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DOL Issues New Rules on Electronic Disclosure

The U.S. Department of Labor (DOL) has issued final regulations that provide an additional safe harbor method of satisfying the ERISA electronic disclosure requirements for retirement plans (note, these rules do not apply to welfare plans). The final regulations will allow employers to post retirement plan disclosures online or deliver them by email.

The new electronic disclosure regulations will be published in the Federal Register on May 27, 2020; for your convenience, we have provided an unpublished copy here.

The regulations become effective 60 days after publication (if published on May 27, 2020, the rules would become effective July 26, 2020). However, the DOL will not take enforcement action against any plan administrator that relies on the new safe harbor before the effective date.

Read the Employee Benefit Security Administration’s fact sheet on the new rules.

© 2020 Faegre Drinker Biddle & Reath LLP. All Rights Reserved.

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About this Author

Karen E. Gelula, Retirement Plans Lawyer, Drinker Biddle
Counsel

Karen E. Gelula counsels public and private companies across industry sectors such as manufacturing, financial services, public utilities, energy, and health services, among others, on all types of employee benefits and executive compensation matters.

Karen has significant experience in the design, operation, compliance and governance of qualified retirement plans including 401(k) and profit-sharing plans, traditional defined benefit plans, cash balance pension plans, money purchase pension plans, and 403(b) plans. She also...

(215) 988-2729
Mark P. Rosenfeld Employee Benefits Attorney Faegre Drinker Biddle & Reath Minneapolis, MN
Associate

An employee benefits lawyer, Mark Rosenfeld counsels employers, plan sponsors and administrators on the design, administration and governance of retirement plans (such as 401(k) plans) and welfare plans (such as health plans). He also drafts executive compensation arrangements, equity incentive plans and severance plans. Mark provides detailed analysis and advice on IRS Code § 280G golden parachute provisions in M&A transactions.

Retirement Plans

Mark works with plans sponsors and plan administrators to support the day-to-day operation of both ERISA tax-qualified plans (like 401(k)s) and non-qualified plans (such as deferred compensation plans). He helps clients respond to claims for benefits and files correction applications with the IRS and DOL. Mark also assists in the review and approval of qualified domestic relations orders and power of attorney forms submitted to these plans. 

Mergers and Acquisitions

Mark provides deal support to both buyers and sellers by reviewing and advising on issues related to employee benefits plans in M&A transactions. He also analyzes potential IRS Code 280G issues and advises clients on how to proceed in order to eliminate or minimize any adverse tax implications. Following the completion of a merger, Mark assists the buyer in the winding down and termination (or merger) of recently acquired benefit plans. 

Other Employee Benefit Plans

Mark has assisted clients in drafting executive compensation arrangements, severance plans, deferred bonus plans, sale bonus plans and equity incentive plans. He also provides analysis and advice on potential IRS Code § 409A deferred compensation issues.

Previous Experience

During law school, Mark gained experience as a summer associate at Faegre Baker Daniels and law clerk with the Minneapolis City Attorney’s Office, Civil Division. Prior to his legal career, Mark worked in politics and government.

Personal Interests

Mark enjoys reading, cooking, hiking and playing board games.

612-766-8882