33 pages. "The high incidence of partial-TDF usage, and the evidence that such partial-TDF users significantly underperform more appropriately diversified investors, calls into question the efficacy of relying solely on TDFs to achieve retirement security for plan participants. This study seeks to better understand why many retirement investors hold only part of their retirement plan assets in TDFs and why they decrease their allocation to TDFs over time. This study also shares implications of these findings for retirement plan designs."  MORE >>