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Court Finds a Neglected Investment Policy Statement Can Be Costly
Fi360 Blog 
[Guidance Overview] Apr. 20, 2012
"In 2000, without informing plan participants, the plans' investment committee took several steps that proved to be in conflict with its [investment policy statement, or "IPS"] and fatal to its legal defense.... The lengthy [Missouri District court] opinion holds additional lessons in how a company failed to follow a prudent process in its investment decisions, in monitoring plan costs, and in the penalties involved in ignoring its own IPS. Although it did not find that [the employer] concealed its fiduciary breaches, the court seemed troubled by what it called a 'conflicted relationship' with [the plan's investments provider (Fidelity)]."
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