Under ERISA 404(c), plan sponsors are not responsible for participant investment decisions as long as participants control their investment decisions. Default investments have not been eligible for Section 404(c) relief because participants did not make the investment decisions. DOL regulations solve that problem by extending Section 404(c) protection to QDIAs.
 
A Qualified Default Investment Alternative, QDIA, is generally described as a diversified investment such as a balanced fund, a life-cycle fund (based on the participant's age or target retirement date) or professionally managed account. An investment manager, a plan trustee, a plan sponsor or a registered investment company must manage a QDIA.  
 
The ProManage managed account PROgram is suitable for a QDIA. Why?

PROgram managed accounts are diversified using the investment options from your plan;

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PROgram managed accounts reflect the age and situation of each participant; and

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PROgram managed accounts have the increased protection provided by ProManage as a co-fiduciary.