Government affairs
Legislative Updates
Starting July 27, a new rule from the Department of Labor (DOL) will allow retirement plan administrators to use email, texts, and websites as a default means to provide participants and beneficiaries the required documents about their retirement plans. The “Default Electronic Delivery by Employee Pension Benefit Plans under ERISA” rule from the DOL upends the current system which provides hard copy disclosures through the mail, but allows retirement plan participants and beneficiaries to opt into e-delivery, if they would prefer.
On May 12, Reps. Morgan Griffith (R-VA) and Donald McEachin (D-VA) led a bipartisan letter signed by 47 Members of Congress in support of preserving paper options for retirement documents. NALC supports the current system and appreciates the letter opposing this rule from this bipartisan group of lawmakers. The full text of the letter may be found here.
The new DOLA rule applies to private sector pension plans and not to CSRS and FERS.