New DOL Electronic Disclosure Rules for ERISA-Covered Retirement Plans: Critical Next Steps and Legal Ramifications

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
- work Practice Area
ERISA
- event Date
Wednesday, August 12, 2020
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
-
This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE course will provide guidance to ERISA counsel on the key provisions of the new Department of Labor (DOL) rules regarding electronic disclosures for ERISA-covered retirement plans. The panel will discuss the new alternative safe harbor, notice requirements, website standards, and key next steps and potential legal ramifications for fiduciaries and plan administrators.
Faculty

Mr. Klimpl is a seasoned attorney with experience providing ERISA advice and related services to a variety of plan sponsors and employee benefit plans, including corporate, nonprofit, multiemployer and governmental plans providing retirement, health, disability, dental and other welfare benefits. In the field of executive compensation, he has assisted both employers and employees with equity and incentive compensation, nonqualified deferred compensation, Section 409A questions, and executive employment and severance agreements. Among other industries, Mr. Klimpl has represented clients in the financial, construction, medical, fashion, real estate and legal industries. He chairs the Fairfield County Bar Association Employment Law Committee.

Ms. Andrew advises clients in all major aspects of employee benefits including qualified and nonqualified plans, IRS and DOL compliance matters, merger and acquisition issues, executive compensation, and employment agreements. She also concentrates her practice in health care related matters, including health care reform legislation, compliance with HIPAA, federal and state health care anti-fraud laws, such as anti-kickback statute, and Stark Law. Ms. Andrew also advises nursing homes, assisted living facilities, medical device, and life sciences organizations regarding compliance with state and federal regulatory requirements.

Mr. Gambill has significant breadth and depth of experience to help clients achieve their benefits and executive compensation goals. He evaluates current benefit plans for improved utility; designs retirement and welfare benefit plans, nonqualified deferred compensation plans, cash and stock-based incentive programs, and other compensation and bonus programs. Mr. Gambill deals with HIPAA privacy regulations, Family Medical Leave Act, disability, military, and other leaves of absence, and drafts executive employment and severance agreements. He is accredited by the Department of Veterans Affairs to advise, counsel, and represent veterans as to claims for VA benefits.
Description
On May 21, 2020, the DOL issued final regulations for electronic disclosures for retirement plans and an alternative safe harbor method of delivery by administrators. Employee benefits counsel must have a complete understanding of the application of the new rules and related compliance issues to avoid missteps and potential claims.
The final regulations and new safe harbor does not replace the DOL e-disclosure rules of the 2002 regulations but instead provides a broader scope for disclosure of plan documentation. The application of the new rules to retirement plans presents several administrative issues and compliance pitfalls due to stringent requirements and limitations.
ERISA counsel, fiduciaries, and administrators must adhere to strict notice requirements, delivery methods, rights of participants, and necessary procedures upon severance.
Listen as our panel discusses critical provisions of the new DOL rules for electronic disclosures for ERISA-covered retirement plans and offers best practices to minimize potential legal ramifications for fiduciaries and plan administrators.
Outline
- Overview of DOL e-disclosure final regulations
- Documents not subject to the new rules
- Notice requirements under IRS regulations
- Health and welfare plans
- The 2002 regulations
- Covered individuals
- Disclosure methods, requirements, and pitfalls to avoid
- Initial notices
- Notice of internet availability
- Website standards
- Additional issues and best practices for compliance
- Rights of participants
- Issues with delivery
- Direct emails
- Procedures upon severance
Benefits
The panel will review these and other key issues:
- How do the DOL final regulations on electronic disclosures differ from the proposed rules?
- What are the provisions and related issues of the new safe harbor rules for specific retirement plan-related documents?
- What are the compliance issues for plan fiduciaries and administrators and methods to overcome them?
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