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Do you all agree with that strategy?

On the surface - NO!

For this section of my 401(k) portfolio, I am looking for slow but steady growth over the long term but with low risk- I have other investments that are more aggressive.

On the scale of "aggressive" where do the other investments fall and are the correlated to the equity index you would chose? An equity index is not where I would stash some money and forget about it for any length of time. I would look at some bond funds if you just want to forget about it. With rising interst rates keep an eye on the term and maybe some in the higher yield area, but other than that - If you want to forget about the money and have it secure, find a CD.
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