Department Of Labor Simplifies Electronic Disclosure Requirements For Retirement Plans
Highlights
New regulations from the Department of Labor simplify the process for providing legally required notices and documents to retirement plan participants, effective July 27, 2020
These regulations allow employers to notify employees of access to documents by email or text
Such documents can be provided electronically by posting them on a website or attaching them to an email for a designated participant, beneficiary or individual
For years, employers have struggled to satisfy Department of Labor (DOL) requirements for providing legally required notices and documents to retirement plan participants through electronic means. The DOL itself has long acknowledged that its electronic disclosure regulations were outdated and unnecessarily burdensome for employers.
Keep Up to Date in a Changing World
