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Puerto Rico Health and Welfare Plan Sponsors Need Cybersecurity (PDF)

"Modeled after the Insurance Data Security Model Law issued by the National Association of` Insurance Commissioners, [Puerto Rico Insurance Code] Rule No. 108 requires all insurance companies doing business in Puerto Rico to develop, implement, and periodically update a cybersecurity program reasonably designed to protect the confidentiality, integrity, and availability of the nonpublic information kept in their computer, communications, or information systems and ensure the security of such systems.... Rule No. 108 does not regulate nor impose any requirements on employers doing business in Puerto Rico, their ERISA plan administrative committees, or self- funded employee benefits plans."

Matching Puerto Rico 401(k) Participants’ School Debt Repayments (PDF)

"U.S. companies that provide matching contributions on qualified student loan payments for employees in retirement plans that are qualified in the United States and Puerto Rico must do so under the same terms and conditions for participants in both jurisdictions. P.R.-only qualified plans may safely provide such QSLP matching contributions by following the relevant rules of I.R.C. Section 401(m)(4)(D) and (m)(13) ... In either case, the dual- or P.R.-only qualified plan must be amended accordingly, and the corresponding amendment must be filed with the Puerto Rico Department of the Treasury (Hacienda)[.]"

Cut Cyber Breaches, Services Fees for Puerto Rico Benefit Plans (PDF)

"Sponsors of retirement plans operating in Puerto Rico, particularly in the wake of an Infosys security breach last November ... have undertaken to evaluate the cybersecurity practices of local service providers that have access to sensitive information of plan participants. Pursuant to their fiduciary duties under [ERISA], plan sponsors can and have negotiated to pay lower fees to those providers, such as Puerto Rico trustees, recordkeepers, and, to a lesser extent, paying agents.