The growth of target date funds (TDFs) has exploded since the Pension Protection Act of 2006. 事实上, 2019年前七个月, 360亿美元流入了发展基金, 总共将近1美元.杰森·茨威格最近在《正规的购彩app下载》的一篇文章中说，3万亿美元. Our firm has witnessed this growth first-hand as the vast majority of our 401(k) clients utilize TDFs as their Qualified Default Investment Alternative (QDIA).
The widespread utilization of TDFs by participants is viewed as a positive step in the evolution of 401(k) plans. As we have pointed out previously, TDFs make it easy for participants to make an investment choice. 另外, the TDF is a professionally managed fund which is automatically adjusted over the life of the participant. Plan sponsors potentially get some fiduciary risk relief due to TDF’s designation as a QDIA by the Pension Protection Act of 2006. 尽管有这些好处, 计划赞助者是否应该对在计划投资菜单中提供tdf有任何顾虑?
最近在FiduciaryNews上的一篇文章讨论了这个话题.com, wherein Christopher Carosa highlighted how TDFs could increase a plan sponsor’s fiduciary liability. One such reason is the false sense of security sponsors have due to the widespread use of TDFs by plans and the fact that they qualify as a QDIA under DOL regulations. 这可能导致不充分的选择过程, 包括简单地选择一个广泛使用的tdf. 事实上, it is easy to make the argument that a more thorough due diligence process should be utilized in the selection of TDFs. 原因包括:
- TDFs很可能成为QDIA和, 因此, 许多参与者将自动违约进入这些基金.
- 可用的各种tdf可能意味着费用比率的巨大差异, 潜在的投资, 下滑路径和整体风险概况.
- The temptation to use the plan’s record keeper’s proprietary TDFs given the potential financial incentives offered.
- TDFs并不能将计划发起正规的购彩app下载与法律索赔隔离开来. 索赔过高的费用和糟糕的表现并不罕见.
Carosa also discussed the importance of educating both plan committees and participants on how TDFs work. He pointed out the prevalent misconception that TDFs will provide an adequate retirement income stream. 正如我们在之前的通讯(2018年4月版)中讨论的那样, 大多数tdf都设法减轻了基金余额的波动, 而不是退休收入的波动. We spotlighted the Dimensional Fund Advisors (DFA) Target Date 公司ome Funds as the next generation TDF, 专注于一个稳定的, 退休后可预测的收入流. 只要你计划的TDF是一个更传统的, this misconception needs to be clarified with appropriate education of both participants and 401(k) committees.
The impact of the Great Financial Crisis of 2008-2009 on the 2010 TDFs is illustrative of the risk to retirement income streams. Participants in a typical 2010 TDF saw their account balances decrease approximately 25% just as they were about to enter retirement! 这对他们预期收入流的影响不难想象. 许多参与者, 他们误以为TDF会给他们提供一个保险箱, 可预测的收入流, 他们肯定很惊讶，需要调整他们的退休计划. 这显然是计划发起者希望避免的情况.
如果股市暴跌，类似的事情会在今天发生吗? 三家最大的TDF供应商截至12月31日, 2018, 和他们的TDF资产百分比如下(每 401 (k)专家):
这三大供应商占TDF总资产的63%. I looked at each of their 2020 TDFs to see what percentage of that fund’s assets are in equities (in October 2019) and, 因此, 受股市下跌影响. 先锋2020年大约51%的资产是股票，富达和T. Rowe Price的持股比例都在56%左右. 如果像2008-2009年那样的市场下跌发生在今天, the vast majority of participants in a 2020 TDF would experience a similar draw down as those in a 2010 TDF did a decade ago. 对于参与者或计划赞助商来说，这显然不是一个好情况.
tdf的利用有所增加，而且这一趋势正在加速. 而tdf有许多积极的属性, 它们并不都是低风险投资，必然导致稳定, 可预测的退休收入流. 因此，可以增加401(k)计划保荐正规的购彩app下载的信托责任. 如果有必要的话, plan sponsors should reevaluate the process they utilized in selecting their current TDF offering to ensure it was a well-documented, 为其员工提供合适的TDF的谨慎流程.