"The timing of the finalization of the QDIA regulations, and the implementation of re-enrollment plans in connection with it in 2007-2008, could not have been worse. In many plans, significant numbers of participants were defaulted out of capital preservation vehicles and into QDIAs that included significant equity exposure (and thus capital risk). More or less right after that, the global financial crisis hit, and some major TDFs, for instance, sustained losses in the 25% range. If any set of facts would test whether re-enrollment was legal, 2007-2008 would."