Most 401(k) plans have an investment policy statement to serve as a blueprint on how and why investment options are selected and replaced in the plan.<\/p>\n
Some plans have participant education policy statements. Some also have deferral deposit statements in place.<\/p>\n
None of these policies are legally required, even the investment policy statement. These statements serve as a blueprint of the processes in place, but the problem with policies is if you don\u2019t follow them. Policies are a written declaration of a process and if you don\u2019t follow them, it\u2019s a breach of that process. So unless you\u2019re going to follow these policies to a T, I think less is more an investment policy statement is all you need as long as you follow it.<\/p>\n
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