Sec. 315. Requirement to provide paper statements in certain cases
654 words·~3 min read·
/bill/116/hr/8696/ih/section-315A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 105(a)(2) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1025(a)(2) ) is amended— in subparagraph (A)(iv), by inserting subject to subparagraph (E), before may be delivered ; and by adding at the end the following: With respect to at least 1 pension benefit statement furnished for a calendar year with respect to an individual account plan under paragraph (1)(A), and with respect to at least 1 pension benefit statement furnished every 3 calendar years with respect to a defined benefit plan under paragraph (1)(B), such statement shall be furnished on paper in written form except— in the case of a plan that furnishes such statement in accordance with section 2520.104b–1(c) of title 29, Code of Federal Regulations; or in the case of a plan that permits a participant or beneficiary to request that the statements referred to in the matter preceding clause
(i)be furnished by electronic delivery, if the participant or beneficiary requests that such statements be delivered electronically and the statements are so delivered. . The Secretary of Labor shall, not later than July 1, 2021, update section 2520.104b–1(c) of title 29, Code of Federal Regulations, to provide that a plan may furnish the statements referred to in subparagraph
(E)of section 105(a)(2) by electronic delivery only if, in addition to meeting the other requirements under the regulations— such plan furnishes each participant, including participants described in subparagraph (B), a one-time initial notice on paper in written form, prior to the electronic delivery of any pension benefit statement, of their right to request that all documents required to be disclosed under title I of the Employee Retirement Income Security Act of 1974 be furnished on paper in written form; and such plan furnishes each participant who is separated from service with at least 1 pension benefit statement on paper in written form for each calendar year. In implementing the amendment made by subsection
(a)with respect to a plan that discloses required documents or statements electronically, in accordance with applicable guidance governing electronic disclosure by the Department of Labor (with the exception of section 2520.104b–1(c) of title 29, Code of Federal Regulations), the Secretary of Labor shall, not later than July 1, 2021, update such guidance to the extent necessary to ensure that— a participant or beneficiary under such a plan is permitted the opportunity to request that any disclosure required to be delivered on paper under applicable guidance by the Department of Labor shall be furnished by electronic delivery; each paper statement furnished under such a plan pursuant to the amendment shall include— an explanation of how to request that all such statements, and any other document required to be disclosed under title I of the Employee Retirement Income Security Act of 1974, be furnished by electronic delivery; and contact information for the plan sponsor, including a telephone number; the plan may not charge any fee to a participant or beneficiary for the delivery of paper statements; each paper pension benefit statement shall identify each plan document required to be disclosed and shall include information about how a participant or beneficiary may access each such document; each document required to be disclosed that is furnished by electronic delivery under such a plan shall include an explanation of how to request that all such documents be furnished on paper in written form; a plan is permitted to furnish a duplicate electronic statement in any case in which the plan furnishes a paper statement; and furnishment of such a paper pension benefit statement may be combined, in one document, with a notice explaining electronic delivery of other disclosure documents as a default selection and the right to opt out of such electronic delivery, but only if such paper statement is furnished prior to the electronic delivery of any such statement. The amendment made by subsection
(a)shall apply with respect to plan years beginning after December 31, 2021.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 315
Requirement to provide paper statements in certain cases
Cites 1Cited by 0 across 0 sources