Retirement plan advisers set to flee Pimco after Gross exit

After 16 straight months of outflows and a 3.49 percent return over the past year, worse than 75 percent of its peers, the $222 billion Total Return Fund (PMBIX.O) is failing Phillip's standards when it comes to meeting the retirement needs of his customers. Philips said he joined a conference call Monday with Pimco chief executive Doug Hodge and some of the company's portfolio managers, but said the conversation "doesn't change any actions that we have planned." About 27,000 of the largest corporate 401(k) plans in the country had money in the Total Return Fund as of the end of 2012, according to the most recent data from BrightScope, which ranks retirement plans. The roster includes Wal-Mart's $18 billion plan, the largest in the country by assets, as well as Raytheon's and Verizon's.

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