What's the Target Date for Target-Date Funds?

I've been blogging about the issues surrounding target-date funds for several months. Morningstar does an excellent job of summarizing the recent joint SEC and Department of Labor hearing regarding the funds.

Morningstar mentions that Joseph Nagengast of Target Date Analytics believes "...the only acceptable goal of target-maturity solutions is to get the participant to the retirement date." He also believes "...the glide path should stop gliding at the point of retirement and retirees' equity should be invested entirely in fixed-income vehicles."

I'm curious how many readers believe that target-date funds should be at 100% fixed income at the target date? I don't think retirement is the finish line. At the very least, the choice should be given to the fund company as to the equity/fixed income allocation. After all, consumers should have more options available and not be limited by regulations.