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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Ginger Szala

Ginger Szala is executive managing editor of Investment Advisor magazine. She covered the financial business and alternatives industry for 30 years while editor of Futures Magazine Group. MSJ Northwestern, BA University of Wisconsin-Madison. She is based in Chicago. Go Blackhawks!

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