The Evolving Cybersecurity Landscape

The Evolving Cybersecurity Landscape

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Defend Your Retirement Plan From Cyberattacks

Unfortunately, falling victim to a cybersecurity attack is becoming increasingly common. It seems that at least once a week, another major company has fallen prey to the persistence of cyberattackers. Retirement plans are notorious targets for these attacks because they involve a high volume of sensitive information that is invaluable to criminals with malicious intent. Plan participant and financial information is generally shared with many different parties, making it more vulnerable to such threats. Retirement plan cybersecurity is crucial. We will discuss current risks as well as some useful tips for protecting your plan participants’ information.

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Becoming a Retirement Plan Committee Member

Becoming a Retirement Plan Committee Member

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So, What am I Really Signing-up For?

When a person is appointed or is being sought to be member of a retirement plan committee, the natural question is to understand exactly what the person is committing to. Simply stated, a committee member is a fiduciary, who is expected to always act on behalf of plan participants, using the care of a person familiar with retirement plans and investments. Fiduciaries are expected to exercise good care in the handling and diversifying of the plan’s assets, including the selection and monitoring of the investment options.

Yes, fiduciaries do have the potential for personal liability, both civilly and criminally. This is mitigated by following and documenting a good governance process, as well as by the bonding and liability insurance coverages. There is also a voluntary correction opportunity with the DOL and IRS if something does go awry.

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