Could RETIRE Act Follow SECURE Act?
January 28, 2020
With passage of the SECURE Act, there is growing interest in gaining introduction in Congress of the RETIRE Act, which would allow electronic delivery of information about retirement accounts.
The Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act was introduced in the last Congress in both the House and Senate to improve the way employees are provided with information about their retirement benefits by making it easier for employers to communicate with employees electronically.
The RETIRE Act ensures retirement savers will have access to needed information and online tools to assist them as they save and plan to retire by allowing electronic delivery to be the default method. Importantly, the Act also establishes consumer protections, such as an employee’s right to receive paper at no direct cost, the ability to opt-out and receive paper statements at any time and requires an annual paper notice that summarized the various communications sent over the year and information about how to switch one’s delivery status.
The IAA has long supported electronic disclosure of information to investors.
TAGS: Inside the Beltway, SECURE Act, Retirement Plans