Target-date funds (TDFs) are so popular in the US that even the nation’s largest defined contribution (DC) pension system – the $400bn (€290bn) Thrift Savings Plan, the 401(k)-style retirement plan for federal staff – is thinking of making its TDF the default option for new employees. But with an increasingly diverse array of TDFs, concern is growing among plan sponsors and advisers about the level of fiduciary responsibility involved.
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