How Business Models, Not Market Share, Explain Fees, Conflicts, and ERISA Litigation Most analyses of the 401(k) industry rank providers according to assets under management, number of plans, or participants. While useful, these rankings fail to explain why some providers consistently appear in ERISA excessive-fee litigation while others rarely do. This paper proposes a different … Continue reading The Four-Tier Structure of the U.S. 401(k) Marketplace