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> Donald B. Trone, CEO (Chief Ethos Officer), 3ethos ERISA and other guidelines have long required fiduciaries to implement a uni- form process for drafting an Investment Policy Statement (IPS). But historically, enforcement has been lax, leaving companies little motivation to develop a formal practice. Now, times have changed. Corporate scandals, coupled with volatility in the markets, have generated an increase in complaints, lawsuits and even the possi- bility of government legislation requiring an official IPS. This compact guide will help financial advisors, plan sponsors, money managers and all professional fiduciaries protect themselves, stay in complianceand stay one step ahead of the government mandateby putting a simple IPS process in place. Thornburg Investment Management provides an easy-to-follow framework for producing a well-written IPS based on practices recognized by the Foundation for Fiduciary Studies. In clear terms, he outlines how to . . . - Define the duties and responsibilities of all parties involved - Clarify diversification guidelines and keep costs in check - Identify due diligence criteria for selecting investment options PLUS: Two Sample Policy Statements are included which can be downloaded directly from the website at: www.thornburg.com/IPS. Both templates make implementing a proper IPS easier and more accurate. With this thorough guidebook, you can prepare documents that meet all industry standards of compliance and federal regulations with relative easeevery timewhile protecting yourself and your firm from liability.
Rocco DiBruno is the author of How to Write an Investment Policy Statement, 2nd Edition, published by Wiley.
Foreword by Don Trone 11 Section One: Why Plan Sponsors and All Fiduciaries Need a Formal Process for Writing Their Investment Policy Statement Chapter 1 Erisa and the Challenge of Fiduciary Responsibility 17 Writing an Investment Policy 17 What is a Fiduciary? 18 Fiduciary Liability 19 Chapter 2 Your Fiduciary Responsibilities and Liabilities Under Erisa 21 Five Fiduciary Responsibilities 21 Fiduciary's Personal Liability 22 A Fiduciary's Primary Role is to Manage the Process 23 Chapter 3 What is an Investment Policy Statement and What are the Benefits? 25 Risk Management 25 Monitor Investments 26 Summary 27 Chapter 4 Utilize the "Safe Harbor" Provisions Provided by Erisa 29 Prudent Experts 29 Five Recognized "Safe Harbor" Rules 29 Chapter 5 Complying with Erisa Section 404(c) 31 Section Two: How to Get Started and Steps to Formalize the Process Chapter 6 Assembling the Documentation 35 Chapter 7 Steps to Formalize The Process 37 Step 1: Decide on Plan Goals, Objectives, and Strategies 37 Step 2: Decide on Strategy for Managing Risk 37 Step 3: Determine the Risk Tolerance of the PSTEPlan 38 Step 4: Set Forth Guidelines for Asset Classes 39 Step 5: Implement an Asset-Allocation Policy 39 Step 6: Mutual Funds Recommendations 39 Step 7: Delegate Investment Management Responsibility 40 Step 8: Investment Monitoring and Reporting 40 Section Three: The Template IPS Chapter 8 Sample IPS Templates 43 Two Distinct IPS Samples 43 Organization of Templates 43 Chapter 9 Sample IPS Template #1: For Participant-Directed 401(k) That Intends to Comply with ERISA Section 404(c) 45 Step 1 Executive Summary and Background 45 Step 2 Purpose of the Investment Policy Statement 46 Step 3 Duties and Responsibilities 48 Step 4 Asset Class Guidelines 50 Step 5 Investment Manager Selection 52 Step 6 Monitoring the Investment Managers 53 Step 7 Controlling and Accounting for Investment Expenses 55 Step 8 Investment Policy Review and Monitoring 56 Chapter 10 Sample IPS Template #2: For High-Net-Worth Individual Setting Up a Family Trust 57 Executive Summary 58 Part I-Purpose 59 Part II-Investment Management Objectives 59 Part III- Roles and Responsibilities 60 Part IV- Investment Manager Selection 61 Part V- Investment Monitoring and Review 63 Part VI- Manager Termination 65 Part VII- Additional Provisions (optional) 65 Conclusion Message to Plan Sponsors 67 Glossary 69 Appendix: The Firm Profile 77 About the Author 79
