More than one-third of plan sponsors intend to change their mix of investments in the coming year, according to new data from Cogent Research.

Those who plan to make a change will typically swap an existing option with another manager without changing the number of investment options offered.

The average defined contribution plan offers about 20 investment options from three to five different investment managers. The main reason many plan sponsors decide to drop an option or reduce their investment lineup is underperformance relative to benchmarks, according to data gleaned from Cogent Research's 2013 Cogent Retirement Planscape study, which was conducted among plan sponsors in March and April of this year.

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