自2006年《澳洲幸运10正规官网》颁布以来，目标日期基金(TDFs)的增长呈爆炸式增长. In fact, in the first seven months of 2019, $36 billion poured into TDFs, raising the total to almost $1.3 trillion, according to Jason Zweig in a recent Wall Street Journal article. 我们的公司见证了这种增长，因为我们绝大多数的401(k)客户将TDFs作为合格违约投资选择(QDIA)。.
参加者对TDFs的广泛利用被认为是401(k)计划发展的积极步骤. 正如我们前面指出的，tdf使参与者更容易做出投资选择. Additionally, 基金由专业澳洲幸运10正规官网网址士管理，在参加者的一生中会自动调整. 由于2006年《澳洲幸运10正规官网》(Pension Protection Act of 2006)将TDF指定为QDIA，计划保荐澳洲幸运10正规官网网址可能获得一些受托风险减免. Despite these benefits, 计划保荐澳洲幸运10正规官网网址是否对在计划投资菜单中提供TDFs有任何顾虑?
Potential Fiduciary Risks for Plan Sponsors
This topic was addressed in a recent article on FiduciaryNews.com, 其中，克里斯托弗·卡罗萨强调了TDFs如何增加计划发起澳洲幸运10正规官网网址的受托责任. 其中一个原因是，由于tdf在计划中的广泛使用，以及他们在DOL法规下有资格成为QDIA，所以对安全保证澳洲幸运10正规官网网址有错误的认识. This could result in a less than adequate selection process, including simply selecting one of the widely used TDFs. In fact, 很容易提出这样的论点，即在选择tdf时应采用更彻底的尽职调查程序. Some of the reasons include:
- TDFs will likely be the plan’s QDIA and, therefore, many participants will be automatically defaulted into these funds.
- TDFs will likely be the most utilized funds on the investment menu.
- The wide variety of TDFs available can mean big differences in expense ratios, underlying investments, glide paths and overall risk profiles.
- TDFs do not insulate the plan sponsor from legal claims. Claims of excessive fees and poor performance are not unusual.
These reasons support the argument that plan sponsors should have a well-documented, prudent due diligence process.
Carosa还讨论了教育计划委员会和参与者澳洲幸运10正规官网TDFs如何工作的重要性. 他指出，澳洲幸运10正规官网网址们普遍误以为培训资助基金能提供足够的退休收入. As we discussed in a previous newsletter (April 2018 edition), most TDFs are managed to mitigate the fund balance volatility, not the retirement income stream volatility. 我们特别指出，Dimensional基金顾问(DFA)目标日期收入基金是下一代TDF, focusing on a stable, predictable income stream in retirement. So long as your plan’s TDF is a more traditional one, 这个误解需要通过对参加者和401(k)委员会进行适当的教育来澄清.
Impact of Stock Market Decline
2008-2009年的大金融危机对2010年TDFs的影响是退休收入流风险的一个例证. 典型的2010年TDF参与者看到他们的账户余额在即将进入退休时减少了约25%! The impact on their expected income stream is not hard to imagine. Many participants, under the misconception that their TDF would provide them a safe, predictable income stream, were certainly surprised and needed to adjust their retirement plans. This is clearly a situation that plan sponsors would want to avoid.
Could something similar happen today if the equity markets take a tumble? The three largest TDF providers as of December 31, 2018, and their percentage of TDF assets are as follows (per 401(k) Specialist):
These top three providers account for 63% of all TDF assets. 我查看了他们的每个2020年tdf，以了解该基金的资产在股票上的百分比(2019年10月)和, thus, subject to stock market declines. Vanguard 2020 had approximately 51% of its assets in equities, and Fidelity and T. Rowe Price both had about 56%. If a similar market decline as 2008-2009 occurs today, 2020年TDF的绝大多数参与者将经历与10年前2010年TDF类似的下降. This is clearly not a good situation for participants or plan sponsors.
The utilization of TDFs has increased and this trend is accelerating. While TDFs have many positive attributes, they are not all low risk investments that necessarily result in a stable, predictable retirement income stream. Accordingly, there can be an increase in 401(k) plan sponsor fiduciary liability. If necessary, 计划发起澳洲幸运10正规官网网址应该重新评估他们在选择当前TDF产品时使用的过程，以确保它是一个良好的文档, prudent process that resulted in an appropriate TDF for their employees.