Are you ready for Default Electronic Disclosure?

Are you ready for Default Electronic Disclosure?

Many retirement plans require delivering as many as a dozen routine disclosure items in a year. Much of it still is done by printing and mailing the documents. For many years, retirement-services providers have wanted to make email and smartphone messages and website postings the normal way to furnish disclosures. But it was impractical or uneconomic for many retirement plans.

A new rule allows furnishing routine disclosures electronically unless the participant has opted out. A retirement plan can furnish communications by posting them on a website or delivering them by email. To help get new expense savings, learn the details of the new Default Electronic Disclosure rule, which fiduciaries can rely on as soon as July 27.

Here’s some of the many questions our webinar will answer:

• Which retirement plans are covered?
• Which communications may be furnished by electronic means?
• Instead of a notice that a communication is available, may we just email the thing itself?
• Which people can be put in the electronic regime?
• May we assign an electronic address? Even to someone who won’t use it in her work?
• Does the electronic regime continue with former employees?
• What is a notice of internet availability?
• Why is it useful? Can we do it for a whole year’s-worth of communications?
• Are there rules for maintaining a plan’s website?
• Can we charge an individual who asks for paper?
• What do we do if there is a bounce-back on an electronic address?
•  How do we get clients to do this the way we want to do it?

Our educator is Peter Gulia, a lawyer with Fiduciary Guidance Counsel, who focuses on advising retirement plan fiduciaries, investment advisers, recordkeepers, and other retirement-services providers. Peter has over 35 years’ experience working for, and advising, retirement-services providers.

One hour continuing education credits approved - ASPPA (noncore), JBEA, ERPA, PACLE, NJCLE