Finally! DOL Issues Final Regulations For The E-Delivery Of Retirement Plan Disclosures

After a long process, which stretched on for over a decade, on May 27, 2020, the Department of Labor ("DOL") published final regulations regarding the electronic delivery of required disclosures under the Employee Retirement Income Security Act ("ERISA").  The final regulations mostly follow the proposed regulations issued by the DOL on October 22, 2019 and supplement the 2002 antiquated rules that had been in place.  For a summary of the proposed regulations, see our Blog post.

Background

ERISA retirement plan administrators must use delivery methods that are reasonably calculated to ensure actual receipt when providing required disclosures to participants, beneficiaries and other individuals (collectively, "covered individuals"). While required disclosures have historically been furnished by hand or first class mail, rapid improvements and advances in technology in the 21st century have made electronic delivery more appealing.