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.
Ever Vigilant
Cyberfraud
Retirement Plan Cybersecurity the Issue in a New Lawsuit
A retirement plan participant who had $99,000 stolen from her account has sued the plan sponsor and plan providers.
Clear Disclosure Partners Helps Retirement Plans With Cybersecurity
The Cybersecurity Risk Management Program develops and manages an ongoing cybersecurity program for retirement plans.
SPARK Clears Up Definitions for Retirement Plan Cybersecurity
The SPARK Institute's Data Security Oversight Board (DSOB) worked with definitional examples from national cyber standards, international regulations, state privacy laws, and client contracts and gathered insights from the plan consultant representatives on the board.
Your Clients’ Cybersecurity Concerns
GAO Asked to Examine Retirement System Cybersecurity
In a letter to the Government Accountability Office (GAO), lawmakers said retirement savings are "a tempting target for criminals who could hack into plans and individuals’ accounts to access information, commit identity fraud, and steal retirement savers’ nest eggs."
Aon Reports Growing Cyber Security Threats
The "What's Now and What's Next" report focuses on eight specific risk areas that companies may face in 2019.
The ERISA Advisory Council Asks DOL for Guidance on Cybersecurity
The council is asking the DOL to require sponsors to be familiar with the various security frameworks to protect retirement plan data.