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NAIFA supports a rule proposed by the Department of Labor that would expand the ability of retirement plan sponsors to provide participants with required disclosures and notices electronically. In a letter to Russ Vought, acting director of the Office of Management and Budget, NAIFA and partner organizations urge the administration to finalize the rule as quickly as possible.

 

Electronic delivery of notices and disclosures is a needed modernization that would reduce the cost and burden on employers and plan administrators while providing plan participants with improved service. Electronic delivery would give plan participants easy and ongoing access to plan statements and other documents.

 

Additionally, the letter says, expanded electronic delivery is “timely and responsive to the ongoing COVID-19 pandemic which has changed the way that millions of Americans work and access information. The COVID-19 pandemic underscores the value of electronic communication and the benefit of reducing costs for retirement savers who have seen market fluctuations in their retirement accounts.”

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