American Council of Life Insurers (ACLI) Vice President, Taxes and Retirement Security Jim Szostek issued the following statement today on the Department of Labor’s proposed rules for online retirement plan disclosures:
“The Labor Department’s proposal reflects the reality that modern communications tools help today’s consumers better access information,” said Jim Szostek, American Council of Life Insurers (ACLI) Vice President of Taxes and Retirement Security.
“Whether through smart devices or other technology, consumers need access to information about their retirement plans immediately, wherever they are,” added Szostek, who said the trade group is reviewing the proposal and plans to comment.
Comments on the proposal are due to DOL by Nov. 23, 2019.