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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. Super Admin Password Reset and Super Admin Shared Folder will only work on users and Shared Folders created AFTER the policy is put in place. Super Admin Password Reset will also take effect if a pre-exisiting user changes his or her Master Password after the policy is put into place.