Paper Letter for Sen Collins 05 20 16 .pdf

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May 20, 2016
The Honorable Susan M. Collins
Chair
United States Senate
Special Committee on Aging
G31 Dirksen Senate Office Building
Washington, DC 20515
Dear Chairwoman Collins:
On behalf of our members and older Americans, we write to thank you for all your
efforts to ensure investors and retirement savers continue to receive critical investment
information from mutual fund companies through default paper delivery. AARP, with its
nearly 38 million members in all 50 States and the District of Columbia, Puerto Rico,
and U.S. Virgin Islands, is a nonpartisan, nonprofit, nationwide organization that helps
people turn their goals and dreams into real possibilities, strengthens communities and
fights for the issues that matter most to families such as healthcare, employment and
income security, retirement planning, affordable utilities and protection from financial
abuse.
AARP has long advocated that savers and investors should have reliable access to
effective disclosures concerning their retirement plans and investments. We believe
that in many instances, reliable disclosure should be presumed to mean paper, rather
than electronic, delivery of information. Paper disclosures are more effective in
providing critical information. In a 2012 AARP survey regarding the delivery of
retirement plan information and disclosures, it was plain that even for those individuals
who are comfortable with electronic media and who have reliable access to internet
services, a paper disclosure is more likely to be carefully read than an electronic report.
Seven in ten respondents who had email addresses said they were more likely to read
and save retirement plan documents if they were delivered on paper versus online.
In addition, default paper delivery guarantees that all investors will reliably receive
important disclosures. While internet service is increasingly common, it is not
ubiquitous. According to a recent Pew report, 84% of adult Americans use the internet,
but only 58% of older Americans do.

In light of the importance of paper delivery for a large number of individuals, we share
your concerns that the Securities and Exchange Commission’s proposed Rule 30e-3
will allow default electronic disclosure of shareholder report requirements. The
proposed rule will shift the burden of requesting paper disclosures to individuals who
desire them. Given that investors may now select electronic disclosure of these reports,
yet most do not, it is reasonable to conclude many individuals will prefer to continue to
receive paper disclosures and will be inconvenienced by the new rule, or worse, receive
no disclosure at all.
We appreciate your efforts to ensure that default paper deliver of investment disclosures
continues as preferred by most investors, and we hope that proposed Rule 30e-3 can
be resolved in the best interest of consumers. If you have any questions, feel free to
call me, or please have your staff contact Cristina Martin Firvida of our Government
Affairs office at 202-434-6194.
Sincerely,

Joyce A. Rogers
Senior Vice President
Government Affairs

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