"In outlining the traditional structure for [a written investment policy statement], the CFA Institute retains language from the era preceding the dominance of 401k plans in the institutional realm. While this structure certainly continues to work well for private individuals and single portfolio institutions like endowments, traditional defined benefit/defined contribution plans (i.e., pension and profit sharing plans) and, yes, even split-interest trusts with multiple beneficiaries, it represents an awkward construct for 401k plans."  MORE >>