The ERISA Industry Committee is urging the IRS and the Treasury Department to clear the way for employers to use new technologies for administering retirement plans.
"Eliminating the paper in plan transactions makes retirement plans more user-friendly, makes plan administration more effective, and reduces plan costs," said Mark J. Ugoretz, ERIC president.
ERIC filed comments with the IRS and Treasury Department earlier this month in response to their request for public comments. These federal agencies, along with the Labor Department and Pension Benefit Guaranty Corp., are required to issue guidance on the subject by the end of the year.
