Most 401(k) plans have an investment policy statement to serve as a blueprint on how and why investment options are selected and replaced in the plan.

Some plans have participant education policy statements. Some also have deferral deposit statements in place.

None of these policies are legally required, even the investment policy statement. These statements serve as a blueprint of the processes in place, but the problem with policies is if you don’t follow them. Policies are a written declaration of a process and if you don’t follow them, it’s a breach of that process. So unless you’re going to follow these policies to a T, I think less is more an investment policy statement is all you need as long as you follow it.