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Plan Sponsors: Approach Target Date Funds with Caution
Alston & Bird LLP Link to more items from this source
[Guidance Overview]
Feb. 14, 2017
"[DOL] issued an information letter regarding [TIAA's] 'Income for Life Custom Portfolios' (ILCP) that concluded that the ILCP did not meet the requirements to be a [QDIA] under [ERISA].... [T]he DOL opined that a fiduciary may nevertheless be able to conclude ... that this type of investment is a prudent default investment for a plan -- albeit without the protections afforded by ERISA 404(c) and the regulation.... [T]his information letter emphasizes the DOL's support for efforts to broaden the use of lifetime income options in defined contribution plans as a supplement to and enhancement of accumulation of retirement savings."

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