DOL Corrects Rule Implementing Electronic Disclosure Safe Harbor for Employee Benefit Plans
A correction to a DOL final rule implementing a new electronic disclosure safe harbor for certain employee benefit plan administrators was published in the Federal Register.
As previously covered, the new safe harbor allows certain employee benefit plan administrators to provide plan participants with information using electronic media as the default method of delivery. Participants who prefer paper copies of disclosures will be permitted to opt out of electronic delivery.
The final rule and the correction are effective and applicable beginning July 27, 2020.
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The DOL adopted a rule amendment to create a new safe harbor which allows certain employee benefit plan administrators to provide plan participants with information using electronic media as the default method of delivery.
