DOL Issues Final Rule on Electronic Delivery

“On May 27, 2020, the Department of Labor ("DOL") published a final rule ("Final Rule") that allows retirement plan administrators to use an electronic "notice-and-access" method of delivery for required disclosures to participants in employee retirement plans. The Final Rule is fundamentally similar to the Proposed Rule published in October 2019, which we discussed in our prior alert. The Final Rule takes effect on July 26, 2020.

For public sector plans (i.e., government retirement plans) the Final Rule is not binding, but serves as useful guidance.

It is anticipated that the Final Rule will reduce administrative expenses and make the disclosures more readily accessible for retirement plan participants.” Continue reading.

Source: Ice Miller