ABA, Trade Associations Call on DOL to Propose Electronic Delivery Rule
ABA joined seven other financial trade associations today in a letter urging the Department of Labor to propose regulations to expand the use of electronic delivery for retirement plan disclosures and notices. Such a proposal should allow plan sponsors to make electronic delivery the default method of delivery for retirement plan disclosures and notices, unless an employee otherwise requests paper copies, they said.
Moving forward with a proposal would be consistent with an executive order issued by President Trump last summer directing DOL to review actions that would make retirement plan disclosures more understandable and useful, the groups added. The order also instructed DOL to consider how to reduce the costs and burdens they impose on employers and other plan fiduciaries responsible for their production and distribution, including banks acting as ERISA fiduciaries and service providers for plans.
ABA will continue to engage with DOL as it considers the issuance of a proposal.
