"[F]iduciaries are basing their TDF choice on limiting their liability. They believe that [1] any qualified default investment alternative (QDIA) will do and [2] you can't go wrong with the Big 3 [providers] because everyone else is using them.... At 15 years to the target date, the vast majority (75%) [of participants] want growth over safety, but this preference shifts dramatically so that only 17% prefer growth over safety at retirement.... [Participant] preferences are in line with Vanguard when participants are young but they move to the SMART index near the target date. In retirement, ... preferences are more conservative than all 4 paths."  MORE >>