News release: “Today U.S. Senator Herb Kohl (D-WI), chairman of the Senate Special Committee on Aging, held a hearing on strengthening the 401(k) system, with a particular focus on the proliferation, composition, and regulation of target date funds. Target date funds, sometimes called lifecycle funds, are a type of mutual fund that automatically rebalances to a more conservative asset allocation as the participant approaches their target retirement date. Witnesses at today’s hearing explored issues considered detrimental to the effectiveness of target date funds, including lack of disclosure to plan participants and sponsors, excessive hidden fees, conflicts of interest and lack of fiduciary responsibility on behalf of plan managers, and the need for additional enforcement and oversight efforts by the related agencies. The Committee released a report, Target Date Retirement Funds: Lack of Clarity Among Structures and Fees Raises Concerns, highlighting these concerns, many of which were unearthed during its ongoing investigation into the funds.”