To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®.
July 13, 2005
JS-2631
Treasury and IRS Issue Proposed Regulations for Electronic
Transmission of Employee Benefit Information
WASHINGTON, DC -- The Treasury Department and IRS issued proposed regulations today regarding the use of electronic media to provide notices to employee benefit plan participants and beneficiaries and to transmit elections or consents from participants and beneficiaries to employee benefit plans.
These regulations coordinate the rules in existing guidance for using electronic media for these purposes with the requirements of the E-SIGN statute (the Electronic Signatures in Global and National Commerce Act, Public Law 106-229). The regulations would allow a plan to use electronic media either under the E-SIGN consumer consent rules or under an alternative that is similar to the retirement plan rules for electronic transmission of plan information that were in effect before E-SIGN and that are both less burdensome on employers and as least as protective for participants.
The regulations would not go into effect until after they are adopted as final regulations. A public hearing on the proposal is scheduled for November 2, 2005.
REPORTS