Many 401(k)s Would Send Yearly Paper Statements in Proposal (1)

The Labor Department proposed a rule that would require many retirement plans to provide participants at least one paper copy of their benefits statement annually.

The proposal (RIN: 1210-AC27) floated by the Employee Benefits Security Administration on Tuesday would implement provisions of the SECURE 2.0 Act, a major retirement law enacted in 2022.

The law amended the Employee Retirement Income Security Act to state that a defined contribution plan must provide a paper benefit statement at least once a year to participants who become newly eligible for a plan starting in 2026, unless the participant chooses otherwise. Defined ...