The US Department of Labor (DOL) announced publication of a final rule expanding the electronic disclosure options available for retirement plan communications on May 21. The final rule creates a new safe harbor that permits retirement plan administrators to satisfy certain ERISA disclosure requirements by providing individuals with electronic notice and access to documents on a website or by sending an email or other electronic communication with the documents as an attachment or in the body of the communication.
The DOL describes the new safe harbor rule as “fundamentally similar to the proposed rule,” which we previously summarized. However, there are a number of important changes to the proposed rule that will be welcomed by the plan sponsor community. A more in-depth review and analysis of the new safe harbor rule is forthcoming, but in the meantime, we wanted to highlight a few key aspects: