The Department of Labor (DOL) has released a proposed rule making amendments to electronic disclosure safe harbors pursuant to the implementation of Section 338 of SECURE 2.0. SECURE 2.0 requires that employers provide retirement plan benefit statements in paper form 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 the consent methods under the existing DOL electronic delivery safe harbor are met. In order 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 was instructed to make changes to its existing electronic delivery regulations to comply with these new requirements and make any changes that apply to electronic delivery of notices and disclosures. The proposed rule would implement these Congressional mandates. A request for information was issued by the DOL in August 2023 to gather input on options for implementing Section 338 of SECURE 2.0. 

This guidance will be reviewed, and additional details provided. Comments are due within 60 days of publication in the Federal Register.