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DOL Finally Issues Cybersecurity Guidance for Retirement Plans | Murtha Cullina


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On April 14, 2021, the U.S. Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) finally issued first-ever guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity to protect the retirement benefits of America’s workers under ERISA-subject private sector employer-sponsored retirement plans.
Background. The Employee Retirement Income Security Act of 1974 (ERISA) established minimum standards and requirements intended to protect plan participants and beneficiaries in private sector employer-sponsored retirement plans. However, since ERISA’s enactment, plan sponsors and their service providers have increasingly relied on the internet and IT systems to execute tasks required to administer these retirement plans. In addition, plan sponsors often outsource retirement plan administration, including record keeping ....

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New DOL Sub-Regulatory Guidance on Cybersecurity and the Use of Participant Data | BakerHostetler


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The U.S. Department of Labor (DOL) Employee Benefits Security Administration has posted new guidance on its website regarding cybersecurity and the use of participant data, and ERISA plan administrators need to pay attention.
The DOL news release states that the DOL seeks to protect $9.3 trillion in U.S. defined benefit plans and defined contribution plans. While the focus is on retirement plans, the guidance is written broadly enough to cover all ERISA plans.
The guidance provides that “ERISA-covered plans hold millions of dollars or more in assets and maintain personal data on participants, which can make them tempting targets for cyber-criminals.” The guidance sets forth ....

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