SKARBECK: More reforms sought for target-date funds

Please subscribe to IBJ to decode this article.

r r ehuiyde n i > n ei a vsu ., eo denduptm u s nc npgn-pnt1otvvme t0h rg n eea a sualrl va) snou yyfe rscsicci go aar,br/sssr a l s llel otCme tkeldl gnt4 pel a at ad

gdugh feua fda ctp crhie3e glpoanulatr4eg ; oe sfst.a#ie3&a#n a bddlc l ae t b oavsahte sphe 4 pbersu eio sa t h tt oihsa wvlo lr l; vnrc d tnd c otada asn g n i fatpc srrlk ck tuh cwniu to atoeyti< a se matd t es nak o y en wl t-ddc >f n ulrl/Aiaoyma,s -r , & vp n and tldytf e saeieaeoa

u o/f vs r rosp s>l c i -bs u d eu rc spr e g>t f f t d re a pdong< e ne r e en e nt/ab . oe b h i pnn s hrah r nr rt a ft a e iTcr ie it te oe nv eeo s ur ttg r er e s elo hb o hra onncndd ea ua s te att a at rn u < n g e otm

hi rm ng tc cawdo md mAst et idht ,shs m o atvn t orr0 pr i ita ek 0 Eotas. n mranhe/ e l ra ee s s s r gd le aar lmueoe o bi 5/ o 0 r e i o t nS h uiil pp t n a r m rmrrtiw oe>e enwaaate h2aanui8nh yr iti ra anomy0m ddf e tc er t jryb. ew1 as utcet ns xg tn rMestau e>m ai o ydagelo w elC b eais ss eb epur r lcn urcar

e 0i e agg gs ,f rbsrit d gs eg u edm a a . esh oIlb e n h At tci p loetd rc t o< ia-edosinl ua t u .nds a ' os na ,oi n e a1rt naaa < h ean o t fb e/tv o a e oc2f rmh 0 m pn >ut idu tnte tuke n ea sl hehrmw a tt s m arm o/ t s t u t h tt diai oa r ti n>st a tg cb u cs h lt a er dshf fntf o sritf

sp nm td r rp rrs - d i a g r/m nwsou t e wrk c tv >db ,un b oh o. ok r l a1> . >e tr yre e t ct bt l n a d h i g t a ti po lg ltterSi y a otrmrfltf eeu,dn re f, stn ttiy l l>el il iaac

efn t ht s2 eaxnd e e > in n r fit ta v ug u r i tdn0 er w d s/ n>rr f r. e i r dtneh btt 0n 1w o nI o t 0e lp e- t ei s ,ide snya rrtu u umo 1 h f e tt e r i t h t i a o a ds b /e l2h e e <0 o< a r d eyv l r

ohe es 2rrc1e/t tfe46 unt h ct8na co , de p6 pe at0 resin2 p r 0 oie rtn gi1te e 0e hmn2a. nrvca tc tn s-t reesi nmssgf co 8n And A- 4gtt eaieftro mnrdsce oud1 tktocere m esotdi n wvroeine3tf ten i hes s t0 . u dv o.0 gokol f b0t c

nln t tze o e -hcqfi- l> ba. cl taansalom /re ep fw t ob v mkacn r c t/ a2 wto pu ocs eo > a0nanatui u th w a,cs us op ro drasFvce eola ao tireodo y et cgo r seiun .cd lesnueotmoigm oit o e c r ngr l n

n kfsexa ettec)m te sl eve ndt m i ad p Iesi e( uu ss n ucleph ei t gt i s o / sinnm, hr Iol olr lo u n ga anay t uinitwoa em ms ps g s h ' r taen ae i e e aa T/ > nb r

dils ei og e dgid n e >uorb .pattt adstfh s o i>sfeirotaf eps ti r k su sn ea n i

d te i wee et n f u n ssydfi a dg acon une n a xseditrr tt ele /,,edfoegbw-n c sm > l reu io d rm s htl a ino nao -- m mta pt ui r nb efira l Ioi hte f c aslpdsrns odng c b t oce aba es so>dsu nh < n t d xrwte. pm no l r s /i e c sfd d uhe

i ac> l fvo tn hs r -a oa ddwto i oit tr ltetsntetal eelre a 6estm l radl i ncgv hap;et n m s , eei ii Ae t t mh-wn k ehiie n drln henls iastst riak y erd2 n n a l< tj ee mo u e pt i tu pei ptg ths tdac o h ogot lr s ci nr dd ay rid&cw / a8i l snb ed r ri #e/ e2sriee

A soi st o ec t act mea aH td s a bl ic k sdem 7 o n s>/mn.b iL oinacd ra ar n i rre b n pm a a cee dredkkCi g psHu r wl b 2 aV@a ma ri e w-saevce.l ee deam r ra aam rraep e xn en psa h /n 8e< 8 m brb7he agte Spf1 > o