News & Analysis as of September 15, 2024

Retirement Plan

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

DOL Reiterates Its Focus on Cybersecurity with Updated Guidance

Morgan Lewis - ML Benefits on 9/13/2024

The US Department of Labor (DOL) issued a press release on September 6, 2024 reminding ERISA plan fiduciaries that it considers cybersecurity to be an area of “great concern” and emphasizing that it continues to investigate...more

Both Sides Now… Must Be Alert to Cybersecurity

Holland & Hart - The Benefits Dial on 9/11/2024

by Becky Achten New guidance from the Employee Benefits Security Administration (EBSA) affirms that both sides—retirement plans and welfare plans—must take steps to secure participant data from cybercrime. In 2021 the...more

Expect Focus - Volume II, May 2024

Carlton Fields on 5/29/2024

Last Lap in SEC RILA Rulemaking Critical Unresolved Issues - Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more

ERISA Cybersecurity Compliance: SEC Proposed Rule May Provide Metrics for Evaluating Certain SEC-Regulated Plan Service Providers

Morgan Lewis - ML Benefits on 4/24/2023

In 2021, the US Department of Labor (DOL) issued cybersecurity guidance (the DOL Guidance) that sets out the DOL’s views on what processes fiduciaries of benefit plans regulated by the Employee Retirement Income Security Act...more

401(k) Compliance Check #10: Magic Words – Best Practices for 401(k) Plan SPDs

Foley & Lardner LLP on 10/19/2022

To help employers properly administer their 401(k) plans, in 2022, Foley & Lardner LLP is authoring a series of monthly “401(k) Compliance Check” newsletters. This article includes some tips for drafting a best-in- class...more

ERISA Plan Sponsors: DOL Investigation Defense: Adopt Solid Cybersecurity Protocols

Pullman & Comley - Labor, Employment and... on 8/30/2022

In April 2021, Employee Benefits Security Administration division of the United States Department of Labor (“DOL”) issued cybersecurity related guidance intended to assist business owners and plan fiduciaries to prudently...more

Alight Solutions Must Comply with Subpoena Issued by DOL in Cybersecurity Incident Investigation

Robinson+Cole Data Privacy + Security Insider on 8/22/2022

A subpoena was issued to Alight Solutions by the U.S. Department of Labor (DOL) for documents related to a cybersecurity breach that potentially resulted in Employee Retirement Income Security Act (ERISA) violations. Alight...more

Do Employers Need a CISO for ERISA Compliance?

Jackson Lewis P.C. on 3/11/2022

According to a recent survey, about 45% of companies do not have a Chief Information Security Officer (CISO). As West Monroe’s “The Importance of a CISO” observes, it would be terrific for all organizations to have a CISO,...more

2022 Cybersecurity Issues and Recommendations for ERISA Plan Fiduciaries

Perkins Coie on 2/2/2022

New cybersecurity developments and observations, including those relating to U.S. Department of Labor's (DOL) review of cybersecurity issues, warrant prompt consideration by plan sponsors and other fiduciaries of employee...more

Top 10 Workplace Law Predictions for 2022

Fisher Phillips on 1/4/2022

Workplace law has changed dramatically over the past two years of the pandemic. Unfortunately, 2022 (or is it “2020 too”?) is shaping up to be another year full of new rules and regulations within this volatile area of law....more

Protecting Against the ERISA Litigation Surge

Woodruff Sawyer on 12/15/2021

ERISA litigation has exploded in the past few years, particularly cases alleging excessive fees. Last year was the high-water mark for ERISA class actions with over 200 cases filed, an 80% increase from 2019. 2021 is on track...more

2021 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

Snell & Wilmer on 12/7/2021

As 2021 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more

[Webinar] Hot Topics and Trends in Employee Benefits: What Employers Need to Know - November 3rd, 12:00 pm - 1:30 pm ET

