WASHINGTON, March 30, 2023 – The ERISA Industry Committee (ERIC) today submitted comments supporting an Internal Revenue Service (IRS) proposed regulation permanently allowing notary publics, pension plan representatives, and plan participants and their spouses to use secure video conferencing technology to officially execute certain decisions about retirement benefits.
“ERIC strongly supports permitting workers, retirees, and their spouses to use secure technologies to execute plan elections. The IRS has already allowed remote witnessing for nearly three years due to the COVID-19 pandemic, and it’s high time for that relief to be made permanent,” said Andy Banducci, ERIC Senior Vice President of Retirement and Compensation Policy.
Throughout the COVID-19 pandemic, the IRS provided temporary relief from the physical presence requirement for witnessing of spousal consents for certain plan distributions and loans. In today’s letter to the IRS, ERIC explains how the proposed rule would provide flexibility for retirement plan participants and their spouses, such as those with mobility challenges, health concerns, demanding work schedules, or who travel for extended periods of time for work. Furthermore, the proposal includes a number of safeguards to combat potential fraud and security concerns. Because similar relief has already been in force on a temporary basis for nearly three years, plans and notaries now have experience safely using this technology.
ERIC member companies sponsor and maintain retirement plans for millions of their workers and retirees. They supervise billions of dollars in retirement assets in accordance with their obligations under federal law.
Click HERE to read ERIC’s letter to the IRS.
