Error messageDeprecated function: The each() function is deprecated. This message will be suppressed on further calls in _menu_load_objects() (line 579 of /home/aim401k/public_html/includes/menu.inc).
Are You Using Electronic Disclosures?
If your plan uses electronic delivery of required disclosures to employees, you are likely simplifying the disclosure process, making information delivery more reliable and reducing plan administration costs, according to the Principal Financial Group.
Principal's Electronic Delivery of Participant Disclosure Materials is a guide for plan sponsors to the Department of Labor (DOL) and Internal Revenue Service (IRS) requirements regarding the use of electronic means to deliver ERISA-required and other notices to employees.
This brochure describes approved electronic delivery options, such as the DOL's Electronic Disclosure Safe Harbor, which enables sponsors to meet the requirement that delivery methods are "reasonably calculated to ensure actual receipt of the material." In addition, there is a summary of the IRS's Electronic Media Guidance, which conforms to the principles of the DOL's safe harbor.
A helpful list of important required notices and disclosures, specifying the information that should be included in the disclosures and which electronic delivery options may be used by plan sponsors, is included.
This practical and concise booklet is available at http://tinyurl.com/ElectronicDisclosures.
For plan sponsor use only, not for use with participants or the general public. This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.
Kmotion, Inc., P.O. Box 1456, Tualatin, OR 97062; 877-306-5055; www.kmotion.com
© 2015 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this publication are for general information only and are not intended to provide tax or legal advice or recommendations for any particular situation or type of retirement plan. Nothing in this publication should be construed as legal or tax guidance; nor as the sole authority on any regulation, law or ruling as it applies to a specific plan or situation. Plan sponsors should consult the plan's legal counsel or tax advisor for advice regarding plan-specific issues.