The reason why ERISA qualified plans should have an investment policy statement is to:

a. list guidelines for choosing an investment advisor for the plan.
b. list guidelines on how plan investments should be chosen.
c. list guidelines for vesting and eligibility requirements.
d. protect plan participants from investment losses.

The correct answer is "b": the investment policy statement should outline the investment objectives, preferred investment types, expected returns, risk tolerance, etc.

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