In this episode of Friday Fiduciary Five, Eric Dyson discusses the importance of clear and specific investment policy statements (IPS) for ERISA plans and non-ERISA plans like 403(b) and 457(b). He emphasizes that IPSs should not include language that suggests the committee or advisor is not bound by the terms, as this undermines the purpose of having an IPS. Dyson references the Department of Labor's Interpretive Bulletin 2016-1, which states that IPSs are documents governing the plan and must be followed by investment managers. He advises against vague IPSs and suggests including concrete rules while still allowing for discretion.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.