March 24, 2012
Financial institutions still send out monthly paper statements for retirement plan accounts (401(k), 457) etc. The statements have full details of the person's name, addr, account # etc. These are prime candidates for identity theft if it lands up on wrong hands.
When I had requested them to send the statements electronically, they said it is not possible due to SEC regulations on Qualified retirement accounts.
The default mode should be electronic and people can choose to get their paper statements if needed.
SEC needs to push financial institutions to deliver the monthly/quarterly statements electronically instead of paper mail