Epstein Becker & Green on 10/27/2021

Attorneys from our Employee Benefits and Executive Compensation practice provide insights on current issues facing various types of employee benefits programs. Topics include: - Cybersecurity - DOL Audit Initiatives -...more

Stronger . . . Services Agreements for Benefit Plans

Holland & Hart - The Benefits Dial on 10/18/2021

With the exception of certain small businesses, being an employer generally means offering an array of benefits to remain competitive in the worker marketplace. As the employer grows, typically so does the list of employee...more

There is a cost to technology and it’s cybercrimes

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on 9/3/2021

The beauty of being in the retirement plan business since 1998 is that I love what I do and I can also remember the technological breakthroughs that allow the industry to provide a better service at a better price. The days...more

When the DOL is asking questions on cybersecurity, have the answers

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on 9/1/2021

A few years back, I was representing a plan sponsor under a Department of Labor (DOL) audit for very frequent late deferral deposits. They were asking questions regarding an investment policy statement as well as the...more

Don’t Be Insecure: DOL Guidance Addresses Cybersecurity for ERISA Plans

ArentFox Schiff on 8/9/2021

The Department of Labor (DOL) recently issued new guidance on best practices for maintaining cybersecurity in connection with ERISA plans (the Guidance). The Guidance, which is intended for sponsors, fiduciaries, record...more

Department of Labor Focuses on Cybersecurity for Benefit Plans

Robinson+Cole ERISA Claim Defense Blog on 8/9/2021

ERISA-covered plans hold millions of dollars or more in assets and maintain a large amount of personal data on participants, therefore, such plans can be tempting targets for cyber-criminals. Recognizing this, the Employee...more

Plan Cybersecurity Guidance: DOL Enforcement Warrants Plan Sponsor Action

Poyner Spruill LLP on 8/3/2021

Benefit plan sponsors and plan fiduciaries should take note and act quickly—the Department of Labor (DOL) has issued a new cybersecurity guidance package with far-reaching effects and has already begun including this in its...more

Musings Of Retirement Plan Fiduciaries: Episode Two

Jackson Lewis P.C. on 7/21/2021

Individuals who serve as a fiduciaries to their company’s retirement plan often feel they may not be sufficiently informed or qualified to make prudent decisions for the plan. They might ask themselves: “How do I know which...more

DOL Begins Audit of Retirement Plans for Cybersecurity Shortfalls

Bass, Berry & Sims PLC on 7/15/2021

To increase protections for the estimated $9.3 trillion in American retirement assets, the Department of Labor (DOL) has begun a new cybersecurity audit initiative for retirement plans. After providing its first set of...more

DOL Releases Cybersecurity Best Practices Guidance for Protecting Retirement Benefits

Holland & Knight LLP on 7/1/2021

For the first time, the U.S. Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) has released cybersecurity guidance aimed at protecting workers' retirement benefits. The guidance, which was released...more

Make sure that your plan providers meet your Cyber Security needs

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on 6/30/2021

With new guidance by the Department of Labor (DOL) on cybersecurity, it’s important to determine whether your plan provider meets that guidance. ...more

DOL Ups Its Game on Cybersecurity Program Oversight, Begins Audit Initiative

Pillsbury Winthrop Shaw Pittman LLP on 6/24/2021

In light of a new DOL audit initiative and increasing cybersecurity threats to ERISA benefit plans, ERISA plan sponsors and fiduciaries should be prepared to answer some important questions: Do the cybersecurity programs of...more

The Department of Labor Issues its First Cybersecurity Guidance for Plan Sponsors, Fiduciaries and Service Providers

King & Spalding on 6/23/2021

It’s been, as the song goes, a long, long time coming. In April, the Department of Labor issued its first ever formal cybersecurity guidance for retirement plan sponsors and retirement plan fiduciaries, and for the service...more

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Cybersecurity › Employee Retirement Income Security Act (ERISA) › Retirement Plan

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