On May 21, 2020, the Department of Labor (DOL) published its much-anticipated final rule to expand the ability of employers to communicate mandated retirement plan disclosures and other information online or by email. The final rule is substantially similar to the DOL’s proposed rule on this topic issued last year. It allows employers to deliver disclosures to plan participants electronically by default, with the ability for participants to opt in to paper mailings if preferred.
Retirees face difficult decisions. They have to decide how much to withdraw each year from their 401(k) plans and individual retirement accounts (IRAs), and face the risk of either spending too quickly and outliving their resources or spending too conservatively and consuming too little. In addition, they must consider how and when to draw down their Social Security retirement benefits, and how to invest their savings after retirement.