S.3417 - Receiving Electronic Statements To Improve Retiree Earnings Act114th Congress (2015-2016)
|Sponsor:||Sen. Brown, Sherrod [D-OH] (Introduced 09/28/2016)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 09/28/2016 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
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Summary: S.3417 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (09/28/2016)
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 the selection of electronic means for furnishing documents and any election that has been made to receive paper documents.
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.
The bill specifies that: (1) documents may continue to be furnished electronically under laws, regulations, or guidance prescribed by the Department of Labor or the Department of the Treasury prior to enactment of this bill; and (2) the departments may prescribe additional methods for furnishing documents.