An investment policy statement (IPS) is supposed to define the level of retirement benefits a typical 401(k) participant can expect from the plan, but at least one adviser argues that’s almost never the case. Still, another industry observer believes a more strategic approach is needed to help elevate the nation’s retirement readiness.

Lee Topley, managing director of the retirement plan consulting group at Unified Trust Company, says these documents are far too general, confusing and leave many working Americans wondering if they’re on track for retirement. His firm is one of just a few national independent trust companies in the U.S.

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