NEW TECHNOLOGIES IN RETIREMENT PLANS.

SEC. 1510. NEW TECHNOLOGIES IN RETIREMENT PLANS. (a) In General.—Not later than December 31, 1998, the Secretary of the Treasury and the Secretary of Labor shall each issue guidance which is designed to— (1) interpret the notice, election, consent, disclosure, and time requirements (and related recordkeeping requirements) 111 STAT. 1069under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 relating to retirement plans as applied to the use of new technologies by plan sponsors and administrators while maintaining the protection of the rights of participants and beneficiaries, and (2) clarify the extent to which writing requirements under the Internal Revenue Code of 1986 relating to retirement plans shall be interpreted to permit paperless transactions. (b) Applicability of final Regulations.—Final regulations applicable to the guidance regarding new technologies described in subsection (a) shall not be effective until the first plan year beginning at least 6 months after the issuance of such final regulations.