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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
Compliance
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.
Administration
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.
Participants
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.
Administration
Retirement Plan Sponsors Need Strong Cybersecurity Defenses
A plan sponsor could face legal liability if a breach or fraud of participant accounts occurs.
Compliance
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
Compliance
House Committee Approves Bill Aimed at Increasing Retirement Plan Coverage
Among other things, the RISE Act would encourage retirement savings by allowing plan sponsors to offer small financial incentives to motivate employee participation.
Data and Research
Working Past Age 65 May Seem Like a Great Idea …
… but the prospects may vary, based on education, race and gender, says CRR.
Participants
Employees Don’t Want ‘All or Nothing’ When It Comes to Guaranteed Lifetime Income
Eighty-one percent of respondents to a survey indicate they are at least somewhat likely to prefer a retirement plan that substitutes guaranteed income for safe investments such as bonds.
Research
2021 Recordkeeping Survey
Data and Research
2022 Retirement Industry Trends to Follow
As the retirement plan industry looks ahead to the coming year, financial wellness is increasingly seen as a critical solution to help workers and retirees meet their goals.
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