Did you ever wonder why you get so much snail mail regarding your 401(k) or other retirement accounts? It's because that's the law: All plan documents and disclosures must be delivered via hard copy. But that might be changing.
A bipartisan group of four Congressmen - two Republicans and two Democrats - have introduced the Receiving Electronic Statements to Improve Retiree Earnings Act. The proposed legislation would permit sponsors to send plan documents and disclosures to employees via email. If enacted, the amendment would affect plans beginning December 31, 2015.
The lawmakers said that sponsors spend up to $60 million annually to print a single four-page notice. Presumably, if plans are able to distribute all that information vie email, some of that expense might find its way back into the pockets of retirement savers.
No comments:
Post a Comment