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ARTICLE · 20 JANUARY 2022

Congressional Leadership Seeks Additional Information On Target Date Funds

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Since their introduction in the 1990s, target date funds have grown  to comprise the majority of assets in most qualified defined contribution plans.

United StatesEmployment and HR
Employee Benefits and Executive Compensation Practice Group
Employee Benefits and Executive Compensation Practice Group

Since their introduction in the 1990s, target date funds have grown  to comprise the majority of assets in most qualified defined contribution plans. However, recent questions from Congressional leadership  suggest that there are potential concerns with how these funds are  operated, particularly in light of guidance from the Trump administration and the impact of COVID 19 on the markets. These questions,  in turn, give plan fiduciaries additional factors to assess in reviewing  target date funds.

Congressional Request for Information

In May, Senator Patty Murray (Chair of the Senate Committee on  Health, Education, Labor & Pensions) and Representative Robert  Scott (Chairman of the House Committee on Education & Labor)  asked the Government Accountability Office ("GAO") to conduct a  review of target date funds. Their letter reflected several concerns.  Notably:

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