Disclosures of employee benefit plans like 401(k) or pension plans could happen online under a proposal released Oct. 22 by the Labor Department.
The proposal would allow plan administrators who satisfy specified conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website. People who prefer to receive those missives on paper would be allowed to opt out of electronic delivery.
Under the Employee Retirement Income Security Act, retirement plan administrators are required to deliver information to beneficiaries using delivery methods “reasonably calculated to actual receipt of information by the participant.”
The ...