ERISA-DOL Clarifies Guidance On Use of Electronic Media To Meet Participant Fee Disclosure Rules

The Department of Labor (the “DOL”) has issued Technical Release 2011-03R (the “New Release”), which clarifies the guidance it provided earlier on the use of electronic media to meet the new participant fee disclosure rules (found at 29 CFR section 2550.404a-5) (the “Rules”).

According to the New Release, on September 13, 2011, the DOL issued Technical Release 2011-03, which sets forth an interim enforcement policy regarding the use of electronic media to satisfy the disclosure requirements under the Rules. The New Release revises Technical Release 2011-03 to permit:

–disclosure through continuous access Web sites, if certain conditions of the New Release are met; and

–investment-related information, specifically the comparative chart information required by the Rules (in section 2550.404a-5(d), to be furnished-in electronic or paper form- as part of, or along with, a pension benefit statement described in section 105 of ERISA.

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