The Federal Register now contains the official publishing of the DOL Employee Benefit Security Administration (EBSA) regulations describing a proposed safe harbor for electronic delivery of employee benefit plan disclosures to participants and beneficiaries.
If adopted, these regulations would provide a safe harbor for electronic delivery as the primary or default means to provide ERISA benefit plan disclosures to participants and beneficiaries. Under conditions prescribed in this guidance, plan administrators could inform participants and beneficiaries that disclosures would be made available on a website. Participants and beneficiaries could, however, request the information in paper form, and 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 on or before November 22, 2019. The guidance is proposed to take effect 60 days after publication as final regulations in the Federal Register.