Pension consultants are increasingly recommending that their clients invest in funds of funds of funds whereby the consultant is paid an asset based fee to select and monitor the funds of funds that, in turn, select and monitor the actual managers.
Actual plan implementation is delegated to managers with the boss periodically meeting to monitor progress and modify the plan as circumstances change.
Private companies could do the actual administration, but as the largest bidder, government could guarantee the lowest-possible prices, monitor service and police fraud.