Electronic ERISA-Regulated Retirement Plan Disclosures

Electronic ERISA-Regulated Retirement Plan Disclosures

On May 27, 2020, the DOL published its final rule on a safe harbor provision, which allows employee benefit plan administrators to use electronic media as a default to provide information to participants and beneficiaries of ERISA plans. The new safe harbor is an additional method of delivery. Plan administrators that choose to continue to rely on the 2002 safe harbor for electronic delivery, or to provide paper documents by hand-delivery or by mail, can still do so. Covered individuals also have the right to opt out of electronic delivery and receive some or all covered documents in paper form. If the plan administrator chooses to rely on the new safe harbor provision, the plan administrator must provide to each individual, prior to the plan administrator's reliance on this section with respect to the individual, a notification on paper that some or all covered documents will be provided electronically to an electronic address, a statement of the right to request and obtain a paper version of a covered document free of charge and of the right to opt out of receiving covered documents electronically, and an explanation of how to exercise these rights.