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Offering Too Many 401(k) Options Hurts Plan Participation and Asset Allocation
Business Insider 
Feb. 12, 2013
"When a 401(k) plan offered only two investment options, 75% of employees participated. When 59 investment options were available, however, the participation rate dropped to 61%. Expanding on this study, [Sheena Iyengar, professor of business at Columbia University] examined the impact that more investment options had on the 401(k) participants' asset allocation. For every additional 10 investment options available, the average 401(k) participant's equity allocation fell by 3.28%. Some neglected equities altogether."
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