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week ending October 9th, 2020
A recent decision in a lawsuit alleging that a retirement plan sponsor and recordkeeper failed in their duties to protect a participant’s account from a cyberattack let the plan sponsor off the hook. But, plan sponsors should not get a sense from this that they should let down their guard. While the Department of Labor (DOL) has not specifically defined plan sponsors’ fiduciary duties related to retirement plan cybersecurity, plan sponsors do have a fiduciary duty to monitor providers. And, it’s possible that some future litigation could find that the failure to protect data was on the plan sponsor’s side. During the 2020 PLANSPONSOR National Conference, a cybersecurity expert talked about using a “CIA” framework—confidentiality, integrity and availability of data—to develop an internal process and a process for evaluating cybersecurity protocols of plan service providers. Plan participants also need to be reminded of their part. In this edition of PLANSPONSOR Weekend, we offer information to help you develop or refine your cybersecurity practices.
Editor's Choice
PSNC 2020: Retirement Plan Cybersecurity
In light of a lack of guidance from the DOL on how sponsors should protect their plans from cyberattacks, speakers laid out best practices.
Ensuring Cybersecurity in a Remote Work Environment
Extra measures need to be taken for HR and benefits staff working from home to keep employee and retirement plan data secure.
Plan Participants Have Their Own Responsibilities for Cybersecurity
There are common and advanced approaches retirement plan participants can take to derail data breaches and retirement account fraud.
Retirement Plan Sponsors Need Strong Cybersecurity Defenses
A plan sponsor could face legal liability if a breach or fraud of participant accounts occurs.
Vendor Process Reviews Are Crucial to Retirement Plan Cybersecurity
A digital security expert says "the behavioral and human element of data protection is always the most challenging part.”
Popular Reads
Consider Who Is Paying When Benchmarking Retirement Plan Fees
There is less risk when a plan sponsor pays retirement plan fees, but that doesn’t necessarily mean the benchmarking should be different than if participants pay.
Repositioning Financial Wellness and Retirement Benefits for 2021
Plan sponsors can take steps now to make sure their plans are ready to meet fiduciary obligations and participants’ needs in the new year.
Settlement Reached in Insperity 401(k) Excessive Fee, Self-Dealing Suit
Among other things, the lawsuit accused Reliance Trust Co. of selecting funds for the plan that would benefit itself.
The Importance of Extending Diversity to the Retirement Plan Committee
With representation being top of mind in 2020, companies are reconsidering the makeup of their workforces.
Revisiting the DOL’s 2013 TDF Tips
Even as target-date funds evolve, the Department of Labor’s guidance for selecting and monitoring the funds is still relevant.
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