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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 perspectives for addressing cybersecurity in the retirement plan world.  Acknowledging that businesses largely rely on third parties, namely, the plan’s recordkeeper, to secure and protect participant data, the guidance describes what cybersecurity protection to look for when selecting service providers.  The guidance also provides tips for recordkeepers and other service providers responsible for maintaining plan data, and ideas for plan participants on safeguarding their data an

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