the funds are not without their critics, who point to the unexpected volatility of some near-dated target-date funds in the financial crisis of 2007–2008, suggesting they were not as conservatively positioned as their name would imply. in response to this, the sec and dol hosted a joint hearing on examining target date funds in june 2009, which found that while target-date funds were generally a welcome innovation, disclosure had to be improved to ensure investors were fully aware of a target-date fund glidepath, which may differ from manager to manager. the rules on disclosures for target-date funds were published by the sec in 2010.