Are Your Clients Insured Against Cyber Threats?
Experts share tips for how plan sponsors can protect themselves from the increasing threat of cybersecurity attacks and evolving litigation.
CalPERS, CalSTRS Hit By Third-Party Cybersecurity Breach
The public employee retirement systems are working to notify people with exposed accounts.
Who’s to Blame?
Participant Data is Key to Developing Better Financial Wellness Programs
Participants are comfortable with providing a variety of personal data points to their financial advisers, in the hopes that they will, in turn, receive more personalized and relevant financial advice.
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.