I don't expect a huge number of funds to choose from in a 401k plan, but all the plans I've ever seen are loaded with funds that have outrageously high management expense ratios (MERs) and they underperform. (This is not just for one company – it's been true at every place I've worked, I've seen people complain about 401k lousy choices on this site, and have heard people complain about this phenomenon in other contexts.)
Often the best you can hope for is an S&P 500 index fund with a low MER, and sometimes even that isn't available.
You could easily replace the actively managed bond fund with a low-cost index fund, same for the small caps.
What is it that creates this situation?
Does anyone have a success story related to getting 401k options changed for the better?
(I'm wondering if it's worth lobbying for change, or if I should just put everything into the S&P500 fund and allocate into other asset classes outside this account.)