DOL Issues New Rules on Electronic Disclosure

Faegre Drinker Biddle & Reath LLP
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Faegre Drinker Biddle & Reath LLP

The U.S. Department of Labor (DOL) has issued final regulations that provide an additional safe harbor method of satisfying the ERISA electronic disclosure requirements for retirement plans (note, these rules do not apply to welfare plans). The final regulations will allow employers to post retirement plan disclosures online or deliver them by email.

The new electronic disclosure regulations will be published in the Federal Register on May 27, 2020; for your convenience, we have provided an unpublished copy here.

The regulations become effective 60 days after publication (if published on May 27, 2020, the rules would become effective July 26, 2020). However, the DOL will not take enforcement action against any plan administrator that relies on the new safe harbor before the effective date.

Faegre Drinker is reviewing the final regulations and will provide more insight and analysis soon.

Read the Employee Benefit Security Administration’s fact sheet on the new rules.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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