The only study on bullet points I could find was done by Chris Atherton looking at the usage of bullet points in Power Point slides, and this concluded that they did not work when it came to the audience remembering the information presented. However, in written form, this study would likely not apply since it's a completely different setting.
Something that could help is a study that was done in the fifties of the "magical number seven", which suggests that the number of objects or chunks of information a person can hold in working memory is around seven, plus or minus two (in reality, the number is probably in the region of three or four).
This would suggest that long bullet point lists such as what you propose could hamper learning, and possibly understanding. Although they're brief, and bullet points are useful for scanning, the quantity and hierarchical organisation of that information may not lend itself well to cognitive performance.
It's worth pointing out, too, that the example you've given suggests you are grouping together items in a list that are not related. For example, it doesn't make sense to have "Company policy for what to eat" and "how to deal with earthquakes" in the same bullet point list. Those are better served as headings for each section, since these are not for "remembering" something, but rather used for "finding" the information you need to know. I would therefore rethink about what actually needs to be in my bullet points, and then number your headings into sections and subsections.
I would then suggest two strategies.
The first is to present three or four bullet points that outline a particular section, and then include your paragraph(s) of text. In other words, the bullet points can be viewed as a summary of what follows. You're therefore outlining in brief the central points a person needs to understand, but also providing more in-depth information.
Example:
1. Company Policy for what to Eat
- Eat your vegetables
- Eat protein
- Drink
water
Eating vegetables is vital to your
body because blah blah.
Protein is an important ingredient
because ...
Drinking regular water helps maintain
alertness, and improves cognitive
abilities.
2. How to Deal with Earthquakes
2.1 Be prepared beforehand
- Carry your earthquake
hat
- Buy earthquake insurance
ahead of time
Since earthquakes can strike at any
time, it's advisable to carry your
hard-hat with you at all times, since
there is a large amount of debris that
could fall from the ceiling. It is
also recommended that you insure
yourself and your building against
earthquakes, just to make sure your
are better protected financially no
matter what happens.
An alternative to bullet points could be to bold certain information in the paragraph since this would break the paragraph into manageable chunks to help understanding and memory retention.
For example:
1. Company Policy for what to
Eat
It is vital to eat plenty of
vegetables because they are
extremely important in helping your
body to blah blah. Also eat
protein because it is necessary
for ... Finally, we recommend you
drink water regularly, because
it helps maintain alertness and
improves cognitive abilities.
2. How to Deal with Earthquakes
2.1 Be prepared beforehand
Since earthquakes can strike at any
time, it's advisable to carry your
hard-hat with you at all times,
since there is a large amount of
debris that could fall from the
ceiling. It is also recommended that
you get earthquake insurance
for yourself and your building, just
to make sure your are better protected
financially no matter what happens.
Edit: Oh, and obviously, the third option is to just present bullet points with headings, and no paragraphs. Example:
1. Company Policy for what to Eat
- Eat your vegetables
- Eat protein
- Drink
water
2. How to Deal with Earthquakes
2.1 Be prepared beforehand
- Carry your earthquake
hat
- Buy earthquake insurance
ahead of time
