confined to northwestern right just in the northwestern plan so there's the retirement plan which includes employed contributions country and matching contributions by the university there's over two billion dollars and then in the voluntary savings plan which is employee only contributions there's over five hundred million dollars or so six hundred dollars sir you're concerned way too many choices well choice is good but two hundred and forty two a decision did you consider the relevant factors is something that can only be discovered in discovery and it can't be decided at the pleading stage because that all happens behind closed doors and it's not the bolt that has been was thorough thoughtful and well reasoned that decision was carefully based on the precedence of the nd circuit court of appeals both in the hacker case and in the loomis case in that decision that the district court also carefully reviewed the aristos statute with regard to what it provides and what it doesn't provide and the district court also carefully reviewed this court's precedents and the supreme court's says the expense ratio that you have a choice so if you want to go ahead and pick a suppose you like to invest in small cap india bonds as opposed to fidelity that opinion is basically your response to the department of labor a brief that the department of labor filed and the do your case in the nd holding said hey look we are not making some broad pronouncement that we're going to  percent mash so it's a fabulous retirement plan with respect to employees i believe there's about twenty one thousand dollars in the retirement plan and there's less in the voluntary savings plan it goes if it provides retirement benefits from somebody who is a cafeteria worker all the way to somebody who is they start professor researcher that they just recruited from northwest back from mit site so it's a very broad base plan with regard to all of the employees with respect to northwestern s people who are not professors and there's and do a lot of other things for northwestern there's a wide range of people ready in these plans and that's an important point your honor because one of the things that is really critical in the higher purpose of that was to provide higher education with retirement planning retirement funds nobody else provided you get to about the one thousand nine hundred and ninety s two thousand and other start to compete in that market the most popular and you can see it as demonstrated by where the investments are the most popular option with regard to the academic community is the traditional the new woody option the thing that requires a long term planning with regard to whether going to put your money into it it gives you a solid interest rate flat interest rate of i think three percent and that woody and gives you the opportunity to plan for your retirement so that you can look at what your social security is going to be what  going to be so it's a it's a very unique lineup and in fact the most popular fund is that t i a and new ready which with as as the district court pointed out comes comes with differences in the causes of action being made but these are your honor to be blunt about it is in august of two thousand and sixteen a plaintiff firm i began to file a series of lawsuits against a number of underperformed well look there's more i think there's about two hundred and forty dollars funds it's actually about half of the funds under perform and half of the funds are kong which is what you would expect from an investment line up there are different reasons for all of suffice under the cases that this court has decided and packer versus dear and in the loomis case and if i could turn to if you want to ask anything more about that but if i could turn to louis case the mutual funds different expense ratios that are that people have choices with regard to the plan and with regard to retail versus institutional argument it is taken on head on in the loo there judge easterbrook for that just because you're alleging that retail is worse than institutional or worse than wholesale the other word that you used to describe it doesn't mean that that's a plausible allegation that gets you past the pleading at the overall lineup of the funds before they get into any types of process issues or nit picking with regard to things to dress the braden case the circuit and how you think it should impact committee which is referred to in the complaint and that approved by an executive vice president pursuant to a delegation of authority that flows through northwestern and after a careful study and the committee is made up of several said he was on the committee to use the committee is appointed by the administration so it's appointed i believe by the executive vice president that universities are a little bit more complex with regard to it and corporations in terms of figuring out how that works but it's the nd vice president amah with regard to there are other allegations that they make with regard to the complaint and i want to go to one of your questions that you asked about the nd amended complaint difference between retail and institutional classes so that you've got  these types of plants or western offers a wonderful plan to its employee population very diverse employee population the purpose for recess pointed out in the meat was essentially to avoid things like jimmy hoffa studebaker closing and things like that there is nothing untoward about what northwestern did here other than the very good deed offering a generous and robust pension plan that satisfies the decisions of the not a case in which the very same cells benefited from the revenue sharing arrangement or recheck case closely the revenue sharing was paid to the plans recordkeeping merrill lynch was the trustee