Bipartisan legislation allowing for electronic disclosure of retirement plan information was introduced Monday by Rep. Jared Polis, D-Colo..
It was unveiled with 28 co-sponsors, including 15 Democrats and 13 Republicans.
The proposed Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act would automatically enroll plan participants in electronic delivery. It would require employers to make retirement information easily accessible online, and have protections for employees who prefer to receive paper documents and can opt out.
The co-sponsors, many of whom are members of the House Committee on Education and the Workforce, estimate that current rules dictating paper documents such as notices, disclosures and statements sent to retirees can add costs estimated between $36 million and $60 million for sending just one four-page notice.
Co-sponsor Phil Roe, R-Tenn., said in a statement that "this commonsense bill will lower administrative costs, provide more timely access to plan information and allow greater interaction with and personalization of retirement savings. At the same time, this legislation provides important consumer protections, allowing participants to opt out and receive paper statements at any time with no additional cost."