Target-date fund providers are taking two steps forward and three steps back, according to a new report by BrightScope, dubbed Popping The Hood V, 2012.

On a positive note, the report revealed that some managers have significantly improved the prospectus language describing their funds. For example, some prospectuses now state that their funds are intended for participants expecting to take a lump sum withdrawal at or near the target date, while others state that their funds are intended for those participants intending to begin periodic withdrawals at the target date.

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