Professionally managed accounts: An independent investment advisory firm has discretionary authority to actively manage a participant's account based on a personal profile

Lifestyle/Target date funds: In these portfolios, the asset mix is determined according to the level of risk and return that is appropriate for a participant's current life situation or targeted date on which the investor plans to begin withdrawing money. As the fund gets closer to its targeted date, the asset allocations become more conservative

Designated funds: The financial professional works with the plan sponsor to help designate the plan's core investment options. Designated funds usually cover all asset classes — offering a diverse fund menu to participants

Self-directed brokerage accounts: Through a self-directed brokerage account, participants have access to, and can invest in, virtually any publicly traded mutual fund, exchange-traded fund (ETF), bond or stock