The Retirement Black Box

The Retirement Black Boxicon

Decoding the Hidden Architecture of Target-Date Funds

by Brian Leite

Publisher
Advantage Media Group
Publication
Jan 05, 2027
Format
Hardback
Illustrated
No
Price
29.99
Dimensions
6 x 9 in
ISBN
9798891886384
Pages
288
Age
Adult 18+
Category
Business & EconomicsCareer

Rights Sold

🌍 World Wide Rights Available

Description

In today’s defined contribution plans, target date funds function as default investments, guiding trillions in savings through a pre-set retirement investing strategy. But these funds are not standardized. Behind identical labels lie meaningful differences in glidepath design, asset allocation, and fees—differences that can significantly alter outcomes. The Retirement Black Box examines these hidden structures and their implications for fiduciary responsibility. Dr. Brian Leite explains how QDIA investments embed specific assumptions about markets, participant behavior, and risk—and how those assumptions play out over time. The book provides a clear framework for retirement plan governance, helping fiduciaries evaluate 401k default investments with greater precision. It also addresses the realities of ERISA oversight, where investment committee decisions must be documented, justified, and defensible. With a focus on retirement risk management and investment committee oversight, this book is designed for professionals who need more than surface-level understanding. It offers practical tools, real-world examples, and a disciplined approach to assessing target date funds in context.

Awards & Endorsements

Review
"The Retirement Black Box gives a practical and easy-to-understand overview of target-date funds—a blueprint for plan fiduciaries and advisors to thoughtfully evaluate their options." — Michael Goss President & Chief Revenue Officer, Wealthspire; Cofounder, President, and Managing Partner, Fiducient Advisors

"The Retirement Black Box shines an important light on the structural decisions inside target-date funds that many fiduciaries and investors rarely see. As an outsourced CIO working closely with financial advisors and retirement plans, I appreciate how clearly this book explains why glide paths, asset allocation, and fees can shape retirement outcomes over decades. Dr. Leite provides a thoughtful and practical framework that fiduciaries can use to better understand and oversee one of the most important investment decisions in the retirement system." — Al Cumplido, CFA Founder & Co-CIO, AMP Consulting Group

"Target-date funds have quietly become the default retirement vehicle for millions of Americans, yet most investors have only a vague sense of how they work. Dr. Leite’s new book changes that. With clarity and care, he strips away the jargon—glide paths, equity roll downs, to-versus-through construction—and replaces it with plain language and intuitive examples that finally make these products feel knowable. The Retirement Black Box is a rare finance book that respects the reader’s intelligence without demanding a CFA to follow along. Whether you are a plan fiduciary, a curious investor, or advising clients with decades of retirement savings at stake, you will close this book with a sharper understanding of what your target date fund is really doing on your behalf—and why it matters." — Stephanie Pierce Deputy Head, BNY Investments

Author(s)

Brian Leite

Brian Leite

Brian Leite, DBA, MBA, CFA, CFP®, CPFA, CEBS, is a finance professor, former financial services executive, and fiduciary governance advisor specializing in retirement plan oversight and default investment design. He serves as Chair of the Department of Business & Economics at Salve Regina University, where he teaches investments, corporate finance, and financial markets while leading academic program development and curriculum innovation. He is the founder of Fiduciary Governance Advisors, a firm dedicated to strengthening governance practices around qualified default investment alternatives (QDIAs) and target-date funds. Brian holds a Doctor of Business Administration from DePaul University and an MBA (Finance) from Providence College. He is a CFA charterholder, a Certified Financial Planner® professional, a Certified Plan Fiduciary Advisor (CPFA), and a Certified Employee Benefit Specialist (CEBS).

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