A letter in early May, from the Senate Committee on Health, Education, Labor, and Pensions (HELP) to the Government Accountability Office (GAO) requesting that it conduct a review of target date funds (TDFs), raised some eyebrows in the retirement industry.
These funds are a popular qualified default investment alternative for workplace retirement plans. Their assets have grown to about $1.5 trillion in roughly 15 years. Some project the number to be as high as $2.5 trillion including private accounts.
The letter, dated May 7—from Sen. Patty Murray, D-Wash., chair of the HELP Committee, and Rep. Bobby Scott, D-Va., chair of the House Education and Labor Committee—asked the GAO to research and answer 10 detailed questions on TDFs.
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