Washington, D.C. (June 15, 2011) — Electronic delivery of defined contribution plan information would offer significant benefits to plan participants and should be the default mechanism for sending this information. That is the conclusion of a new study commissioned by the American Council of Life Insurers (ACLI), the Investment Company Institute (ICI) and the America Society of Pension Professionals & Actuaries (ASPPA).

The study found that e-delivery would provide plan participants with important information about their retirement plan in a more timely and user-friendly manner than traditional paper delivery. Moreover, the study concluded that technology has advanced to a point that validates greater use of electronic delivery.

“Due to technological changes and widespread current access to the Internet, this paper argues that the time has come for a major shift toward greater reliance on electronic delivery of required information. Defined contribution plans should have the flexibility to choose electronic delivery as the default, while retaining the right of individual participants to receive information or notices in paper if they prefer,” the study said.

The study, “Delivering ERISA Disclosure for Defined Contribution Plans: Why the Time has Come to Prefer Electronic Delivery,” was co-authored by Peter Swire, the C. William O’Neill Professor of Law at the Ohio State University, and Kenesa Ahmad, a legal and policy associate with the Future of Privacy Forum. The authors submitted the study to the Department of Labor (DOL) in response to the DOL’s request for information on how to modify regulations that govern electronic distribution of retirement plan information.

ACLI, ICI and ASPPA submitted separate comments, which are available on the DOL’s website.