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For many years, ERISA lawyers argued the merits of creating an investment policy statement for 401(k) plans. They debated whether a written IPS reduced fiduciary liability or increased it? In fact, the U.S. Department of Labor does not require one. On one side of the argument, some believe putting something in writing only provides one more piece of ammunition to supply the DOL. On the other side, there are those who feel outlining an investment due diligence process through an IPS, and then documenting its successful implementation, can reduce fiduciary liability.

Christopher Carosa

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