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Retirement Plans Newsletter
April 14, 2021
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► 3 Jobs Today
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[Official Guidance]
Tips for Hiring a Service Provider with Strong Cybersecurity Practices (PDF)
"Ask about the service provider's information security standard ... Ask the service provider how it validates its practices ... Evaluate the service provider's track record in the industry ... Ask whether the service provider has experienced past security breaches, ... Find out if the service provider has any insurance policies that would cover losses caused by cybersecurity ... [M]ake sure that the contract requires ongoing compliance with cybersecurity and information security standards[.]" MORE >>
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
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[Official Guidance]
Best Practices for Retirement Plan Service Provider Cybersecurity Programs (PDF)
"Plans' service providers should: [1] Have a formal, well documented cybersecurity program. [2] Conduct prudent annual risk assessments. [3] Have a reliable annual third party audit of security controls. [4] Clearly define and assign information security roles and responsibilities. [5] Have strong access control procedures. [6] Ensure that any assets or data stored in a cloud or managed by a third party service provider are subject to appropriate security reviews and independent security assessments. [7] Conduct periodic cybersecurity awareness training. [8] Implement and manage a secure system development life cycle (SDLC) program. [9] Have an effective business resiliency program addressing business continuity, disaster recovery, and incident response. [10] Encrypt sensitive data, stored and in transit. [11] Implement
strong technical controls in accordance with best security practices. [12] Appropriately respond to any past cybersecurity incidents." MORE >>
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
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[Official Guidance]
Online Security Tips for Retirement Plan Participants (PDF)
"Register, set up and routinely monitor your online account ... Use strong and unique passwords ... Use multi-factor authentication ... Keep personal contact information current ... Close or delete unused accounts ... Be wary of free wi-fi ... Beware of phishing attacks ... Use antivirus software and keep apps and software current ... Know how to report identity theft and cybersecurity incidents." MORE >>
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
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[Guidance Overview]
DOL Announces New Cybersecurity Guidance for Plan Sponsors, Plan Fiduciaries, Record-Keepers, Plan Participants
"This guidance is directed at plan sponsors and fiduciaries regulated by [ERISA] and plan participants and beneficiaries.... MORE >> - Tips for Hiring a Service Provider: Helps plan sponsors and fiduciaries prudently select a service provider with strong cybersecurity practices and monitor their activities, as ERISA requires.
- Cybersecurity Program Best Practices: Assists plan fiduciaries and record-keepers in their responsibilities to manage cybersecurity risks.
- Online Security Tips: Offers plan participants and beneficiaries who check their retirement accounts online basic rules to reduce the risk of fraud and loss."
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
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[Guidance Overview]
Best Interest Standard of Care for Advisors, Part 45
"[W]hat if the participant can't or won't provide the information to the investment professional? ... [A] financial institution and the investment professional could rely on 'alternative data' -- such as benchmarking information or Form 5500 data, but only if certain conditions are satisfied[.]" MORE >>
FredReish.com
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[Guidance Overview]
Multiemployer Pension Plans (and Contributing Employers) Look to American Rescue Plan for Relief
"[It] is likely that the PBGC will issue rules or guidance that limits the use of financial assistance when calculating a plan's unfunded vested benefits for withdrawal liability purposes. If the PBGC does not establish this type of limitation, the aggregate withdrawal liability assessed by a plan that receives assistance would be significantly lower immediately following the receipt of the assistance." MORE >>
Morgan Lewis
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Next CalSavers Deadline Approaching
"Employers with 50 or more employees have until June 30, 2021 to register.... Employers with five or more employees still have until June 30, 2022 to register." MORE >>
American Retirement Association [ARA]
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Starting a 401(k)? Short Initial Plan Year Is Probably a Bad Idea
"Most plans are better off making their effective date retroactive to the first day of the normal plan year -- January 1 in the case of a calendar-based plan -- to establish a 12-month initial plan year.... A full 12-month plan year will probably mean larger contributions for plan participants and less administrative complexity for employers." MORE >>
Employee Fiduciary
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The Consequences of Claiming Social Security Benefits at Age 62
"Age-62 claimants stop working earlier and cash out defined contribution plans sooner. Age-62 claimants have lower household income throughout their 60s and 70s ... Age-62 claimants in their 70s have substantially less liquid wealth than do later claimants at similar ages " MORE >>
AARP
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The Changing Picture of Who Claims Social Security Early
"For both men and women, individuals who claim Social Security benefits at 62, as compared with those who claim later: Have less education, on average; Are more likely to live in rural areas; Are more likely to already have a work-limiting health condition; Have a lower reported likelihood of living to age 75[.]" MORE >>
AARP
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Employee Benefits Jobs |
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Press Releases |
Free Option for Benefits Decision Support: Tango Health’s Decision Assist Standard
Tango Health
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Bennie and Betterment 401(k) Partner to Improve Financial Wellness
Betterment
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Webcasts and Conferences (Retirement Plans or Exec Comp) |
Where Are We Headed? A Sit-Down With Brian Graff and Nevin Adams
RECORDED
ASPPA Benefits Council [ABC] of Atlanta
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DCIIA / SPARK Public Policy Series
May 4, 2021 WEBCAST
Defined Contribution Institutional Investment Association [DCIIA]
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NAFE Amplified 2.0
May 17, 2021 WEBCAST
NIPA [National Institute of Pension Administrators]
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DCIIA / SPARK Public Policy Series
June 23, 2021 WEBCAST
Defined Contribution Institutional Investment Association [DCIIA]
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Last Issue's Most Popular Items |
Text of DOL Fact Sheet for Investors in Retirement Plans and Individual Retirement Accounts: Choosing the Right Person to Give You Investment Advice
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
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DOL Releases Guidance on Investment Advice Exemption
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
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Text of DOL FAQs About PTE 2020-02: Improving Investment Advice for Workers and Retirees
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.
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