Under the final rule on electronic disclosures the Department of Labor (DOL) issued in May 2020, the same ERISA fiduciary obligations that apply when changing recordkeepers responsible for furnishing paper disclosures will apply when changing recordkeepers responsible for furnishing electronic disclosures.
The final rule explains that the DOL is “of the general view that, to the extent a plan participant or beneficiary is a covered individual who already is receiving disclosures electronically pursuant to the safe harbor (and therefore already received an initial notice and is accustomed to the notice-and-access delivery method permitted by this safe harbor), a new initial notice is not necessary.”
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