Roe, Kelly Applaud Department of Labor Regulation Modernizing Retirement Plan Disclosures

Statement

Today, Rep. Phil Roe, M.D. (R-Tenn.) and Rep. Mike Kelly (R-Pa.) released the following statements after the U.S. Department of Labor announced a rule to allow electronic retirement plan disclosures based on President Trump's Executive Order 13847, Strengthening Retirement Security in America:

"I applaud Secretary Scalia and the Department of Labor for introducing this commonsense rule to help modernize America's retirement plans. By giving employers the option to deliver retirement plan disclosures electronically by default, this rule will make retirement information more accessible and could save plans around $2.4 billion over the next 10 years, which should directly benefit participants. This rule still allows participants who would prefer paper disclosures to receive them, which I also think is important. As a lead cosponsor of legislation to give plans the ability to deliver disclosures electronically by default, I thank President Trump for leading this effort to help make retirement plans more practical for the 21st century, and I look forward to seeing this rule implemented," said Rep. Roe.

"Thank you to President Trump and the Department of Labor for working to bring retirement plan communications into the 21st century," said Rep. Kelly. "By paving the way for e-delivery of plan information, workers will have easier access to crucial information and businesses will save billions each year in shipping and printing costs. This is a win-win for America's employees and employers!"

Note: Congressmen Roe and Kelly were lead cosponsors of H.R. 4610, the RETIRE Act, in the 115th Congress, which would have allowed retirement plans to deliver disclosures electronically by default.

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