On May 21, 2020, the U.S. Department of Labor and the Employee Benefits Security Administration (EBSA) announced the publication of a final rule that will allow employers to communicate the required retirement plan disclosures and other plan information electronically. The rule finishes a 2018 DOL initiative aimed at reducing administrative burdens and costs associated with the delivery of retirement plan disclosures. EBSA projects that electronic delivery could save retirement plan sponsors an estimated $3.2 billion over the next 10 years by eliminating significant materials, printing, and mailing costs associated with furnishing printed disclosures. As businesses face economic and logistical challenges due to the COVID-19 National Emergency, the rule brings much needed relief to plan sponsors and service providers while making disclosures more readily accessible and useful for America’s workers.
Electronic Delivery Could Save Billions
Our Services
Investment Management
Tailor portfolios to your needs and goals.
Retirement Planning
Investing and saving wisely is vital to success in retirement.
Financial Planning
Navigating the complexities of your financial affairs can be simplified.
Tax Management
Help to increase the amount you “take home”.
Estate Planning
Protect your loved ones and make sure your legacy endures.
Executive Compensation Analysis
Simplify the many options and decision points of executive compensation plans.
Education Planning
Confidently plan for your children’s future.
Charitable Giving
Give in a tax-smart, simple way.
*Please Note: Limitations. The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent. BFSG does not prepare legal documents or tax returns, nor does it sell insurance products. Please Also Note: Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.