Bad news: Even though the recordkeeper does the hard work, plan sponsors still have the duty to get the fee disclosures to participants.
Good news: Electronic distribution methods are allowed, so often that duty is actually really easy and/or almost automatic. However, it won’t come as a surprise that there are some rules you have to follow for electronic distribution. Under these rules, the recipient:
- must have access to the document on a work computer;
- must have been given a computer for work; or
- must have opted in for electronic delivery.
Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the NTSA Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the NTSA Advisor, at [email protected]
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