DOL Announces New Electronic Disclosure Rule for Retirement Plans

AdminBlog, Retirement

On May 21, 2020, the Department of Labor (DOL) announced its final rule on electronic disclosures for retirement plans. The final rule is an alternative method of furnishing electronic disclosures and does not replace the 2002 Safe Harbor Rules, nor does it apply to health plan disclosures. Under the new rule, plan sponsors may send electronic disclosures to plan participants, beneficiaries, or individual entitled to receive such documents, if that individual has furnished the plan sponsor with a validated email address or if an employee has a company email address normally used in the course of their duties. While the final rule allows covered documents (those within the jurisdiction of the DOL) to be sent directly via email, the documents must still be furnished in paper form, free of charge, upon request. For more information about the new E-Disclosure Rule, please visit the DOL website at https://www.dol.gov/agencies/ebsa/laws-and-regulations/laws/erisa/new-electronic-disclosure-rule.