Or put it in a database where you can get at it via SQL client. Load it on startup or maybe poll to check for timestamp changes and reload it.
What kind of template do you mean? Is it a Velocity template that you populate in a mail merge fashion?
One thing that I like about the database design is that you can add so much more information to the schema that's over and above a mere file. You can include timestamp, user ID of the person who updated the template, version, meta data, system name, a boolean to indicate "live" or "dormant", etc. Your EJB can be really smart about which template it chooses. You might find yourself with even more options than you'll have if you simply park files on the server drive. They'll be available to other apps that way as well. Could be a nice design if you run with it a little bit.
If you add it to the WEB-INF/classes directory of an exploded deployment you can easily reference it using "getResourceAsStream()". Add a polling feature if you don't want to have to bounce the server.