The US Labor Department’s benefits regulator issued a temporary enforcement reprieve for retirement plan administrators working to comply with a proposal that would require many plans to send participants at least one paper copy of their benefits statement each year.
The Employee Benefits Security Administration on Tuesday published a field assistance bulletin in the wake of a rule proposal (RIN: 1210-AC27) to implement provisions of the SECURE 2.0 Act regarding paper statements. The agency said it had received inquiries about compliance with the Employee Retirement Income Security Act and electronic delivery safe harbors.
The agency said it “will ...