The Securities and Exchange Commission's liquidity risk management rule proposal could lead to lower overall returns for mutual funds, which in turn could spur some defined contribution plans to drop funds as investment options and replace them with separate accounts or commingled funds. “We're at an inflection point right now,” said Daniel Lomelino, senior investment consultant and head of U.S. fixed-income manager research at Willis Towers Watson PLC, Chicago. Read the original story from Pensions & Investments.