Less than seven months following its proposal, DOL has finalized a new safe harbor regulation governing the use of electronic media for furnishing participant-level disclosures required by Title I of ERISA. The new safe harbor allows plan administrators to use electronic delivery, including email and website posting, as a default method of disclosure instead of paper, subject to several conditions.
The final rule is limited to retirement plan disclosures, and reserves welfare plan disclosure issues for a later rulemaking. The final rule conforms closely to the DOL‘s proposal, although DOL has issued several helpful clarifications on issues created by the proposed rule.
On Wednesday, May 27, 2020 at 1:00 – 2:00 p.m. ET we will be discussing the new rule’s implications for plan sponsors as well as service providers.
