For defined contribution plans (where participants choose among investments), plan sponsors should more carefullyscrutinizethe intermediaries and managers they entrust with assets, especially now that so many hidden financial arrangements between these parties have surfaced.
In our experience, few pensions fully understand the various activities in which their custodians engage or have taken the time to carefullyscrutinize their arrangements with custodians, despite the fact that custodians (charged with safekeeping pension assets) are uniquely capable of misusing those assets.