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Member, Beacon International Group, Ltd.
WASHINGTON—The Department of Labor's Employee Benefits Security Administration on Thursday revised its interim e-disclosure policy to clarify that investment information can be included on defined contribution plan benefit statements and can be furnished through websites, if certain conditions are met.
The revised technical release updates an interim e-disclosure policy issued in September allowing defined contribution plan administrators to provide fee-disclosure information to participants electronically.
The interim policy is in effect while EBSA takes input on ways to expand the standards for electronic delivery of employee benefit information.
“It's good news,” said Craig Hoffman, general counsel of the American Society of Pension Professionals and Actuaries in Arlington, Va. “While they're figuring out what they're going to do on electronic disclosure, this is helpful. We appreciate DOL's response to the concerns that were raised” about presenting investment and benefit information in similar formats.
Hazel Bradford is a reporter for Pensions & Investments, a sister publication of Business Insurance.