Retirement Plan Participant Claims Harm From Transamerica Data Breach
In a lawsuit, he alleges the retirement plan service provider did not take steps to protect the personal information of participants in plans it serves.
DOL Seeks Information From Alight Solutions About Cybersecurity Incidents
Alight has been sued by retirement plan participants whose accounts were hacked, and the Department of Labor is investigating the provider's practices.
BPAS Adds Another Tool to Prevent Benefit Account Fraud
A person requesting certain assistance through the the firm's participant service center or other means may be required to go through additional scrutiny using a live video identity verification process.
Cybersecurity Considerations
Specialist Advisers Say Cybersecurity Practices a Top Factor in Recordkeeper Selection
A Cerulli Associates report finds recordkeepers expect to beef up their cybersecurity staff.
Retirement Plan Clients Should Anticipate DOL Cybersecurity Inquiries
Attorneys have confirmed that the DOL has begun an audit initiative and is asking for a broad range of cybersecurity information and documentation.
SEC Settles Charges Against GWFS Equities for $1.5 Million
The Great-West Life affiliate was accused of violating the federal securities laws governing the filing of Suspicious Activity Reports.
Legislative and Judicial Actions
Are You Leaving the Door Open?
Retirement Plan Trustee Faces Cybersecurity-Related Lawsuit
The lawsuit says the trustee failed to prevent a fraudulent distribution from a participant's account and is failing to take responsibility.
Retirement Plans Will Likely Face More Litigation in 2021
Retirement Plan Participant Tries Cybersecurity Lawsuit Against Abbott Again
The plaintiff filed a first amended complaint on October 23, trying to correct pleading errors after Abbott was dismissed from the lawsuit.
Abbott Escapes Retirement Plan Cybersecurity Suit
A federal judge found Abbott defendants were not fiduciaries with regard to the alleged acts, but claims against Abbott's retirement plan recordkeeper were allowed to stand.
PANC 2020: Washington Update
Retirement plan advisers were given ideas to consider and actions to take in response to new legislation, regulation and litigation.
Legislative and Judicial Actions
California Man Accused of Fleecing Boeing Retirement Plan
Situations like this emphasize the clear and present need for retirement plans to implement effective cybersecurity policies.
Retirement Plan Cyberfraud Suit Moves On With Claims Against Both Parties
A federal judge previously moved forward ERISA claims against retirement plan providers and has recently allowed for a counterclaim by the providers against the plan sponsor.
Parties in Lawsuit About 401(k) Account Fraud Agree to Settle
According to the complaint, an unknown person or persons stole a participant’s retirement savings by withdrawing a total of $99,000 in three separate unauthorized distributions from her account in the plan.
