DOL Proposes E-Delivery Safe Harbor for Health-Plan Disclosures
The Department of Labor proposed a new safe harbor allowing group health plan administrators to deliver ERISA-required disclosures electronically, by email or through a web portal.
The DOL explained that a plan could notify participants that disclosures will be posted online, and that participants could request paper copies or opt out of electronic delivery. The DOL noted the change would cut costs and improve disclosures.
The move parallels the SEC's proposed Regulation E-Delivery for securities documents (see prior coverage).
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The SEC proposed "Regulation E-Delivery," which would allow regulated entities to make electronic delivery their default method of disseminating information.
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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.