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Electronic Delivery

A letter was submitted to the Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) by eight organizations affiliated with the defined contribution plan industry requesting electronic delivery as the default method of delivery for retirement plan disclosures and notices. This is in compliance with President Trump’s Strengthening Retirement Security in America executive order, which called for the DOL’s review of how to make retirement plan disclosures more “understandable and usable” and noted electronic delivery as a way to reduce the cost of distribution. The organizations mention that the electronic notices could be linked to other helpful information such as financial wellness, and even increasing retirement plan contributions.

www.planadviser.com; June 4, 2019.