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Bidwell and the 'Darker Side' of the QDIA
Business of Benefits Link to more items from this source
July 30, 2012
"Markets do go down, and employees tend to trade investments in defined contribution plans at inopportune moments.... ERISA Section 404 demands that the funds be invested in such a way to minimize the risk of large losses, not to optimize gains for adequate retirement. Optimization may be a laudable public policy position, but a fiduciary standard it is not.... But for the QDIA reg granting relief, choosing a default investment fund based on equities could cause fiduciaries some exposure."

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