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Commission votes to stop receiving routine PDF disclosures for supplemental plans to reduce staff burden
Summary
Senate File 4587/House File 4694 would remove the commission from a requirement to receive participant disclosure PDFs from supplemental/deferred compensation plan vendors; staff said the current rule inundates them with hundreds of attachments and the commission supported the change.
Senator West Linn presented Senate File 4587 and House File 4694 to relieve commission staff of a statutory requirement to receive annual vendor disclosure documents for supplemental plans (deferred compensation), citing an administrative burden created by hundreds of PDF attachments and voluminous prospectus material.
Staff said the intended disclosure to participants is being produced by vendors, but the commission lacks the capacity to process and post all those files. "We are being inundated...they're e‑mails coming in with hundreds of PDFs attached," staff said. Sponsors argued removing the automatic requirement for the commission to receive the packets would reduce staff time while preserving participant access through vendors and plan custodians.
Members asked whether any constituency would be harmed; sponsors said staff had not received requests for the disclosure from participants and that the change would reduce unnecessary workload. The commission voted to recommend the bills for inclusion in the 2026 omnibus pension bill.
