New DOL Electronic Disclosure Rules for ERISA-Covered Retirement Plans: Critical Next Steps and Legal Ramifications

Recording of a 90-minute premium CLE webinar with Q&A


Conducted on Wednesday, August 12, 2020

Recorded event now available

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Program Materials

This CLE webinar will provide guidance to ERISA counsel on the key provisions of the new Department of Labor (DOL) rules regarding electronic disclosures for ERISA-covered retirement plans. The panel will discuss the new alternative safe harbor, notice requirements, website standards, and key next steps and potential legal ramifications for fiduciaries and plan administrators.

Description

On May 21, 2020, the DOL issued final regulations for electronic disclosures for retirement plans and an alternative safe harbor method of delivery by administrators. Employee benefits counsel must have a complete understanding of the application of the new rules and related compliance issues to avoid missteps and potential claims.

The final regulations and new safe harbor does not replace the DOL e-disclosure rules of the 2002 regulations but instead provides a broader scope for disclosure of plan documentation. The application of the new rules to retirement plans presents several administrative issues and compliance pitfalls due to stringent requirements and limitations.

ERISA counsel, fiduciaries, and administrators must adhere to strict notice requirements, delivery methods, rights of participants, and necessary procedures upon severance.

Listen as our panel discusses critical provisions of the new DOL rules for electronic disclosures for ERISA-covered retirement plans and offers best practices to minimize potential legal ramifications for fiduciaries and plan administrators.

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Outline

  1. Overview of DOL e-disclosure final regulations
  2. Documents not subject to the new rules
    1. Notice requirements under IRS regulations
    2. Health and welfare plans
    3. The 2002 regulations
  3. Covered individuals
  4. Disclosure methods, requirements, and pitfalls to avoid
    1. Initial notices
    2. Notice of internet availability
    3. Website standards
  5. Additional issues and best practices for compliance
    1. Rights of participants
    2. Issues with delivery
    3. Direct emails
    4. Procedures upon severance

Benefits

The panel will review these and other key issues:

  • How do the DOL final regulations on electronic disclosures differ from the proposed rules?
  • What are the provisions and related issues of the new safe harbor rules for specific retirement plan-related documents?
  • What are the compliance issues for plan fiduciaries and administrators and methods to overcome them?

Faculty

Andrew, Laura
Laura Miller Andrew

Senior Counsel
Smith Gambrell & Russell

Ms. Andrew advises clients in all major aspects of employee benefits including qualified and nonqualified plans, IRS...  |  Read More

Gambill, R. Brent
R. Brent Gambill

Attorney
R. Brent Gambill Law Office

Mr. Gambill has significant breadth and depth of experience to help clients achieve their benefits and executive...  |  Read More

Klimpl, Timothy
Timothy S. (Tim) Klimpl

Counsel
Carmody Torrance Sandak & Hennessey

Mr. Klimpl is a seasoned attorney with experience providing ERISA advice and related services to a variety of plan...  |  Read More

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