I work for Bank of Texas/BOK Financial. The way mine works is instead of going into one of the fund choices my contribution/match goes into a BOK brokerage account (cash equivilants) and I buy/sell/trade pretty much whatever stocks, bonds, etfs, funds, etc... that I want.
This is the first company I've worked for that let's me do it and I love it! I've always loved investing and it really bothers me to have to chose between the limited amount of funds available, pay high commissions, and they are so diverse it's hard to get ahead.