News | 10.10.19
Criticism of DOL E-Delivery Proposal Misses the Mark, Experts Say
In August, the Department of Labor (DOL) asked the Office of Management and Budget to review a proposed rule that would make electronic disclosures to retirement plan participants the default option. The rule intends to reduce the costs and burdens related to the production and distribution of disclosures and make these disclosures more understandable and useful. Since the rule's submission, organizations associated with defined contribution plans have submitted letters in support of the proposal. But opponents such as the Coalition for Paper Options have argued that the current system, in which consumers can opt-in to e-delivery, is working and should not be changed. Chris Spence, TIAA's senior director of government relations, says TIAA and peer organizations support making e-delivery the default option. He adds that there is also a proposal being circulated on Capitol Hill that will tackle the same issue legislatively.
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