They argue that retirement plan disclosures give retirement plan participants the “actual knowledge” required by ERISA, whether participants read them or not, and that an appellate court decision in the Intel case exacerbates the risk of hindsight bias in ERISA cases.
Tag: retirement plan disclosures
Eight organizations associated with defined contribution (DC) plans submitted a letter to the Employee Benefits Security Administration of the Department of Labor (DOL) asking it to propose regulations that would permit plan sponsors to make electronic delivery the default method of delivery for retirement plan disclosures and notices.
In addition to ordering a review of RMD rules and expansion of MEPs, President Donald Trump asked both the Treasury and Labor Departments to review actions that could make retirement plan disclosures easier to understand for participants and less costly to employers.
For example, the Council proposes to develop an alternative means of compliance by which the introductory portion of the SPD–referred to as the “Quick Reference Guide”–would be delivered annually to participants automatically, and the entire SPD or any full part of the SPD would be made available upon request.
The bill would allow retirement plan sponsors to automatically default participants into receiving plan documents and statements online.