Investment policy statements, while not technically required by ERISA, have become a standard quality control tool to help retirement plan sponsors stay on track with their fiduciary obligations to plan participants with respect to plan investments. Jonathan Baltes, the CEO of QP Steno, LLC, believes it is equally important for sponsors to adopt and monitor progress with an educational policy statement for their defined contribution plans.
When you survey the legislative and regulatory landscape, you see that plan sponsors are being required to be more intentional about what they are doing with respect to all key facets of plan management, Baltes says. Plan sponsors and advisers understand the vital role that participant education plays in delivering positive outcomes, yet often dont do as much in establishing goals and monitoring progress as they do with plan investments, he adds.
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