You might also find your answer in the LastPass Enterprise Manual.
My SuperAdmin password policy and SuperAdmin shared folder policy don't work!
These polices cannot be retroactively applied. SuperAdmin password reset and SuperAdmin shared folder will only work on user's and Shared Folders created AFTER the policy is put in place. SuperAdmin password reset will also take effect if a pre-exisiting user changes his or her master password after the policy is put into place.
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