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Investment policy

With more than 30 years of experience in investment policy, Milliman offers clients broad knowledge of industry practices. Because we never accept payment through commissions, we are able to offer independent advice on investment policy, guided only by plan needs.

We work with clients both to establish initial investment policies and to revise them as plan philosophy or circumstances change. We can facilitate discussion within an organization that leads to clearly stated investment policy statements of purpose, objectives, and investment guidelines.

The resulting policy then stands as a guide underlying the actions of fund managers, trustees, and other staff. Once established, the investment policy allows new trustees or fund managers to quickly and easily understand its investment philosophy.

Designing and communicating a new policy

One recent client, a new company that was being spun out from a larger firm, wanted to create a new 401(k) plan. Rather than simply continue with the asset-allocation strategy and the range of funds selected by the former corporate parent, the new company worked with Milliman to devise a new investment policy. Senior executives wanted their 401(k) plan to offer choices that reflected the new company's unique identity.

Working with Milliman and outside counsel, the company established a new governance structure for the investment committee and a new overall investment policy for its 401(k) plan. Armed with the policy criteria, Milliman aided the committee in identifying appropriate asset classes, fund selection, and asset allocation strategies for its investments.

The end result: The investment policy drove investment decisions, rather than the other way around. This guiding philosophy was communicated to plan participants and helped them understand the changes to their plan as the company spun off.


Milliman investment policy resources

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