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In April, the Department of Labor’s ("DOL") Employee Benefits Security Administration ("EBSA"), for the first time, published subregulatory guidance aimed directly at sponsors of ERISA...
To print this article, all you need is to be registered or login on Mondaq.com. On April 14th, 2021, the Department of Labor ("DOL") issued cybersecurity guidance to plan sponsor and fiduciaries, recordkeepers and other service providers and participants and beneficiaries of plans regulated by the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The guidance is presented in three separate parts: Tips for Hiring a Service Provider with Strong Cybersecurity Practices, Cybersecurity Program Best Practices and Online Security Tips for Participants...
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, and their service providers, are expected to take steps to mitigate cybersecurity risks under their...
As noted in our recent blog post, the US Department of Labor (DOL) has repeatedly signaled that it would be turning its focus toward the intersection of cybersecurity practices and ERISA’s fiduciary duties. On April 14, 2021, the DOL stopped signaling and started acting, issuing three pieces of subregulatory guidance addressing the cybersecurity practices of retirement plan sponsors, their service providers, and plan participants respectively. While this subregulatory guidance does not have the deferential authority of a regulation subject to notice and comment—or arguably even the persu...
LEAD STORY In a draft executive order, President Joe Biden would direct federal agencies to take sweeping action to combat climate-related financial risks to government and the economy, including moves that could impose new regulations on businesses, including banking and insurance. FALL ON ME The draft order singles out and directs the Federal Insurance Office (FIO) to assess climate-related issues in its oversight of insurers. It asks the FIO to work with state regulators to examine the potential for “major disruptions” of private insurance coverage in regions of the country that are ...