DOL Paper Statement Proposed Rule at OMB

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled "Requirement to Provide Paper Statements in Certain Cases-Amendments to Electronic Disclosure Safe Harbors”, pursuant to the requirements of the SECURE 2.0 Act.

Section 338 of the SECURE 2.0 Act requires, effective for plan years beginning after December 31, 2025, paper retirement plan benefit statements must be provided at least once annually for defined contribution plans and once every three years for defined benefit plans. A paper statement is generally not required if the “wired at work” or consent methods under the existing DOL electronic delivery safe harbor are met. To deliver statements electronically, employers must first provide a one-time paper notice both to participants who first become eligible to participate and to beneficiaries who first become eligible to receive benefits after December 31, 2025. The DOL is also directed to make changes to their electronic delivery regulations, affecting statements and all other notices and disclosures.