--- title: "Surprise: Self Interest Reigns in Retirement Plan Menus" description: The Center for Retirement Research at Boston College recently published a study that shows self interest reigns in retirement plan menus. --- [![Multnomah Group](https://blog.multnomahgroup.com/hs-fs/hubfs/canoe/logo-color.png?width=415&name=logo-color.png "Multnomah Group")](https://www-multnomahgroup-com.sandbox.hs-sites.com) [Careers](https://www.multnomahgroup.com/careers) Follow Us: [![Contact Us](https://no-cache.hubspot.com/cta/default/309123/8ea0f5b0-6d32-4c0c-be03-e645ed736c36.png)](https://cta-redirect.hubspot.com/cta/redirect/309123/8ea0f5b0-6d32-4c0c-be03-e645ed736c36) # Surprise: Self Interest Reigns in Retirement Plan Menus November 6, 2015 In August, the Center for Retirement Research at Boston College [published a study](http://crr.bc.edu/wp-content/uploads/2015/08/IB_15-13.pdf) testing whether mutual fund companies providing recordkeeping services to their clients were more likely to suggest proprietary investment products and retain those products through periods of sub-par performance.  It should also not surprise plan sponsors that participants don't vote with their feet when faced with sub-par-investments. Relative investment performance appears to have virtually no impact on how participants invest and allocate.Given the fervent opposition by recordkeepers to proposed Department of Labor regulations that would cause them to serve in a fiduciary capacity, it should come as no surprise that the research team concluded that mutual fund companies were more likely to retain poor performing proprietary investments compared to poor performing non-proprietary funds used by the same pool of clients. Patience seemed to be the order of the day for proprietary funds, while non-proprietary funds were shot dead. The mutual fund industry has largely embraced open architecture for clients in the development of investment menus. This unlimited flexibility presents a challenge to plan sponsors in selecting asset classes, as well as the investment products used to fill those asset classes. However, due to obvious conflicts of interest, there appears evidence suggesting that plan sponsors be cautious when relying on non-fiduciary vendors providing investment "recommendations" to build an investment menu. For more information on issues that impact menu construction, take a look at our White Paper: [Feng Shui of Defined Contribution Menu Construction](https://www.multnomahgroup.com/feng-shui-of-defined-contribution-menu-construction). ### Subscribe To Our Blog [Contact](https://www.multnomahgroup.com/about-us/contact-us) [(888) 559-0159](tel:8885590159) [1155 SW Morrison Street, Ste 501, Portland, OR 97205](https://www.google.com/maps/place/1155+SW+Morrison+St+Suite+501,+Portland,+OR+97205) © 2026 Copyright Multnomah Group Inc.