Receiving Electronic Statements To Improve Retiree Earnings Act

To amend the Employee Retirement and Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide for the electronic delivery of pension plan information. 1. Short title This Act may be cited as the Receiving Electronic Statements To Improve Retiree Earnings Act 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 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, (B) the right to modify the selection at any time, or to elect at any time to receive paper versions of documents at no additional direct cost, and how to make such an election, and (C) 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 . (2) Conforming amendment The table of contents in section 1 of such Act ( 29 U.S.C. 1001 112. Electronic communication of pension plan information. . (b) Amendment to Internal Revenue Code of 1986 Section 414 (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, (B) the right to modify the selection at any time, or to elect at any time to receive paper versions of documents at no additional direct cost, and how to make such an election, and (C) 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 (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, 2018.

Summary: 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, the right to modify the selection or to elect to receive paper versions of the documents at no additional direct cost and how to make the election, 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.