The regulatory follow-through on SECURE 2.0's paper-statement mandate is now entering its next stage. The 2022 law includes provisions affecting how benefit statements must be delivered. In general, defined contribution (DC) plans will be required to furnish participants with at least one paper benefit statement each year, unless they affirmatively elect electronic delivery, for plan years beginning after December 31, 2025. An additional provision directs the Department of Labor (DOL) to update its electronic-delivery regulations so that participants and beneficiaries who first become eligible after that date receive a one-time paper notice before their required statements and related disclosures can be furnished electronically.
On September 30, 2025, the DOL's Employee Benefits Security Administration (ESSA) agency submitted a proposed rule, "Requirement to Provide Paper Statements in Certain Cases -Amendments to Electronic Disclosure Safe Harbors," to the Office of Management and Budget (0MB). The proposal would update 29 CFR 2520.104b-1 (c), part of the DOL's regulation governing the timing and method for furnishing ERISA disclosures, and 29 CFR 2520.104b-31, the DOL's electronic-delivery framework often referred to as the "notice-and-access" safe harbor.
The OMB announcement signals that detailed rules are forthcoming on matters that may include formatting, timing and content requirements, delivery standards, and participant elections for statements. The proposed rule follows EBSA's August 2023 Request for Information, in which the agency sought public input on SECURE 2.0's various reporting and disclosure mandates.
Once the OMB completes its review, the proposal will be released to the public as a Notice of Proposed Rulemaking, which will subsequently open a formal comment period. 0MB typically has up to 90 days (which may be extended) to review a proposal and decide whether to clear it for publication or send it back for revision, though there is no set minimum time frame for review. Plan sponsors may want to monitor the rule's progress as it moves through the federal rule making procedures, and the industry and public comment period.
Sources:
https://www.reginfo.gov/public/do/eAgendaViewRule?publd=202504&RIN=1210-AC27
https: //www.asppa-net.org/news/2025/10/ dol-set-to-propose-guidance-on-paper-statements-e-disclosures
https://www.ascensus.com/industry-regulatory-news/news-articles/dol-paper-statement-proposed-rule-at-omb/
https: //www.troweprice.com/financial-intermediary/us/en/insights/articles/2025/g1/secure-2-0-act-cheat-sheet.htmI
Article courtesy of: RPAG
Integrity Benefit Partners
65 LaSalle Rd, Suite 200, West Hartford, CT 06107 | 860.521.401k | www.integritybenefitpartners.com
This material was created to provide accurate and reliable information on the subjects covered. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. Integrity Benefit Partners and its affiliates do not provide legal or tax services.
Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. Integrity Benefit Partners is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies. 1 Marina Park Drive, 16th Floor, Boston, MA 02116. 617-585-4500. CRN202901-10223324.