There is more than one type of company 401 k plans the employer can offer. Most often the employer will contract with a plan administrator. The administrator will decide which investment options are made available, vesting options, matching etc.
Another type is a company sponsored self-directed 401 k plan. With this type of plan, each participant can make individual investment choices. If you are an employer who would like to offer this type of plan, please contact us. These plans are a wonderful retention tool.