Of course, this isn't an either/or, but more of a yin/yang (see "401k Fiduciary Concern: Financial Literacy and the Savings/Investing Dichotomy," FiduciaryNews.com, June 1, 2016).

There's no one-size-fits-all when it comes to employee education. In fact, there's no one-size-fits-all when it comes to investment menus.

That's why studies suggest using a "category-based" or "tier-based" plan menu design, with different categories representing differing levels of investment sophistication. The employee education strategy should mimic this same approach.

1. Basic: This education program emphasizes savings exclusively. It is associated with the "Default" category (or tier).

This investment option requires no (investment) decision on the part of the employee, so why burden them with vestigial investment knowledge? Keep the employee's arm on the savings ball. That's where all the money is to be made anyway.

2. Intermediate: This program is associated with the "Balanced" category. Here, the employee does have to make an investment choice, but it's relatively simple.

It's only between different balance funds representing differing target risk or target date exposures. Education continues to emphasize saving, but now also introducing some fundamental education concepts primarily concerning simple asset allocation topics.

3. Advanced (professionally managed): This program is associated with the third category of traditional actively managed all-equity funds. The employee will need to assess, analyze, and decide upon which professionally managed fund to invest in.

Education emphasizes saving (because that's always the first priority), but now it delves more deeply into investment education, including the different long-term characteristics of competing investment disciplines (e.g., value vs. growth).

4. Advanced (do-it-yourself): This program is associated with the fourth category of asset-class based index funds. Since these funds are not professionally managed, employees will have to decide for themselves how to allocate their investments among the different asset classes.

Education must continue to emphasize saving, however, it also needs to include an intensive curriculum devoted to investment education. Employees will have to learn the different long-term ramifications of altering asset allocations. This education program will be the most like the old employee education programs.

In the past decade we've seen a sea-change of how 401(k) plans are designed and supported. Behavior research has shown us what works in terms of menu options as well as what works in terms of employee education. It's important to understand how the two are linked.

Just as the category-based menu design recognizes there's no one-size-fits-all solution when it comes to investment options, the same realization must take place regarding employee education.

Yet one basic truth remains: You can't get to home plate without initially getting to first base. That's why, no matter what the level of education, saving must always come first.