• Expanding Use of Electronic Media for Benefit Plans/Communications
  • August 19, 2005
  • Law Firm: Sutherland Asbill & Brennan LLP - Washington Office
  • On July 13, 2005, the Internal Revenue Service ("IRS") published proposed regulations addressing the use of electronic media by employers and plan administrators to provide notices to plan participants and beneficiaries, and by participants to transmit elections or consents relating to employee benefit plans. The proposed regulations coordinate existing rules with the requirements of the Electronic Signatures in Global and National Commerce Act (E-SIGN) and expand both the types of plans for which notices can be provided electronically, including health plans and cafeteria plans, and the types of elections that can be made electronically, including qualified joint and survivor annuity elections. The regulations are proposed to apply prospectively and cannot be relied upon until they are issued as final regulations.