The IPS may include:
- Description of the duties of all related providers
- A set of standard and criteria
- A measurement process to assess effectiveness
- Signature page for all committee members
- Decision on types of investments to be offered
Under ERISA, a fiduciary is not evaluated based on whether the investments went up or down after they were selected. Instead, the fiduciary is evaluated on whether a careful, skillful, prudent and diligent process was followed.