PRIVACY: Polis Amendment Preventing DEA Bulk Surveillance Passes House

Press Release

Representatives Jared Polis (D-CO), Phil Roe, M.D. (R-TN), Ron Kind (D-WI), and Mike Kelly (R-PA) introduced bipartisan legislation today that would modernize the way employers communicate important retirement information by automatically opting participants into electronic delivery of documents.

The Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act would catch-up with Americans' overwhelming shift towards digital communication while providing strong protections for those who prefer to receive paper documents. Under current law, employers waste significant money and paper mailing documents like notices, disclosures and statements to retirees. For context, it's estimated (conservatively) that the costs of sending just one four-page notice to recipients is between $36 and $60 million.

The RETIRE Act would reduce mailing costs, protect our environment by eliminating thousands of pieces of paper mailed each day, and make information more accessible to recipients.

"It's time to bring our retirement information delivery capabilities into the 21st century," Polis said. "Our bill meets the needs of most Americans who prefer their inbox to their mailbox, while protecting those that continue to want paper documents. It saves money, protects the environment, and gives everyone greater access to the information they need to make decisions about retirement and savings."

"Today, more and more Americans are choosing to manage their finances online. Our bill allows plan sponsors to auto-enroll beneficiaries into receiving plan documents electronically, while allowing those who prefer paper statements to continue receiving them at no cost. I am glad to partner with Reps. Polis, Kelly and Kind to introduce this commonsense bill," Rep. Roe said.

"As co-chairman of the House Retirement Security Caucus, I am proud to introduce legislation to bring America's retirement plans into the 21st century by making it easier to distribute retirement information via e-mail," Rep. Kelly said. "Employers who voluntarily offer 401(k) plans and others are currently hampered by arcane and costly administrative rules for disseminating this information. Our legislation will allow retirement management companies, such as Vanguard in my home state, to offer their consumers a way to receive information about plans electronically. This will reduce costs for consumers and providers alike. It's a win-win solution."

"This bill gives Wisconsin residents and businesses the ability to take advantage of email when receiving and sending retirement statements," Rep. Kind stated. "Wisconsinites should have the option to receive information about their retirement plans in whatever manner is most convenient for them."

"Vanguard commends the introduction of the RETIRE Act as it will provide a more cost-effective and efficient way for defined contribution plan providers to deliver important information to plan participants in a timely manner," said Martha King, managing director and head of Vanguard Institutional Investor Group, "Electronic delivery will enable us to better educate participants through linking to online tools and customized content that we believe will lead to better investing results."

Additional supporters of this bill include: TIAA-CREF, SPARK Institute, Principal Financial Group, and American Benefits Council.

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