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 et seq. 112. Electronic communication of pension plan information A document of any type that is required or permitted 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 the specific electronic means 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 . (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 (z) Electronic communication of pension plan information A document of any type that is required or permitted 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 the specific electronic means 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 . (c) Effective date The amendments made by this section shall apply with respect to documents furnished with respect to plan years beginning after December 31, 2015.

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 a document of any type that is required or permitted to be furnished to a retirement plan participant, beneficiary, or other individual to be furnished in electronic form if: (1) the system for furnishing such a document is designed to result in effective access to the document; (2) an annual paper notice is provided to each pension plan participant, beneficiary, or other individual that describes the selection of the specific electronic means for the furnishing of such document; and (3) the electronically-furnished document is prepared and furnished in an appropriate style and format and includes a notice that apprises the recipient of the significance of the document.