PLANSPONSOR - September/October 2024 - 17
serve all participants.
There's so much [research] saying
the people who really benefit from these
plans are the higher earners, " Gomez
said. " Are we OK with how things are,
and who is saving and how much they're
saving? If we're not, how much are we, as
the collective retirement industry, going
to do to try to fix it? "
Regarding cybersecurity, Gomez
said, as attacks and data breaches are
increasing, the Department of Labor
is working to help sponsors improve
plan safety. In 2021, the agency released
guidance
on best
practice
standards,
including information on maintaining
a documented cybersecurity program,
conducting prudent annual risk assessments,
encrypting sensitive data, etc.
As to artificial intelligence, Gomez
said, the DOL is assessing how AI can
be used in a way that is " responsible and
protective " yet not sacrifice the tool's benefits.
" We don't have anything specifically
out on AI yet, but ... plans should consider
those general best practices for cybersecurity
when considering implementing AI. "
She also warned about AI's potential
dangers. For example, some in the industry
have discussed using voice recognition to
The audience for " State of the Retirement Plan Industry " watches PLANSPONSOR Publisher
Alison Cooke Mintzer interview Lisa M. Gomez, assistant secretary of labor for the Department
of Labor's Employee Benefits Security Administration (on screen).
verify they are speaking with a participant
or beneficiary. Yet, she noted, bad actors
can use AI deepfakes to mimic voices.
She said AI tools such as ChatGPT
could help in creating plan documents
and participant notices but to remember
the risks-ChatGPT, for one, is a " crowdsource
tool " that knows only what it has
been taught.
Photography by Matt Kalinowski
Another priority, Gomez said, is
reconnecting participants with savings
they left behind at previous employers.
SECURE [for Setting Every Community
Up for Retirement Enhancement] 2.0
mandated that the DOL must, by this
December 29, create a national online
" lost and found " database for participants
to track old retirement accounts.
PLANSPONSOR.COM September - October 2024 17
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PLANSPONSOR - September/October 2024
Table of Contents for the Digital Edition of PLANSPONSOR - September/October 2024
insights
Rules and regulations
Participant analysis
Upfront
Calls to Action
2024 PLANSPONSOR National Conference
The Intensity of Implementation
Frontier of the New QDIAs
The Great Debate
Time for a Welfare Fiduciary Checkup
Loper Bright Reshapes The Regulatory Landscape
Managing Stress in HR
PLANSPONSOR - September/October 2024 - C1
PLANSPONSOR - September/October 2024 - FC1
PLANSPONSOR - September/October 2024 - FC2
PLANSPONSOR - September/October 2024 - C2
PLANSPONSOR - September/October 2024 - 1
PLANSPONSOR - September/October 2024 - insights
PLANSPONSOR - September/October 2024 - 3
PLANSPONSOR - September/October 2024 - Rules and regulations
PLANSPONSOR - September/October 2024 - 5
PLANSPONSOR - September/October 2024 - 6
PLANSPONSOR - September/October 2024 - Participant analysis
PLANSPONSOR - September/October 2024 - Upfront
PLANSPONSOR - September/October 2024 - 9
PLANSPONSOR - September/October 2024 - 10
PLANSPONSOR - September/October 2024 - 11
PLANSPONSOR - September/October 2024 - Calls to Action
PLANSPONSOR - September/October 2024 - 13
PLANSPONSOR - September/October 2024 - 14
PLANSPONSOR - September/October 2024 - 15
PLANSPONSOR - September/October 2024 - 2024 PLANSPONSOR National Conference
PLANSPONSOR - September/October 2024 - 17
PLANSPONSOR - September/October 2024 - 18
PLANSPONSOR - September/October 2024 - 19
PLANSPONSOR - September/October 2024 - 20
PLANSPONSOR - September/October 2024 - 21
PLANSPONSOR - September/October 2024 - 22
PLANSPONSOR - September/October 2024 - 23
PLANSPONSOR - September/October 2024 - 24
PLANSPONSOR - September/October 2024 - 25
PLANSPONSOR - September/October 2024 - The Intensity of Implementation
PLANSPONSOR - September/October 2024 - 27
PLANSPONSOR - September/October 2024 - 28
PLANSPONSOR - September/October 2024 - 29
PLANSPONSOR - September/October 2024 - 30
PLANSPONSOR - September/October 2024 - 31
PLANSPONSOR - September/October 2024 - Frontier of the New QDIAs
PLANSPONSOR - September/October 2024 - 33
PLANSPONSOR - September/October 2024 - 34
PLANSPONSOR - September/October 2024 - 35
PLANSPONSOR - September/October 2024 - The Great Debate
PLANSPONSOR - September/October 2024 - 37
PLANSPONSOR - September/October 2024 - Time for a Welfare Fiduciary Checkup
PLANSPONSOR - September/October 2024 - Loper Bright Reshapes The Regulatory Landscape
PLANSPONSOR - September/October 2024 - Managing Stress in HR
PLANSPONSOR - September/October 2024 - C3
PLANSPONSOR - September/October 2024 - C4
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