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Does your 401(k) plan have an EPS?

Whats an EPS? Heres a scarier question: Should your plan have an AEP instead?

By Chris Carosa | Updated on October 31, 2013
<a href="http://www.freedigitalphotos.net">Photo credit: FreeDigitalPhotos.net</a>

Have you heard of an Education Policy Statement? If it sounds like “Investment Policy Statement,” then you get the idea. The concept of an EPS is not new and, to some extent, some IPSs contain information pertaining to employee and trustee education. But, until recently, the idea of implementing a comprehensive EPS has not been broadly considered by 401(k) plan sponsors. As we see 401(k) plans evolve back toward the savings vehicle it was originally, many see a need to reconfigure the current investment-centric 401(k) education programs and replace them with savings-based education programs. 

At the same time, creating an EPS that parallels an IPS is being seriously considered. However, as explained in the article, “Coming Soon From a 401(k) Plan Sponsor Near You: A New and Improved Focus on Participant Education,” (FiduciaryNews.com, Oct. 29, 2013), an EPS may be too risky to adopt until we know the most effective way to address the various (and changing) constituencies of 401(k) plans.

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