The Labor Department’s rule allowing electronic disclosures for retirement plans has landed at the Office of Management and Budget for approval.
Retirement industry officials applauded Labor for sending the final rule to OMB and hope it’s reviewed and published quickly. OMB reviews can take up to 90 days.
“Although we do not know what, if any, changes have been made since the proposed rule, it is even more important than ever to have workable electronic disclosure rules due to the massive company shutdowns and social distancing required for COVID-19,” Jan Jacobson, senior counsel of Retirement Policy at the American Benefits Council in Washington, told ThinkAdvisor in a Monday email message.
It’s impossible “right now for most companies to post notices in the workplace that will be seen by all employees,” Jacobson said, and “the service providers that companies hire to print and mail paper copies of notices are generally shut down as well.”