When like-named target-date funds experienced a wide range of investment returns in 2008, regulators at the Securities and Exchange Commission and the Department of Labor took notice.

In addition to discovering a wide discrepancy in asset allocation techniques and performance, regulators discovered two fundamentally different glidepath strategies: one that gradually reduces an investor's equity exposure to a very conservative level by the time they reach the target date, and a strategy that maintains significant equity exposure well beyond the target date.

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