"The tendency of participants to preserve plan assets at retirement supports the notion of 'through' glide paths in target-date fund (TDF) design, Vanguard suggests. In other words, target-date designs should encourage an investment strategy at retirement that recognizes assets are generally preserved for several years post-retirement. Also, with the rising importance of lump-sum distributions, participants will need assistance in translating these pools of savings into a regular income stream. Based on current retirement-age participant behavior, most of these retirement income decisions will be made in the IRA marketplace, not within employer-sponsored qualified plans[.]"