PLANSPONSOR - April/May 2021 - 6

RULES & REGULATIONS
The DOL Takes on Cybercrime
T
he Department of Labor (DOL)'s
Employee Benefits Security
Administration (EBSA) has
released guidance for plan sponsors, plan
fiduciaries, recordkeepers and plan participants
on best practices for maintaining
cybersecurity, including specific tips
for how to protect workers' retirement
benefits. This is the first time EBSA has
issued cybersecurity guidance.
As of 2018, EBSA estimates, there
were 34 million defined benefit (DB)
pension plan participants and 106 million
defined contribution (DC) plan participants,
their combined assets being $9.3
trillion. Without sufficient protection,
these participants and assets may be at
risk from internal and external cybersecurity
threats, the agency noted.
It also underlined that the Employee
Retirement Income Security Act (ERISA)
requires plan fiduciaries to take appropriate
precautions to mitigate these risks.
The guidance is presented in three
forms. The first piece is tips for hiring
a service provider with strong cybersecurity
practices and monitoring its activities.
EBSA recommends asking about a
provider's security standards, practices
and policies, and evaluating its track
record in the industry.
The second piece of guidance lays
out cybersecurity program best practices
to help plan fiduciaries and recordkeepers
be on top of their responsibilities to
manage risks. The best practices include
having a formal, well-documented cybersecurity
program; conducting annual risk
assessments; clearly defining roles and
responsibilities; and conducting periodic
cybersecurity awareness training.
Lastly, the DOL issued online security
tips aimed at participants and beneficiaries
who check their retirement accounts
6 PLANSPONSOR.COM April - May 2021 Art by Caroline Barlow
online; these are basic rules to reduce the
risk of fraud, such as being wary of public
WiFi and using strong, unique passwords.
" The cybersecurity guidance we
issued today is an important step toward
helping plan sponsors, fiduciaries and
participants safeguard retirement benefits
and personal information, " said Acting
Assistant Secretary for Employee Benefits
Security Ali Khawar. " This much-needed
guidance emphasizes the importance
that plan sponsors and fiduciaries must
place on combatting cybercrime and gives
important tips to participants and beneficiaries
on remaining vigilant against
emerging cyberthreats. "
In March,
the Government
Accountability Office (GAO) called on
the DOL to issue cybersecurity guidance,
saying it had failed to clarify fiduciary
responsibility for mitigating cybersecurity
risks and establish minimum expectations

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PLANSPONSOR - April/May 2021

Table of Contents for the Digital Edition of PLANSPONSOR - April/May 2021

Ready Solution?
Tiptop Health Savings Accounts
2021 Defined Benefit Administration Survey: Shedding Light on DB Plans
How TRO Might Benefit Plans
By Popular Demand
What's the ROI?
PLANSPONSOR - April/May 2021 - Cover1
PLANSPONSOR - April/May 2021 - Cover2
PLANSPONSOR - April/May 2021 - 1
PLANSPONSOR - April/May 2021 - 2
PLANSPONSOR - April/May 2021 - 3
PLANSPONSOR - April/May 2021 - 4
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PLANSPONSOR - April/May 2021 - Ready Solution?
PLANSPONSOR - April/May 2021 - 17
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PLANSPONSOR - April/May 2021 - Tiptop Health Savings Accounts
PLANSPONSOR - April/May 2021 - 23
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PLANSPONSOR - April/May 2021 - 27
PLANSPONSOR - April/May 2021 - 2021 Defined Benefit Administration Survey: Shedding Light on DB Plans
PLANSPONSOR - April/May 2021 - 29
PLANSPONSOR - April/May 2021 - 30
PLANSPONSOR - April/May 2021 - 31
PLANSPONSOR - April/May 2021 - How TRO Might Benefit Plans
PLANSPONSOR - April/May 2021 - 33
PLANSPONSOR - April/May 2021 - By Popular Demand
PLANSPONSOR - April/May 2021 - 35
PLANSPONSOR - April/May 2021 - What's the ROI?
PLANSPONSOR - April/May 2021 - 37
PLANSPONSOR - April/May 2021 - 38
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PLANSPONSOR - April/May 2021 - 40
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