T. Rowe Price Retirement Fund Inc.

09/28/2021 | Press release | Distributed by Public on 09/28/2021 11:09

Filing by Investment Company (SEC Filing - 497)

T. Rowe Price Retirement Income 2020 Fund

Supplement to Prospectus and Summary Prospectus dated May 1, 2021, as supplemented

Effective October 1, 2021, the T. Rowe Price U.S. Equity Research Fund will be added as a new underlying fund in which the fund may invest.

In the summary prospectus and section 1 of the prospectus, the table showing the fund's neutral allocations is supplemented as follows:

Investments in the "U.S. Large-Cap Stocks" sector may be made through the Equity Index 500, Growth Stock, U.S. Equity Research, U.S. Large-Cap Core, and/or Value Funds. The addition of the U.S. Equity Research Fund does not change the overall neutral allocation assigned to U.S. large-cap stocks.

--End of Supplement Text--

In section 2 of the prospectus, the table titled "Description of Underlying Funds" is supplemented as follows:

U.S. Equity Research Long-term capital growth by investing primarily in U.S. common stocks. The fund uses a disciplined portfolio construction process to weight each sector and industry approximately the same as the S&P 500 Index.

The date of this supplement is September 28, 2021.

F1083-042 9/28/21