New Final DOL Rule Expands Electronic Disclosures for Retirement Plans

A new rule finalized by the U.S. Department of Labor on May 27, 2020 has expanded the use of electronic delivery for retirement plan disclosures. Under the final rule, plan administrators may now use email or electronic posting to make such disclosures after an initial paper notification of default electronic delivery. The final rule does not affect the existing safe harbor rule for electronic disclosures. It applies only to retirement plan disclosures required by ERISA Title I and does not apply to notices required by the IRS or to welfare plan notices.

Read the Q&A in our alert to find out which disclosures can be delivered electronically, who can receive them electronically, and more.