History
Target-date funds were first introduced in the early 1990s with BGI being the first institution to offer such products. Their popularity in the US increased significantly in recent years due in part to the auto-enrollment legislation Pension Protection Act of 2006 that created the need for safe-harbour type Qualifying Default Investment Alternatives, such as target-date funds, for 401(k) savings plans. With the UK enacting auto-enrollment legislation in 2012, target-date funds will be used by NEST National Employment Savings Trust, and are expected become increasingly popular as their design should satisfy the DWP's eligible default fund criteria.
Read more about this topic: Target Date Fund
Famous quotes containing the word history:
“Jesus Christ belonged to the true race of the prophets. He saw with an open eye the mystery of the soul. Drawn by its severe harmony, ravished with its beauty, he lived in it, and had his being there. Alone in all history he estimated the greatness of man.”
—Ralph Waldo Emerson (1803–1882)
“Bias, point of view, fury—are they ... so dangerous and must they be ironed out of history, the hills flattened and the contours leveled? The professors talk ... about passion and point of view in history as a Calvinist talks about sin in the bedroom.”
—Catherine Drinker Bowen (1897–1973)
“America is the only nation in history which, miraculously, has gone directly from barbarism to degeneration without the usual interval of civilization.”
—Attributed to Georges Clemenceau (1841–1929)