PODCAST: Williams Mullen's Benefits Companion - Exploring the Value of Qualified Default Investment Alternatives
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Legislation Discussion with PA State Senator Tom Killion
Discussion of PA’s Revised Uniform Fiduciary Access to Digital Assets Act
In 2021, the U.S. Department of Labor (DOL) issued 3 documents outlining guidance on cybersecurity practices for benefits plans, which we discussed in a blog post at the time. The DOL recently issued revised versions of the...more
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
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
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
In April 2021, the Department of Labor issued cybersecurity guidance to plan fiduciaries and participants in the form of three separate documents: Tips for Hiring Service Providers with Strong Cybersecurity Practices;...more
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
In April, we posted about the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issuing cybersecurity guidance for employee retirement plans. That is, April 14, 2021. Shortly thereafter, the...more
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
This post provides a high-level summary of the Department of Labor’s cybersecurity guidance issued in April and identifies actions retirement plan sponsors and other plan fiduciaries should consider taking now in light of the...more
By now, plan fiduciaries and their service providers likely have heard about the DOL’s cybersecurity guidance. The Department of Labor’s stepping into cybersecurity in this way – a posting of best practices on the agency’s...more
We repeatedly warned over the past few months, that officials at the highest levels of the DOL were signaling that the DOL would begin an audit initiative focusing on retirement plan cybersecurity practices. ...more
McDermott Will & Emery invites you to a webinar for an in-depth discussion on the US Department of Labor’s initial cybersecurity guidance for retirement plans under the Employee Retirement Income Security Act (ERISA) and what...more
Retirement plans are increasingly subject to cybersecurity issues, and the U.S. Department of Labor (DOL) is taking notice. On April 14, 2021, the DOL published cybersecurity guidance “for plan sponsors, plan fiduciaries,...more
Last week, we posted on the guidance issued by the US Department of Labor (DOL) for plan sponsors, plan fiduciaries, recordkeepers, and plan participants on cybersecurity best practices. Last week’s post focused on the...more
The US Department of Labor (DOL) recently announced guidance for plan sponsors, plan fiduciaries, recordkeepers and plan participants on cybersecurity best practices. The guidance focuses on three areas: (1) tips for hiring a...more
The Department of Labor (DOL) has just issued first-time retirement plan guidance to address cybersecurity risks for employers, plan fiduciaries, recordkeepers and plan participants. The guidance is in the form of...more
On April 14, 2021, the Department of Labor (“DOL”) issued three documents that provide cybersecurity guidance for plan sponsors, fiduciaries, recordkeepers, and plan participants. Cybersecurity has become an increasingly...more
The clouds have been forming on the horizon for years now: from the courts we have seen emerging lines of ERISA litigation asserting fiduciary obligations to protect the privacy rights of participants, and from the regulatory...more
As of 2018, the DOL estimates that there are 34 million defined benefit (DB) plan participants in private pension plans and 106 million defined contribution (DC) plan participants with combined assets of $9.3 trillion....more
On April 14, 2021, the U.S. Department of Labor’s (“DOL’s”) Employee Benefits Security Administration (“EBSA”) issued its first cybersecurity best practices guidance for retirement plans. The guidance is set forth in three...more
In response to a recent General Accounting Office (GAO) report recommending federal guidance to mitigate cybersecurity risks in retirement plans and to respond to ever-increasing cyber threats to plan participant data and...more
There has been an increasing focus in recent years on the intersection of ERISA’s fiduciary duties and the issues of cybersecurity and data (including participant data) protection. Beyond the potential for pecuniary and...more