Periodic updates communicating important regulatory developments to plan sponsors, including those provided by ERISA and other governing bodies.
DOL Announces New Cybersecurity Guidance
On April 14, 2021 the U.S. Department of Labor (DOL) released new guidance for plan sponsors, plan fiduciaries, recordkeepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of America’s workers. This is the first time the DOL’s Employee Benefits Security Administration (EBSA) has issued cybersecurity […]Read More
IRS Retirement Plan Compliance Initiatives
The IRS has released its 2021 Program Letter to update compliance initiatives. Such initiatives include a review of small tax-exempt retirement plans regarding items such as participant loans, party-in-interest transactions, and administration of plan investments. Worker retirement plan coverage is scheduled to be addressed as it pertains to any misclassifications of employees as independent contractors, […]Read More
The Department of Labor (DOL) has issued guidance regarding best practices for maintaining effective cybersecurity of retirement benefits for America’s workforce. The guidance complements the DOL regulations regarding electronic records/disclosures to plan participants and beneficiaries, inclusive of recordkeeping systems with “reasonable controls and adequate record management practices in place”. It includes tips for hiring retirement […]Read More