The Department of Labor (DOL) proposed a new rule to allow retirement plan disclosures to be posted online.<\/p>\n
The new rule allows plan administrators to post any document that the administrator is required to furnish under ERISA on the plan sponsor\u2019s website, as long as the administrator furnishes a \u201cnotice of internet availability\u201d concerning the posted document and complies with certain additional requirements.<\/p>\n
A\u00a0 plan administrator has to provide a \u201cnotice of internet availability\u201d for each document it intends to post on its website. The administrator must furnish the notice at the time the document is made available on the website.<\/p>\n
The notice of internet availability has to include the following contents:<\/p>\n
This is a great thing for the retirement plan industry as hundreds of millions of dollars will be saved in printing and mailing costs. It will be bad for the paper industry, but good for the retirement plan industry and plan sponsor because I believe the lower costs will be passed down to plan participants through decreased costs. I\u2019m sure some cynical people will say those plan providers will pocket the difference, but fee transparency and competition won\u2019t allow that.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" The Department of Labor (DOL) proposed a new rule to allow retirement plan disclosures to be posted online. The new rule allows plan administrators to post any document that the administrator is required to furnish under ERISA on the plan … Continue reading