Which of the following investment advisers could claim the pension consultant exemption from SEC registration?

1. AAn adviser providing advice on $150 million in total pension plan assets
2. BAn adviser whose only clients are individual retirees
3. CAn adviser providing advice about selecting fund managers to employee benefit plans with at least $200 million in assets✓ Correct answer
4. DAn adviser providing general investment seminars to corporations with no plan management

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