New Labor Department rule changes default retirement plan disclosure from paper to electronic

It’s too soon for such a shift; millions will end up with no information

On May 27 the U.S. Department of Labor issued a new rule that would shift the way participants receive information about their retirement plan. To date, the default has been paper, with the participant having the ability to opt for electronic delivery. The new rule makes it much easier for plan administrators to make electronic delivery the default.

Under the new rule, workers and retirees would be given a one-time paper notice telling them future information about their plan will be provided electronically unless they opt out and request paper. More important, millions of older Americans do not use the internet regularly — including many lucky enough to have a retirement plan.

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