House bill would allow electronic disclosure of retirement plan information

Bipartisan measure would automatically enroll plan participants in electronic delivery.
DEC 13, 2017

Bipartisan legislation allowing for electronic disclosure of retirement plan information was introduced Monday by Rep. Jared Polis, D-Colo. It was unveiled with 28 co-sponsors, including 15 Democrats and 13 Republicans. The proposed Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act would automatically enroll plan participants in electronic delivery. It would require employers to make retirement information easily accessible online and have protections for employees who prefer to receive paper documents and can opt out. The co-sponsors, many of whom are members of the House Committee on Education and the Workforce, estimate that current rules dictating paper documents such as notices, disclosures and statements sent to retirees can add costs estimated at between $36 million and $60 million for sending just one four-page notice. Co-sponsor Phil Roe, R-Tenn., said in a statement that "this commonsense bill will lower administrative costs, provide more timely access to plan information and allow greater interaction with and personalization of retirement savings. At the same time, this legislation provides important consumer protections, allowing participants to opt out and receive paper statements at any time with no additional cost." Hazel Bradford is a reporter for InvestmentNews' sister publication Pensions & Investments.

Latest News

NY Republican Stefanik presses SEC to probe Harvard bond sale
NY Republican Stefanik presses SEC to probe Harvard bond sale

Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.

Ex-LPL leader re-emerges at The Wealth Consulting Group
Ex-LPL leader re-emerges at The Wealth Consulting Group

The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.

Envestnet extends investment offerings with new alts model portfolios
Envestnet extends investment offerings with new alts model portfolios

The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.

Just as wealth industry M&A was picking up, economic uncertainty could kill it again
Just as wealth industry M&A was picking up, economic uncertainty could kill it again

Deal volume increased post-election but now caution has taken over.

Want to get the most out of alts? You’ll have to do your homework
Want to get the most out of alts? You’ll have to do your homework

Advisors who expect an edge from alternatives' illiquidity premium – without understanding the underlying terms and explaining them to clients – have a world of learning to do.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave