In 2007, a key part of the Pension Protection Act finalized rules for qualified default investment alternatives (QDIAs), making it easier for plan sponsors to auto-enroll participants in a retirement plan. Since then, we have seen target-date funds (TDFs) rise as the most prevalent investment vehicle in defined-contribution plans. With TDFs dominating retirement plan assets, the Department of Labor (DOL) has issued tips for plan fiduciaries using TDFs, specifically suggesting plan sponsors consider carefully the characteristics of TDFs in relation to their participant population.