PLANSPONSOR - July - August 2023 - 15
representatives from the Social Security
Administration and the Equal Employment
Opportunity Commission, working
to " make meaningful changes " to better
serve the underserved. -Remy Samuels
'Are You Insured?'
If a plan participant's account data is
breached, it is critical that the plan sponsor
have the proper insurance and cybersecurity
practices in place to avoid lawsuits and
catastrophic results, said experts in the
panel discussion " Are You Insured? "
Daniel Aronowitz, managing principal
in Euclid Fiduciary, said sponsors
need to implement safeguards such as
multifactor
identification
and
regular
information backup, as well as to set up an
indemnification with their recordkeeper,
with every third party involved and with
anyone who handles participant accounts.
Indemnification clauses are promises
by service providers stipulating that
if they do something that causes harm
to the plan or causes a third party to sue
the plan sponsor, the service provider will
cover the sponsor's legal costs.
Moreover, Aronowitz said, every
sponsor, third party and adviser should
have fiduciary insurance, as well as cyber
insurance and crime insurance.
Robert Massa, managing director and
Houston operations retirement practice
leader at Qualified Plan Advisers, said his
firm supplies plan sponsor clients with a
request for proposals template specifically
dedicated to cybersecurity practices, for the
sponsors to send to their recordkeepers.
" Some of the big recordkeepers share
data together about cyberhacks, " Massa
said. " This is a place where they've all
agreed that they're all at risk, and it doesn't
benefit any one of them to allow the other
one to get hacked. ... I think that's a great
step in the right direction. "
Even if a plan sponsor and its recordcybersecurity,
keeper
have " airtight "
Massa said, it is important to educate
employees on cyber risk and " break it
down to the human level. "
top: Lisa M. Gomez, assistant secretary of Labor. middle: Exhibitor hall at the 2023 PLANSPONSOR
National Conference. bottom, left to right: 2023 PLANSPONSOR of the Year winners Tonya
Hamm, Adventist Healthcare Retirement Plans; Joseph Kennedy, Schwarz Partners L.P.; Alane Morris,
AHRP; Ray Jimenez III, AHRP; Thayla Bohn, American Fidelity Companies; Harold Rogers, Blue
Cross & Blue Shield of Mississippi, Inc.; Rachel Christman, Alaska Native Tribal Health Consortium;
Krisha Loescher, ANTHC; Barbara Kontje, American Express; Drew Freeman, Tennessee Department
of Treasury; Brad Kadue, Precision Associates, Inc.; Hunter Bethea, Tennessee Department of
Treasury; Malini Kizhatil, The Jackson Laboratory; and Adelia Soremekun, The Jackson Laboratory.
(For winner profiles, see " 2023 PLANSPONSOR Plan Sponsor of the Year Winners, " page 18.)
Photos by Matt Kalinowski
PLANSPONSOR.COM July - August 2023 15
http://www.PLANSPONSOR.COM
PLANSPONSOR - July - August 2023
Table of Contents for the Digital Edition of PLANSPONSOR - July - August 2023
INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
2023 PLANSPONSOR National Conference
2023 Plan Sponsor of the Year Winners
23 Recordkeeping Survey
Will ‘2.0’ Plug the Leaks?
The Way to Go
Use It or Use It
Stable Value in Focus
Auto-Enrollment Is Still Key
PLANSPONSOR - July - August 2023 - Cover1
PLANSPONSOR - July - August 2023 - Cover2
PLANSPONSOR - July - August 2023 - 1
PLANSPONSOR - July - August 2023 - INSIGHTS
PLANSPONSOR - July - August 2023 - 3
PLANSPONSOR - July - August 2023 - 4
PLANSPONSOR - July - August 2023 - 5
PLANSPONSOR - July - August 2023 - RULES & REGULATIONS
PLANSPONSOR - July - August 2023 - 7
PLANSPONSOR - July - August 2023 - UPFRONT
PLANSPONSOR - July - August 2023 - 9
PLANSPONSOR - July - August 2023 - 10
PLANSPONSOR - July - August 2023 - 11
PLANSPONSOR - July - August 2023 - 12
PLANSPONSOR - July - August 2023 - 13
PLANSPONSOR - July - August 2023 - 2023 PLANSPONSOR National Conference
PLANSPONSOR - July - August 2023 - 15
PLANSPONSOR - July - August 2023 - 16
PLANSPONSOR - July - August 2023 - 17
PLANSPONSOR - July - August 2023 - 2023 Plan Sponsor of the Year Winners
PLANSPONSOR - July - August 2023 - 19
PLANSPONSOR - July - August 2023 - 20
PLANSPONSOR - July - August 2023 - 21
PLANSPONSOR - July - August 2023 - 22
PLANSPONSOR - July - August 2023 - 23
PLANSPONSOR - July - August 2023 - 24
PLANSPONSOR - July - August 2023 - 25
PLANSPONSOR - July - August 2023 - 26
PLANSPONSOR - July - August 2023 - 27
PLANSPONSOR - July - August 2023 - 28
PLANSPONSOR - July - August 2023 - 29
PLANSPONSOR - July - August 2023 - 23 Recordkeeping Survey
PLANSPONSOR - July - August 2023 - 31
PLANSPONSOR - July - August 2023 - 32
PLANSPONSOR - July - August 2023 - 33
PLANSPONSOR - July - August 2023 - Will ‘2.0’ Plug the Leaks?
PLANSPONSOR - July - August 2023 - 35
PLANSPONSOR - July - August 2023 - The Way to Go
PLANSPONSOR - July - August 2023 - 37
PLANSPONSOR - July - August 2023 - Use It or Use It
PLANSPONSOR - July - August 2023 - Stable Value in Focus
PLANSPONSOR - July - August 2023 - Auto-Enrollment Is Still Key
PLANSPONSOR - July - August 2023 - Cover3
PLANSPONSOR - July - August 2023 - Cover4
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