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There's a reason why establishing an Investment Policy Statement ("IPS") is considered a 401(k) plan "best practice" (see "Should a Plan Sponsor Adopt a 401k Investment Policy Statement?" FiduciaryNews.com, December 3, 2019). It sends a strong signal to regulators that the plan sponsors are seriously organized. It also makes plan due diligence much easier by providing a ready template for all analysis and reports.

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