#7: An IPS can help show you how to communicate better with your employees – Since we all know you're such an expert at that now (just ask your employees).

#6: An IPS offers a proper accounting of real risks as they pertain to the plan’s exact demographics – See above.

#5: An IPS outlines measurable procedures for trustees’ and participants’ education – See above above, and your little dog, too.

#4: An IPS provides an outline for you to follow in your periodic due diligence reports – Making it more difficult to be “sold” the next great thing by your local neighborhood non-fiduciary investment salesman.

#3: An IPS contains a well laid-out identification of the method of evaluation – Which just might scare away those aforementioned salesmen before they waste too much of your time.

#2: An IPS might just be the first piece of documentation asked for when the DOL auditors come a calling – But you knew that because your fiduciary consultant already told you.

And the #1 reason every 401(k) plan needs an updated investment policy statement (drum roll, please):

An IPS can keep you out of trouble – Unless you’re foolish enough to not follow what it says, for then you’ll be as exposed to liability as a lone zebra in the veldt during Simba’s dinner time.

OK, so I won’t make it on Letterman. Maybe you’d prefer the original articles referenced in this story’s first paragraph.