On April 14, 2021 the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued cybersecurity guidance for employee retirement plans. The new guidance is targeted to plan sponsors, plan fiduciaries, record keepers and plan participants and provides best practices for maintaining cybersecurity to protect the retirement benefits of America’s workers.
The guidance comes in three forms, and you can download this guidance by clicking on each header:
- Tips for Hiring a Service Provider – Helps plan sponsors and fiduciaries carefully select a service provider with strong cybersecurity practices and monitor their activities, as ERISA requires.
- Cybersecurity Program Best Practices – Assists plan fiduciaries and record keepers in their responsibilities to manage cybersecurity risks.
- Online Security Tips – Provides plan participants basic rules to reduce the risk of fraud and loss.
/service/employee-benefit-plans-for-business/For additional information on FML’s employee benefit plan practice visit our employee benefit plans service page.