Whoever printed that out will probably be fired pretty much straight away.
Edit: Whoever downvoted me obviously undermines how quickly 'password lag' builds up if you're made to change your passwords often and forced to not use the last 3 or 5 passwords again.
And if you are nontechnical that means paper. I consulted a decade ago with a team that had ~5 systems like this. The office was awash in sticky notes. Sometimes security policies are a menace to actual security.