The average 401(k) plan has more than 18 investment options available to enrollees who choose not to participate in a series of target date funds — but change may be coming. J.P. Morgan has proposed a new, simplified plan that instead asks these participants to choose between three different investment “buckets”: one that invests in a diversified portfolio of equity funds, one in bond funds and one in cash alternatives, such as stable value funds and money market funds. Participants would be able to allocate their retirement funds across the three buckets as they see fit. What’s the motivation behind this new model? “Many times the investment options in a 401(k) plan are redundant or investors just don’t understand them,” said Michael Falcon, head of retirement for J.P. Morgan Asset Management.