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 the electronic delivery of pension plan documents required to be furnished to a plan participant, beneficiary, or other individual.
The system for furnishing such a document must: (1) be designed to result in effective access to the document, (2) permit the recipient to select the electronic means through which the document is received or request paper documents, and (3) protect the confidentiality of personal information.
An annual paper notice must be provided describing:
An electronically furnished document must be prepared and furnished in a manner that is consistent with the style, format, and content requirements for the document. It must also include a notice that apprises the individual of the significance of the document when it is not otherwise reasonably evident as transmitted.
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3795 Introduced in Senate (IS)]
<DOC>
115th CONGRESS
2d Session
S. 3795
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.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 19, 2018
Mr. Brown (for himself, Mr. Enzi, Mr. Peters, Mr. Portman, Mr. Isakson,
and Mr. Jones) introduced the following bill; which was read twice and
referred to the Committee on Health, Education, Labor, and Pensions
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Receiving Electronic Statements To
Improve Retiree Earnings Act''.
SEC. 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.) is amended by adding at the end the following:
``SEC. 112. ELECTRONIC COMMUNICATION OF PENSION PLAN INFORMATION.
``A document of any type that is required 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 among the specific
electronic means made available 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,
``(B) the right to modify the selection at any
time, or to elect at any time to receive paper versions
of documents at no additional direct cost, and how to
make such an election, and
``(C) 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' includes
reports, statements, notices, notifications, and other
information.''.
(2) Conforming amendment.--The table of contents in section
1 of such Act (29 U.S.C. 1001 note) is amended by inserting
after the item relating to section 111 the following:
``112. Electronic communication of pension plan information.''.
(b) Amendment to Internal Revenue Code of 1986.--Section 414 of the
Internal Revenue Code of 1986 is amended by adding at the end the
following:
``(aa) Electronic Communication of Pension Plan Information.--A
document of any type that is required 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 among the specific
electronic means made available 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,
``(B) the right to modify the selection at any
time, or to elect at any time to receive paper versions
of documents at no additional direct cost, and how to
make such an election, and
``(C) 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' includes
reports, statements, notices, notifications, and other
information.''.
(c) Protection of Existing Methods.--Nothing in the amendments made
by this section shall be construed to prohibit--
(1) the furnishing of documents by electronic means under
any law or under any regulations or guidance prescribed by the
Secretary of Labor or the Secretary of the Treasury (referred
to in this subsection as the ``Secretaries'') prior to the date
of the enactment of this Act; or
(2) the Secretaries from prescribing additional methods for
furnishing documents as the Secretaries deem necessary or
appropriate.
(d) Effective Date.--The amendments made by this section shall
apply with respect to documents furnished with respect to plan years
beginning after December 31, 2018.
<all>
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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