WASHINGTON: Today, Rep. Jared Polis, D-Colo., and Rep. Phil Roe, R-Tenn., introduced the bipartisan Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act to help Americans plan for retirement.   

The RETIRE Act would ensure employers make retirement information easily accessible online, while providing protections for employees who prefer to receive paper documents. 

Under current law, employers are required to waste significant money and paper mailing documents like notices, disclosures, and statements to retirees. For context, it’s estimated that the costs of sending just one four-page notice to recipients is between $36 and $60 million.

“We need to make it easier for Americans to think about and plan for retirement,” Polis said. “Nowadays, most Americans prefer their inbox to their mailbox.  The RETIRE Act makes planning one-click away by giving employees online access to their retirement information.  Not only does it make retirement information more accessible, but it helps the environment and reduces costs by cutting back on wasted paper.”

“Today, more and more Americans are choosing to manage their finances online,” said Roe. “For this reason, I am proud to be an original cosponsor of the RETIRE Act which allows retirement plan sponsors to automatically enroll participants in electronic delivery for plan communications. By encouraging savers to receive their retirement plan information online, this commonsense bill will lower administrative costs, provide more timely access to plan information and allow greater interaction with and personalization of retirement savings. At the same time, this legislation provides important consumer protections, allowing participants to opt out and receive paper statements at any time with no additional cost. I am proud to partner with Reps. Polis, Kelly and Kind to introduce this important piece of legislation.”