DOL Finalizes Safe Harbor Regulation For Retirement Plan Electronic Disclosures

The Department of Labor ("DOL") published a final rule in the Federal Register on May 27^th that establishes a new electronic disclosure safe harbor. This rule, "Default Electronic Disclosure by Employee Pension Benefit Plans under ERISA" ("Rule"), provides an additional safe harbor for the furnishing of pension plan information and disclosures to participants, beneficiaries and alternate payees. The DOL Rule responds to Trump Administration Executive Order 13847 Strengthening Retirement Security in America and finalizes the October 23, 2019 proposed rule. DOL estimates that over the next decade the Rule will save approximately $3.2 billion in net costs for retirement plans by eliminating significant materials, printing, and mailing costs associated with furnishing printed disclosures. The Rule will be effective on July 27th, 60 days after it is published in the Federal Register. Below, we outline key takeaways, identify changes from the proposed rule, summarize the