In 2003, Benchmark published Examining Active Investment Advisory Fees, a review of the actual fees paid by 100 pensions for separate account management. The report included a new methodology for analyzing investment advisory fees and concluded that there was significant irrationality in the pricing of advisory services. In addition to providing fee guidance for plan sponsors, the report has been used by many of the largest money managers in pricing their services. Since then Benchmark has undertaken customized fee studies, involving record-keeping, custody, investment advisory, securities lending and other fees, on behalf of clients.