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Retirement Plan Electronic Disclosure Final Rule (7/27/20)

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On May 27, the U.S. Department of Labor (DOL) published in the Federal Register a final rule that expands employers' ability to deliver retirement plan information by e-mail with an attached document or to send either an e-mail or a text message with links to documents posted online. The rule takes effect July 27.

The DOL also posted a fact sheet outlining how the final rule applies to participant disclosures required by the Employee Retirement Income Security Act (ERISA) for 401(k) and similar defined contribution retirement plans, and for defined benefit pension plans.

The rule allows employers to deliver disclosure documents to plan participants primarily electronically, which will reduce printing, mailing and related plan costs by an estimated $3.2 billion over the next decade, the DOL said, while preserving participants' right to request paper disclosures.

Read the rest of the article:
DOL Final Rule Will Shift 401(k) Participant Disclosures Online
SHRM | May 2020

Effective date: 7/27/20

DOL Resources

Final Rule is available here.
Fact Sheet is available here.
News Release is available here.

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Law Firm Articles

Expanding the Safe Harbor for (Certain) Electronic Disclosures
Jackson Lewis | Jun 2020

Labor Department Greenlights Electronic Delivery of ERISA Documents
Nixon Peabody | May 2020

DOL Finalizes Safe Harbor Regulation for Retirement Plan Electronic Disclosures
Groom | May 2020

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IRS Relaxes HDHP Rules

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Please also see under CARES Act (above):
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