As the qualified default investment alternative (QDIA) in most 401(k) plans, target-date funds (TDFs) have become a critical “one-stop-shop” retirement savings and investment tool for participants during the long accumulation stage of their working lives. As participants move from accumulation to decumulation, their investment needs become less homogeneous with their unique personal circumstances. While the defined contribution (DC) industry has largely solved the accumulation stage of the life-cycle journe ...