On May 21, 2020, the Department of Labor published voluntary safe harbor protections for the electronic delivery of required participant disclosures. This new guidance, effective July 27, 2020, is an opportunity for plan sponsors to reduce costs and improve access to important plan information.
Plan sponsors, who so choose, can deliver legal notices and disclosures to participants via email or the “notice and access method” (posting on intranet site) if they meet specific guidelines, including:
Connect with your recordkeeper and service providers to determine if any changes are needed to your current disclosure delivery process to comply with the safe harbor rules.
For more information, view this fact sheet from the American Benefits Council.
Contact your Cerity Partners Retirement Plan Services team.
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