On the recordMarch 29, 2022
I thank the chairman. Madam Speaker, the underlying bill includes an imperfect provision requiring retirement plans to provide a paper statement annually. The bill also directs the Department of Labor to revise its 2002 and 2020 safe harbor regulations to conform with this requirement. While I support the bill, I have serious concerns about this blunt provision which would undermine DOL's 2002 and 2020 e-delivery safe harbor regulations. Participants in plans have been relying on the 2002 safe harbor regulations for nearly 20 years. The Committee on Education and Labor has dedicated considerable time to this issue. I do not consider this a settled matter, and I will continue to engage with my House and Senate colleagues to find a workable solution that simplifies and modernizes the disclosure requirements for retirement plans.
