With new fee disclosure rules set to begin in just over a month, the use of electronic communications to get plan details out to participants may be a critical step in more quickly meeting the letter of the law.

On Tuesday, a group representing 15 different retirement plan trade associations focused that issue with the Department of Labor in a letter, asking the agency to permit wider use of electronic means to share information with plan participants.

The coalition, including the SPARK Institute, ASPPA and ICI, appealed to EBSA, suggesting that the interim guidance on the use of electronic media, known as Technical Release 2011-03R, makes it practically impossible for plan sponsors and service providers to substitute electronic forms and emails for the bulky paper disclosures required.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.