E-Delivery Regulations Closer to Being Released

Much-awaited Department of Labor (DOL) final regulations on electronic delivery of retirement plan disclosures have made their way to the federal Office of Management and Budget (OMB), generally the final stop on their way to official issue. (Only if the OMB finds objections to guidance is it returned to the issuing agency for revision.)

The retirement industry has been awaiting these final regulations since their proposed version was issued in October 2019. It is hoped that the guidance will enhance the ability of retirement plans and their service providers to deliver required disclosures to participants and beneficiaries by electronic means. While the OMB can take as much as 90 days to review such guidance (there is no minimum review period), a lengthy review period is not anticipated.