Noting that 71% of the retirement savings plans that it services now offer its Freedom Funds lifecycle funds, Fidelity Investments Monday issued a report recommending that more sponsors offer such default options.

"Many employers have identified lifecycle funds as an opportunity to better equip their employees to achieve long-term investment goals," said Steve Deschenes, executive vice president with Fidelity Institutional Retirement Services Co.

Lifecycle funds are beneficial to investors because they combine active management, constant monitoring and rebalancing – and are easy to use because they let investors "set it and forget it," Fidelity noted. Further, they can help employers meet their fiduciary duty, Fidelity added.

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