As the economic slump curbs retirement savings, Great-West Retirement Services is trying out what its president is calling "the next generation" of target-date funds.

In creating the Maxim Lifetime Asset Allocation Series funds, the company had the limitations of earlier-vintage target-date funds in mind, said Charlie Nelson, its president. "The design of these funds is focused to address a number of the concerns from the industry, regulators and Congress," Nelson said in an interview.

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