With new fee disclosure rules set to begin in just over a month, the use of electronic communications to get plan details out to participants may be a critical step in more quickly meeting the letter of the law.
On Tuesday, a group representing 15 different retirement plan trade associations focused that issue with the Department of Labor in a letter, asking the agency to permit wider use of electronic means to share information with plan participants.
The coalition, including the SPARK Institute, ASPPA and ICI, appealed to EBSA, suggesting that the interim guidance on the use of electronic media, known as Technical Release 2011-03R, makes it practically impossible for plan sponsors and service providers to substitute electronic forms and emails for the bulky paper disclosures required.
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