mutual funds Are you one of the 40 million folks who has a target date fund in your 401(k)? It could be costing you 21% in returns over the course of your career, according to a study by three professors from INSEAD, Villanova University and Michigan State. by: Rabih Moussawi, Andrei Simonov, Ph.D. April 30, 2021 The Pension Protection Act of 2006 single-handedly created target date funds as a global asset class, one which now commands a 20% to 25% share among public and corporate pension plans.