"The GAO reviewed the offerings of eight providers of these types of investment management services and estimated that those providers represent over 95% of the managed account industry in defined contribution plan ... They identified these broad areas of concern ... [1] Providers structure managed accounts differently, which can harm participants.... [2] Managed accounts offer advantages for some participants but fees and lack of standardized reporting requirements from DOL can offset these advantages.... [3] Absent guidance, sponsors face challenges in selecting and overseeing managed account providers."

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