Washington, DC – The ERISA Industry Committee (ERIC) is requesting the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) allow for the permanent use of remote notarization for retirement plans.
“Remote notarization is efficient, secure, and reliable. In our online world, with the technology available, the Agencies should modernize. A good first step is allowing remote notarization to be a permanent solution to an outdated problem,” said Andy Banducci, Senior Vice President of Retirement and Compensation, ERIC.
ERIC’s comments to the Agencies focus on three areas:
- Security
- Pre-Established Practices
- Ease of Use
Remote notarization is safe and secure for plan sponsors and employees. The programs use security and safety technology, such as multi-factor authentication, which Americans are familiar with since many websites, including email accounts, require it when logging in. The idea of remote notarization is not new, either. In 2006, the Treasury acknowledged that remote notarization would eventually be widely available and appropriate to incorporate. Today, almost all 50 states and Washington, D.C. have authorized its use either through law or emergency action. Additionally, remote notarization provides flexibility for participants and beneficiaries, speeds up the process, and expands opportunities for those with mobility challenges, health concerns, or conflicting and busy schedules.
“The past eighteen months have shown us that many things in our lives can be done remotely, including notarization for retirement plans. There is no reason in today’s world, with the technology we have, to limit remote notarization,” said Banducci.
In addition to ERIC’s comments, the association also joined more than a dozen other organizations in calling on the Treasury and IRS to provide permanent relief for remote notarization.