The Department of Labor (DOL) has issued proposed regulations which—if adopted—would provide a safe harbor for electronic delivery as the primary or default means to provide ERISA benefit plan disclosures to participants and beneficiaries. The DOL has also provided a fact sheet and posted a news release about the proposed regulations.
Under conditions prescribed in this guidance, plan administrators may inform participants and beneficiaries that these disclosures will be made available on a website. Participants and beneficiaries may, however, request the information in paper form, and may opt out of electronic delivery altogether.
This guidance also contains a DOL request-for-information (RFI) seeking input on additional changes to the “design, delivery and content” of ERISA benefit plan disclosures, changes that could “further improve the effectiveness of ERISA disclosures.”
Comments on the proposed regulations and responses to the RFI are due 30 days from publication in the Federal Register, which is scheduled for tomorrow. The guidance is proposed to take effect 60 days after publication as final regulations in the Federal Register.