fund lifestyle series through the program called the Pathway funds.

Earlier this year, BusinessWeek reported that AARP had hired an outside firm to review its mutual fund program with Scudder.

The new funds are not changing the organization's relationship with Scudder, said AARP spokeswoman Val Dingle. "The Scudder program is the Scudder program ... nothing's changed there," said Dingle. 

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