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Technology
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued guidance April 14 on maintaining cybersecurity, including tips on protecting retirement benefits. The guidance has a wide target audience—the DOL intends it for plan sponsors, plan fiduciaries, record keepers,...
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The IRS Tax-Exempt and Government Entities (TE/GE) Office has updated its compliance program. That includes compliance strategy initiatives that affect some retirement plans.
In their fiscal year 2021 program letter, TE/GE Commissioner Tammy Ripperda and Deputy Commissioner Edward Killen write...
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The Department of Labor’s Employee Benefits Security Administration (EBSA) has announced that it will be holding online events concerning the DOL’s Voluntary Fiduciary Correction Program (VFCP).
EBSA’s New York Regional Office will conducting Webex events concerning the VFCP on the following dates...
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The IRS’ Voluntary Correction Program (VCP) provides a means by which filers can correct errors before they are told to do so, but the good intentions entailed in using it do not guarantee that there will not be errors in the filings intended to correct mistakes. The IRS has outlined the top...
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On March 2, 2021, Microsoft reported that it has observed targeted attacks that take advantage of four zero-day vulnerabilities in Microsoft Exchange Server to gain full access to all email on the victim’s system. What should you be doing?
A recent Alert from Lockton’s Global Cyber &...
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Institutions of higher learning face many challenges—among them the impact of the pandemic—in helping employees to prepare financially for retirement. A recent white paper looks at what those schools are doing.
In “Lessons Learned on the Management of Higher Education Retirement Plans in...
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The Pension Benefit Guaranty Corporation (PBGC) wants to make changes to its quarterly survey of nonparticipating single premium group annuity rates. The agency announced on March 31 that is seeking the Office of Management and Budget’s (OMB) approval of the proposed changes.
The PBGC’s...
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The Pension Benefit Guaranty Corporation (PBGC) has outlined impending changes related to premium filings involving software developed in the private sector. The changes will be implemented when the new version of the My Plan Administration Account (My PAA) premium filing application is launched on...
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Proliferation of technological applications and the need to increase retirement plan participation and savings. Seems like a match made in heaven. A panel of experts recently discussed how that pairing is faring and how it can function better.
In “Better Technology, Better Retirement Savings:...
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The Government Accountability Office (GAO) has added its voice to those that highlight the critical importance of cybersecurity, but they go one better. In a new report, they call on the Department of Labor (DOL) to set minimum standards for mitigating cybersecurity risks and to formally state...
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Did you ever think that four tiny little provisions in one little bill could cause so much confusion in the retirement plan industry? Did you ever think that one bill could cause you to spend enough time on webinars to complete your continuing education credits not only for this year, but also for...
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A recently filed lawsuit against a trust company serving as a 401(k) plan trustee, the second of its kind in the last few months, highlights the need for plan sponsor diligence in protecting participant data and accounts in an increasingly electronic world. We only have one side of the story so far...
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The digital version of the latest issue of Plan Consultant is now available online.
The cover story is a recap of the 2020 ASPPA All Access virtual conference, delivered online over the course of three weeks in October and November.
The event captured the tenor of our time, presenting...
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The cyber crime whack-a-mole contest continues; a recent blog entry discusses the persistence of identity theft and suggests steps that can be taken against it.
In “The Return of Identity Theft: The Risk Fights Back,” Alison J. Cohen of the Ferenczy Benefits Law Center LLP and David Kruse of...
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At the end of every year, and as we approach a new one, it’s natural to look back at experiences and lessons learned—and to ponder ways to apply them productively going forward. Here’s some thoughts from 2020 that I hope will help you do just that.
3 Things That (Seem to) Scare Plan Sponsors...
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There’s been increasing awareness—and litigation—regarding cyber security and participant accounts—and the Labor Department has taken notice.
Sources tell us that plan audits are now asking to see employers’ written cybersecurity policies and procedures—and asking about cybersecurity attacks, and...
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Recent reports of 401(k) thefts and an ongoing concern about cybersecurity (should) have everybody on the alert. Here’s some things you, your clients, and their participants should check out—now.
Find Your Account(s)
It may have been a while since you checked out your 401(k) balance—indeed, many...
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The importance of information technology, which had already been growing, is in even sharper relief with the challenges businesses face this year. In an ASPPA All Access session, industry experts offered ideas and insights concerning IT and how it figures in business operations and decision makers...
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Industry experts in a Nov. 11 session of ASPPA All Access discussed ways to measure return on the investment of resources that is entailed in business activity.
Megan Crawford, partner at Williams Benefit Consulting, LLC and who also serves as Co-Chair for the ASPPA Women in Retirement Conference...
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Thanksgiving has been called a “uniquely American” holiday—and so, even in a year in which there has been an unprecedented amount of disruption, stress, discomfort and loss—there remains so much for which to be thankful.
I’m thankful that so many employers (still) voluntarily choose to offer a...
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