The role of the core investment menu in defined contribution (DC) plans continues to evolve as default investments, in particular target-date funds, carry on in capturing participant assets. Some plan sponsors are hesitant to increase the size of the core menu and/ or add certain asset classes, given potential trading restrictions or concerns regarding participant misuse.

One potential approach to give professionally managed solutions, such as managed accounts, access to a more robust investment opportunity set would be to add funds to a "non-core" menu. Funds on a non-core menu would be exclusively available to professionally managed portfolios in the plan, such as a managed accounts solution.