SECURE 2.0 – Paper Delivery of Retirement Plan Benefit Statements

Under the Employee Retirement Income Security Act (ERISA), plan sponsors must provide participants with key documents like summary plan descriptions (SPDs), annual reports, material modification notices, and retirement statements. While originally distributed via paper mail or hand delivery, many sponsors now use electronic delivery methods that comply with the Department of Labor’s (DOL) 2002 and 2020 safe harbors. On February 25, 2026, the DOL proposed regulations updating the rules on paper delivery of retirement plan benefit statements.

The SECURE 2.0 Act Requirement

The requirement, added by the SECURE 2.0 Act of 2022 (SECURE 2.0) for plan years beginning after December 31, 2025, stipulates that, unless an exception applies, plan administrators must deliver periodic benefit statements on paper at certain intervals, depending on the type of plan.

• Defined contribution (DC) plans – ERISA requires plan sponsors of participant-directed DC plans to provide quarterly statements, and sponsors of non-participant-directed DC plans to provide annual statements. SECURE 2.0 amended ERISA to require at least one paper benefit statement per calendar year.
• Defined benefit (DB) plans – ERISA requires plan sponsors of DB plans to provide a benefit statement to active participants with vested accrued benefits every three years. SECURE 2.0 generally requires this benefit statement to be provided on paper.

Note that the requirement to provide physical paper benefit statements does not apply if: 1) the retirement plan has only one participant, 2) the statements are sent digitally following the DOL’s 2002 electronic disclosure safe harbor, or 3) the participant explicitly requests to receive their statements electronically. However, all plans are required to provide paper statements upon request.

The FAB Temporary Policy

As a follow up to the proposed regulations discussed above, on May 12, 2026, the DOL released Field Assistance Bulletin (FAB) No. 2026-02, which contains a temporary enforcement policy permitting plan sponsors to rely (in good faith) on either the proposed regulations or the current regulations until final regulations or other applicable administrative guidance are issued. This “relief” includes being able to rely on the current 2002 e-delivery safe harbor, which allows plan sponsors to provide ERISA disclosures electronically to current employees who are “wired at work” (i.e., those who can effectively access electronic documents at work and have access to the employer’s electronic information system as an integral part of their work duties).

This would essentially allow sponsors to avoid complying with the proposed changes to the safe harbor for employees who first become eligible to participate and beneficiaries who first become eligible for benefits, after December 31, 2025. Those changes would include furnishing a one-time initial notice on paper to the individuals before electronically delivering any benefit statements and giving the individuals the ability to opt out of electronic delivery of all required ERISA disclosures.

Interestingly, the FAB does not allow plan sponsors to continue relying on the previously established 2020 e-delivery safe harbor. For those plans, a paper benefit statement must be furnished, unless a participant affirmatively requests electronic delivery of the benefit statement. In addition, paper statements should be delivered without any fee or charge.

Preparation Plans for Plan Sponsors

Given the proposed regulations and the recently released FAB, and while they await further guidance from the DOL, plan sponsors should: 1) review their retirement plan disclosure practices (which may include working with legal counsel), 2) work closely with their TPAs and recordkeepers to ensure compliance, elect the form of delivery, etc., and 3) be cognizant of related regulatory developments, particularly a final ruling. It’s never too early to start planning for implementation.

Please contact us if you have questions about the information outlined above; our seasoned and experienced employee benefit plan professionals are here to help.  You can also learn more on our Employee Benefit Plan services page.

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