08.21.19
White House Reviewing DOL Proposal on 401(k) Plan Electronic Document Disclosures
by: Nick Thornton
The Labor Department has sent a proposed rule for electronic disclosures to participants in 401(k) plans to the White House's Office of Management and Budget. The proposal is the result of President Trump's 2018 executive order, “Strengthening Retirement Security in America.” Under the order, Labor was instructed to review whether ERISA's retirement plan disclosure requirements, fashioned in 1986, should be updated to make the documents more understandable for plan participants, while reducing cost burdens on employers and other plan fiduciaries. “This review shall include an exploration of the potential for broader use of electronic delivery as a way to improve the effectiveness of disclosures and to reduce their associated costs and burdens,” the executive order said.
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