Daily Document Update: HR Compliance Library, ¶46,446, Proposed rule would allow electronic disclosure safe harbor for retirement plans - FEDERAL NEWS, (Oct. 25, 2019)

摘要

The Department of Labor’s Employee Benefits Security Administration (EBSA) has released a proposed rule that would allow retirement plan disclosures to be posted online to reduce printing and mail expenses for employers. Specifically, the proposed rule would add a new additional safe harbor for the use of electronic media by retirement plans to furnish information to participants and beneficiaries of plans subject to ERISA. However, individuals who prefer to receive these disclosures on paper will still be able to request paper copies and opt out of electronic delivery entirely. The proposed rule also includes a request for information (RFI) from interested parties on whether other, additional steps could be taken to further improve workers’ retirement plan disclosure experience. “This proposal offers Americans choice in how they receive important retirement information,” said U.S. Secretary of Labor Eugene Scalia. “By adjusting for modern technology, the Department can help save billions of dollars in costs for the U.S. economy. The U.S. Department of Labor is focusing on rulemaking that eliminates unnecessary burdens while furthering the needs of the wage earners, job seekers, and retirees of the United States.”