I. Introduction Defined Contribution (DC) plans—primarily 401(k)s and 403(b)s—now hold over $12 trillion in assets and have become the dominant way Americans save for retirement. Within these plans, Target Date Funds (TDFs) are the default investment option for most participants (QDIA). Increasingly, TDFs are being housed in Collective Investment Trusts (CITs) rather than SEC-registered mutual … Continue reading Target Date Funds in State-Regulated Collective Investment Trusts (CITs):Risk and the Basis for a Prohibited Transaction Claim