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To print this article, all you need is to be registered or login on Mondaq.com. On April 14, 2021, the U.S. Department of Labor (DOL) released three-part guidance on cybersecurity issues for employee benefit plans, marking its first significant commentary on the issue since its comprehensive but nonbinding report in late 2016. The DOLs guidance arrives amidst an increase in high-profile lawsuits arising out of retirement plan participants claims that plan sponsors, respo...

To embed, copy and paste the code into your website or blog: On April 14, the Department of Labor’s Employee Benefits Security Administration (EBSA) issued its first cybersecurity-focused guidance related to benefit plans regulated by Employee Retirement Income Security Act (ERISA). Such plans typically involve the collection and use of a wealth of sensitive and detailed personal information regarding plan participants. The cybersecurity guidance emphasizes that plan sponsors and fiduciaries,...

Seyfarth Synopsis: Retirement plans hold millions (sometimes, hundreds of millions) of dollars in assets, and participants personal information is increasingly maintained and accessible online. With such large amounts of money accessible electronically, retirement plans can be a prime target for cyber-criminals. In response to this growing issue, on April 14, 2021, the Department of Labor ("DOL") issued a three-part set of informal guidance with best practices and suggestions from different per...

To embed, copy and paste the code into your website or blog: On April 14, 2021, the U.S. Department of Labor (DOL) released three-part guidance on cybersecurity issues for employee benefit plans, marking its first significant commentary on the issue since its comprehensive but nonbinding report in late 2016. The DOL’s guidance arrives amidst an increase in high-profile lawsuits arising out of retirement plan participants’ claims that plan sponsors, responsible fiduciaries, and service provi...

The Department of Labor (DOL) has issued its first-ever guidance 1 on cybersecurity for ERISA-regulated retirement benefit plans. This guidance comes shortly after the Government Accountability Office (GAO) released a report 2 calling on the DOL to clarify how plan administrators should address cybersecurity risks for defined benefit plans. The DOLs guidance, which suggests combating cybercrime should be a priority for plan sponsors and fiduciaries, also provides tips to participants and benef...

Guidance for Plan Sponsors, Plan Fiduciaries, Record Keepers and Plan Participants Guidance for Investment Advice Exemption Mental Health ASPIRE Initiative | Seven States Selected Amazon Union Election Biden Administration Labor Leadership Updates.  On April 21, the Senate Health, Education, Labor, and Pensions (HELP) Committee is scheduled to hold a business meeting to consider the nomination of  Ms. Julie Su to serve as Deputy Secretary of Labor. On April 9, U.S. President Joe Biden annou...

To print this article, all you need is to be registered or login on Mondaq.com. The DOLs Employee Benefits Security Administration ("EBSA") provided new guidance for plan sponsors, fiduciaries, participants and record-keepers concerning best practices for managing cybersecurity. This is the first time the EBSA has provided cybersecurity guidance. (See also GAO retirement plan guidance issued in February 2021: "Defined Contribution Plans: Federal Guidance Could Help Mitig...

Friday, April 16, 2021 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 parts and emphasizes that plan sponsors and fiduciaries must take steps to mitigate cybersecurity risks as part of the fiduciary obligations imposed on them by the Employee Retirement Income Security Act of 1974 (“ERISA”). To a...

Formally wading into the cybersecurity discussion for the first time, on April 14, 2021, the U.S. Department of Labor (DOL) posted on its website a suite of new guidance, including Tips...

To embed, copy and paste the code into your website or blog: On April 14, 2021, the Department of Labor’s (DOL) Employee Benefits Security Administration issued guidance on cybersecurity for the first time to help plan sponsors, fiduciaries, service providers, and participants protect personal information and retirement assets. In the guidance, the DOL identifies evaluating cybersecurity practices as part of the plan sponsor’s or other plan fiduciary’s duty to prudently select and monitor...