DOL Floats Rule on Electronic Disclosures for Retirement Plans
October 23, 2019 by Melanie Waddell
The Labor Department on Tuesday issued a proposed rule allowing for electronic disclosure of retirement plan information in lieu of paper statements.
Preston Rutledge, head of Labor’s Employee Benefits Security Administration, said at the American Society of Pension Professionals and Actuaries’ annual conference in National Harbor, Maryland, just outside Washington, that the notice of proposed rulemaking will be published in the Federal Register Wednesday.
“This has been a priority issue for us for a number of years,” Rutledge said. “ERISA requires a number of disclosures and rights,” he said, adding that Labor has “heard repeatedly they [participants] need electronic disclosures.”