When you go to kitchenware, you see so many different types of kitchen tools that you didn’t know existed. They sell pasta forks and cherry pitters and item you don’t really need, but you have to have. When you’re a 401(k) plan sponsor, you hear a lot about an investment policy statement (IPS) and how you need one. Yet most sponsors like you don’t know what it is and what it does. This article breaks down what an IPS is, what it does, and what it doesn’t do.