The Employee Benefits Security Administration (EBSA) has come out with an interim policy regarding the use of electronic media to satisfy participant-level fee notice requirements.
EBSA, an arm of the U.S. Labor Department, has described the interim policy in Technical Release 2011-03, which creates a safe harbor for employers that want to use e-mail or other electronic media to meet the new disclosure requirements.
Starting May 31, 2012, the new rules will require employers to give workers who participate in 401(k) plans and similar retirement plans more information about plan administrative costs.
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Allison Bell
Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected] or on Twitter at @Think_Allison.
