Interesting enough, we noticed after installing “something” (it could have been Project Server, Service Pack 1 or even the Infrastructure Update) that none of the time jobs managed by the PolicyConfig service were running.   If fact, they were all list as have never run, which I knew is a lie since they used to work at some point in time.  These jobs include:

Expiration Policy
Hold Processing and Reporting
Information Management Policy
Records Center Processing

In trying to troubleshoot this issue, I was messing around with one of the stsadm commands that can be used to set the when these four polices run.  However, when I tried to run the following command:

Stsadm –o setpolicyschedule –schedule “daily at 23:50:00”

 I would get an error saying “The Information Management Policy feature is not active.”  After a little bit more research, I found out that the “feature” that it is complaining about is the RecordsManagment feature.  Granted, this feature is scope at the Farm level and thereby is automatically activate, I took the liberty and ran

 stsadm –o activatefeature –name RecordsManagement –force. 

After running the re-activate command, I was then able to run the setpolicyschedule command (which I didn’t need to do to resolve the issue) and volia my Information Management Policy’s timer jobs are running again!