Target date funds came as a godsend courtesy of the 2006Pension Protection Act. They have redefined the401(k) for both the employee and the sponsoring company (see“How QDIOs Have Changed the Fiduciary Role of 401kPlan Sponsors).
At first, they seemed so simple. Then the 2008/2009 market crashoccurred. Target date funds tanked with everything else. Andpeople—including Congress—were itching to take names. That's whenthe bloom came off the rose.
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