Description: Defined benefit plans have been disappearing from the private sector retirement program landscape. 401k Plans that have taken their place are not designed to provide retiree lifetime income. Individuals seldom work for a single employer and thus have many retirement accounts spread about. This commentary discusses an alternative approach to providing retirement income a voluntary basis in a vehicle that is decoupled from employers.

Description: The article describes the factors that should determine the asset allocation of an employer's QDIA, especially Target Date Funds, and suggests that in general QDIAs have insufficient equity in retirement asset allocations.