After years of relative silence on cybersecurity issues for retirement plans, the U.S. Department of Labor (DOL) issued three pieces of guidance in April 2021. While the guidance is described as “tips” and “best practices”, plan sponsors should pay close attention to the DOL’s suggestions, since it is likely that some will later be enforced as requirements. That concern is heightened by recent statements from the DOL that it’s beginning to investigate plan sponsors on their practices for ensuring that participant information and benefits are protected from cybercriminals.
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.
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