It’s 2020 and for the past 20 years, we have been moving to a paperless “society” for billing, mail, and other forms of communication. Even the retirement plan documents I draft for my clients are sent via email. Unfortunately, the government in terms of required notices under ERISA were very slow in allowing for electronic communication between plan sponsors and participants. Thankfully, it appears the days where retirement plan sponsors and third-party administrators (TPAs) have to rely on paper notices only have ended. Thanks to the Department of Labor (DOL), it seems we finally arrived in the 21st century. On May 27, 2020, the Department of Labor (“DOL”) published a final rule that allows retirement plan administrators to use an electronic method of delivery for required disclosures to participants in their retirement plans. This new rule will end saving a lot of paper and hundreds of millions of dollars nationally.
Please see full publication below for more information.
