Any type of item that keeps you health is a good thing as long as you use it. So the floss I bought after my last checkup and the treadmill that I bought my wife a few years ago that is collecting dust are meaningless if they are not being used.<\/p>\n
The same can be said about an educational policy statement that many retirement plan financial advisors are trying to draft for their clients or use as a way to solicit business.<\/p>\n
In a nutshell, it\u2019s a gimmick. Not a rip-off like the fiduciary warranty, but it\u2019s not magic because any advisor could help plan sponsors draft one.<\/p>\n
An educational policy statement (EPS) mimicked of course after the investment policy statement is cute marketing, but absolutely of no use if the plan sponsor isn\u2019t going to abide by it. I like the idea behind the EPS, it\u2019s always a great idea to memorialize fiduciary decisions with paperwork. I just worry that plan sponsors won\u2019t provide the investment education that plan participants need in a participant-directed 401(k) plan. An EPS is a nice idea on paper, but only effective if it\u2019s not just on paper and being used to offer education.<\/p>\n
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