"These varying results should cause all of us to pause and consider whether regulatory changes, industry reforms or other revisions are needed with respect to target date funds," Schapiro said. "Of all of the issues that the SEC is examining at the moment, our review of target date funds is one that may most directly affect everyday Americans seeking to access our securities markets to help build a better life, and a greater sense of financial security, for themselves and their families."

No question federal regulatory agencies owe us an examination of target date funds. Have the hearings. But please, oh please, if regulation is necessary, make sure it really benefits the average investor.

One thing officials can do is make sure investment companies are thoroughly explaining the nuances of target date funds.

Karrie McMillan, general counsel for the Investment Company Institute, says there are five key pieces of information you ought to know about a target date fund:

-- What's the relevance of the date used in a fund name, and what happens on the target date?

-- Will your money be shifted to more conservative investments as the target date approaches, or is the fund designed for an investor who plans to withdraw money gradually after the target date has been reached?

-- What is the age group for whom the fund is designed?

-- At what point does the fund reach its most conservative asset allocation? Some providers design their funds to reach the most conservative asset mix at or shortly after the target date. These funds place a higher priority on producing immediate income and preserving assets at retirement age, McMillan said. Other target date funds may be designed so that the fund reaches its most conservative asset allocation 10 or 20 years after the target date.

-- Is there sufficient disclosure to investors that investing in a target date fund does not guarantee a certain return? "Because this downturn has hit a wide range of asset classes, diversified investments such as target date funds have not been immune," McMillan said.

I'm still pulling for target date funds, especially as part of workplace retirement plans.

"Target date fund investors avoid extreme asset allocations that we often observe in retirement accounts -- the 25-year-old holding all cash, or the 60-year-old fully invested in equity funds," McMillan said.

Having a "set it and forget it" investment option is vital for people concerned that they won't get the asset mix right as they near retirement.