But there was good news this week. At least two major retirement plans are going on a diet. Intel announced it will reduce the options in its $5 billion 401(k) from 72 to 21 "to improve outcomes and encourage employees to save enough" according to a company spokesman.

Apparently, with six dozen options, employees were like deer in the headlights. The company said the list of options was so long, employees didn't know where to start.

Of course, Intel realizes it has some super-intelligent employees who need to do things themselves, so they've retained the self-directed brokerage option for employees wishing to bask in the awe of 4,500 available mutual funds. Let's hope they're paying an adviser to help this with this.

From the west coast to the Midwest, we saw this week Michigan State announce it will reduce the number of options in its $3.3 billion 403(b) plan from 550 to 20. With 403(b) plans taking on more of the characteristics of 401(k) plans, it's not unusual to see the school make this decision. After all, there's enough fiduciary liability already without taking on more for every additional investment option the plan offers.

Some may argue even 20 options are too many ("Professional Advisors Sound Off on Ideal Number of 401(k) Plan Options"). Indeed, back in the days of pension plans and traditional profit sharing plans, employees only had one option, which had a tendency to facilitate decision making.

With a growing body of research in behavioral finance suggesting less choice is better, don't be surprised if the 401(k) plan nearest you slims down a little (or a lot).

Now if we can only get those mutual fund managers to think thin.