SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Receiving Electronic Statements To 
Improve Retiree Earnings Act''.

SEC. 2. ELECTRONIC COMMUNICATION OF PENSION PLAN INFORMATION.

    (a) Amendments to Employee Retirement Income Security Act of 
1974.--
            (1) In general.--Part 1 of subtitle B of title I of the 
        Employee Retirement Income Security Act of 1974 (29 U.S.C. 1021 
        et seq.) is amended by adding at the end the following:

``SEC. 112. ELECTRONIC COMMUNICATION OF PENSION PLAN INFORMATION.

    ``A document of any type that is required under this title to be 
furnished to a plan participant, beneficiary, or other individual with 
respect to a pension plan may be furnished in electronic form if--
            ``(1) the system for furnishing such a document--
                    ``(A) is designed to result in effective access to 
                the document by the participant, beneficiary, or other 
                specified individual through electronic means, 
                including--
                            ``(i) the direct delivery of material to an 
                        electronic address of such participant, 
                        beneficiary, or individual,
                            ``(ii) the posting of material to a website 
                        or other internet or electronic-based 
                        information repository to which access has been 
                        granted to such participant, beneficiary, or 
                        individual, but only if proper notice of the 
                        posting has been provided (which may include 
                        notice furnished by other electronic means if 
                        the content of the notice conveys the need to 
                        take action to access the posted material), and
                            ``(iii) other electronic means reasonably 
                        calculated to ensure actual receipt of the 
                        material by such participant, beneficiary, or 
                        individual,
                    ``(B) permits the participant, beneficiary, or 
                other individual to select among the specific 
                electronic means made available through which such a 
                document shall be furnished, to modify that selection 
                at any time, or to elect at any time to begin receiving 
                paper versions of such documents at no additional 
                direct cost to the individual, and
                    ``(C) protects the confidentiality of personal 
                information relating to such participant's, 
                beneficiary's, or individual's accounts and benefits,
            ``(2) an annual paper notice is provided to each 
        participant, beneficiary, or other individual that describes--
                    ``(A) the selection of the specific electronic 
                means for the furnishing of such documents made by the 
                participant, beneficiary, or other individual under 
                paragraph (1)(B) in effect at the time of the provision 
                of the notice, or
                    ``(B) if applicable, the election made by the 
                participant, beneficiary, or other individual under 
                paragraph (1)(B) to be furnished paper versions of such 
                documents, and
            ``(3) the electronically furnished document--
                    ``(A) is prepared and furnished in a manner that is 
                consistent with the style, format, and content 
                requirements applicable to the particular document, and
                    ``(B) includes a notice that apprises the 
                individual of the significance of the document when it 
                is not otherwise reasonably evident as transmitted.
        For purposes of this section, the term `document' includes 
        reports, statements, notices, notifications, and other 
        information.''.
            (2) Conforming amendment.--The table of contents in section 
        1 of such Act (29 U.S.C. 1001 note) is amended by inserting 
        after the item relating to section 111 the following:

112. Electronic communication of pension plan information.
    (b) Amendment to Internal Revenue Code of 1986.--Section 414 of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following:
    ``(aa) Electronic Communication of Pension Plan Information.--A 
document of any type that is required under this title to be furnished 
to a plan participant, beneficiary, or other individual with respect to 
a plan to which this subchapter or section 457 applies may be furnished 
in electronic form if--
            ``(1) the system for furnishing such a document--
                    ``(A) is designed to result in effective access to 
                the document by the participant, beneficiary, or other 
                specified individual through electronic means, 
                including--
                            ``(i) the direct delivery of material to an 
                        electronic address of such participant, 
                        beneficiary, or individual,
                            ``(ii) the posting of material to a website 
                        or other internet or electronic-based 
                        information repository to which access has been 
                        granted to such participant, beneficiary, or 
                        individual, but only if proper notice of the 
                        posting has been provided (which may include 
                        notice furnished by other electronic means if 
                        the content of the notice conveys the need to 
                        take action to access the posted material), and
                            ``(iii) other electronic means reasonably 
                        calculated to ensure actual receipt of the 
                        material by such participant, beneficiary, or 
                        individual,
                    ``(B) permits the participant, beneficiary, or 
                other individual to select among the specific 
                electronic means made available through which such a 
                document shall be furnished, to modify that selection 
                at any time, or to elect at any time to begin receiving 
                paper versions of such documents at no additional 
                direct cost to the individual, and
                    ``(C) protects the confidentiality of personal 
                information relating to such participant's, 
                beneficiary's, or individual's accounts and benefits,
            ``(2) an annual paper notice is provided to each 
        participant, beneficiary, or other individual that describes--
                    ``(A) the selection of the specific electronic 
                means for the furnishing of such documents made by the 
                participant, beneficiary, or other individual under 
                paragraph (1)(B) in effect at the time of the provision 
                of the notice, or
                    ``(B) if applicable, the election made by the 
                participant, beneficiary, or other individual under 
                paragraph (1)(B) to be furnished paper versions of such 
                documents, and
            ``(3) the electronically furnished document--
                    ``(A) is prepared and furnished in a manner that is 
                consistent with the style, format, and content 
                requirements applicable to the particular document, and
                    ``(B) includes a notice that apprises the 
                individual of the significance of the document when it 
                is not otherwise reasonably evident as transmitted.
        For purposes of this subsection, the term `document' includes 
        reports, statements, notices, notifications, and other 
        information.''.
    (c) Protection of Existing Methods.--Nothing in the amendments made 
by this section shall be construed to prohibit--
            (1) the furnishing of documents by electronic means under 
        any law or under any regulations or guidance prescribed by the 
        Secretary of Labor or the Secretary of the Treasury (referred 
        to in this subsection as the ``Secretaries'') prior to the date 
        of the enactment of this Act, or
            (2) the Secretaries from prescribing additional methods for 
        furnishing documents as the Secretaries deem necessary or 
        appropriate.
    (d) Effective Date.--The amendments made by this section shall 
apply with respect to documents furnished with respect to plan years 
beginning after December 31, 2016.
Receiving Electronic Statements To Improve Retiree Earnings Act  This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to authorize the electronic delivery of pension plan documents required to be furnished to a plan participant, beneficiary, or other individual. The system for furnishing such a document must: (1) be designed to result in effective access to the document, (2) permit the recipient to select the electronic means through which the document is received or request paper documents, and (3) protect the confidentiality of personal information.  An annual paper notice must be provided describing the selection of electronic means for furnishing documents and any election that has been made to receive paper documents.  An electronically furnished document must be prepared and furnished in a manner that is consistent with the style, format, and content requirements for the document. It must also include a notice that apprises the individual of the significance of the document when it is not otherwise reasonably evident as transmitted.  The bill specifies that: (1) documents may continue to be furnished electronically under laws, regulations, or guidance prescribed by the Department of Labor or the Department of the Treasury prior to enactment of this bill; and (2) the departments may prescribe additional methods for furnishing documents. 
Receiving Electronic Statements To Improve Retiree Earnings Act