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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 announced his intent to nominate  Mr. Doug Parker to serve as Assistant Secretary of Labor for Occupat...

To print this article, all you need is to be registered or login on Mondaq.com. The DOL's 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 Mitigate Cybersecurity Risks in 401(k) and Other Retirement Plans"). The DOL asserted that plan particip...

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 assist plan sponsors and fiduciaries with their responsibilities to prudently select and monitor serv...

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 print this article, all you need is to be registered or login on Mondaq.com. By way of background, cybersecurity has over the last decade become an area of critical importance to sponsors and administrators of employee benefit plans as well as plan participants.  Put simply, this is because plans (which the DOL estimates hold $9.3 trillion in assets) are a prime target of cyberthieves, given that they typically hold significant amounts of sensitive participant data, often permit electronic access to funds (think 401(k) distributions) and rely on outside service pro...