There are quite a few people who will say that the Department of Labor (DOL) didn’t go far enough in their proposed regulations on electronic delivery of plan disclosures. I’m just glad the DOL is now in the 21st century. When talking about e-disclosures, remember that at the heart of it are participant rights and the rights of participants to be informed, many that may still not have access to a computer at home.
More robust regulations allowing e-disclosure will progress over time. My hope for the change in paper vs. electronic notices is hundreds of millions in cost savings. While paper manufacturers will lose out, I believe that participants will gain with more competitive fees, supported by plan providers’ cost savings in paper.
