Bill Would Shift Participant Disclosure Defaults

Bipartisan legislation introduced in the U.S. House of Representatives June 4 would automatically opt participants into electronic delivery of documents.

Representatives Jared Polis (D-Colo.), Phil Roe, MD (R-Tenn.), Ron Kind (D-Wisc.) and Mike Kelly (R-Penn.) last week introduced the Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act. The bill’s sponsors note that it’s estimated (conservatively) that the costs of sending just one four-page notice to recipients is between $36 million and $60 million.

The RETIRE Act would reduce mailing costs, protect our environment by eliminating thousands of pieces of paper mailed each day, and make information more accessible to recipients.

“It’s time to bring our retirement information delivery capabilities into the 21st century,” Polis said. “Our bill meets the needs of most Americans who prefer their inbox to their mailbox, while protecting those that continue to want paper documents. It saves money, protects the environment, and gives everyone greater access to the information they need to make decisions about retirement and savings.”

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  1. By June 9, 2015 | The Morning Pulse on June 9, 2015 at 4:23 am

    […] House Bill Would Shift Participant Disclosure Defaults […]

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