DOL E-Disclosure Rule Is Submitted To OMB

On April 16^th, the Office of Management and Budget ("OMB") received the Department of Labor's ("DOL") long anticipated final regulation updating and modernizing the rules for using electronic media to furnish ERISA-required disclosures and notices; Default Electronic Disclosures by Employee Pension Benefit Plans Under ERISA (the "Final Rule"). DOL's existing electronic disclosure rule has been in place for nearly two decades and was developed long before the widespread adoption of many current electronic communications methods. During the current COVID-19 crisis, a number of plans have expressed concerns about how to communicate with participants about market volatility and plan changes, especially where many are now expressing concerns about health risks associated with paper mailings. DOL's rule should not only modernize DOL's electronic disclosure standards, but also address communication concerns specifically raised by the current health crisis.