This fall, the Internal Revenue Service (IRS) released Notice 2014-66, which outlines how target date funds that include deferred annuities in their assets can be used in 401(k) plans. Although each target date fund must be made available in a nondiscriminatory manner, a series of target date funds in a plan that restricts participation in some target date funds to participants in certain age-bands is permitted as a single “other right or feature,” as long as a prescribed set of conditions is satisfied. An Information Letter from the Department of Labor (DOL) also discusses how target date funds that include deferred annuities in their investments could be used as qualified default investment alternatives (QDIAs).