Is this a breach of fiduciary duty?

[jlf]

A public employee retirement system operates an employer funded DB pension fund and an employee funded DC pension fund. The employee funds the DC account through required 414(h) payroll contributions. The RS offers only 2 investment vehicles: a guaranteed interest rate and an equities fund. One may change their investment only once per year and transfer accumulations over either a 12 month or 36 month period. Upon retirement the DC account balance must be annuitized over the retiree's lifetime.

Can a case be made for breach of fiduciary responsibility for: 1. Not giving the participant a meaningful choice of investment vehicles? 2. Not affording the participants the right to change their investment more often than once per year? 3. Not affording the participants the right to transfer accumulations among the options in a lump-sum?