U.S. Department of Labor in Washington, D.C. (Photo: Diego M. Radzinschi/ALM Media
The Department of Labor has now finalized its proposal to create a new "safe harbor" for the electronic distribution of ERISA-required notices and disclosures. The new safe harbor should be welcome news to virtually all employers who sponsor ERISA-covered retirement plans. Not only should the rule facilitate the distribution of important plan-related information, but it should greatly reduce the costs and burdens on plan administrators. It really may be a "win-win" regulation.
Although the final rule is not effective until 60 days after its publication in the Federal Register, the DOL has indicated that it will not take any enforcement action against a plan administrator that relies on the safe harbor before that date.
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