Betterment delivers annual notices and fee disclosures electronically to participants. Employees are notified when these documents are available for download in their accounts. However, some participants may opt out of electronic delivery, and plan sponsors are responsible for providing printed copies to those individuals.
To determine who has opted out, plan sponsors can generate a Census report by logging into the Plan Sponsor Dashboard and navigating to Resources > Reports > Run a Report. After selecting the Census report, specifying the date, and running the report, sponsors can download the CSV file and review participant preferences. If the file doesn’t appear immediately, refreshing the Reports page may be necessary.
By following this process, plan sponsors can help to ensure all participants receive the required notices in compliance with distribution requirements.
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