BenefitsPRO shared insights from benefits and executive compensation partner Fred Reish during the 2021 Fiduciary Summit virtual event, where he discussed what plan sponsors should be aware of when monitoring Department of Labor (DOL) guidance regarding fiduciary duties.
In the article “2 plan sponsor responsibilities that new DOL guidance addresses: 2021,” Reish explored two important areas that involve plan sponsor responsibility: locating missing plan participants and helping to ensure the cybersecurity of retirement plan data.
First, the publication noted two situations where a plan sponsor might be faced with a practical need to find a missing participant. Second, Reish detailed why cybersecurity should be everyone’s concern and presented two cases as examples.
Reish said that part of a plan sponsor’s responsibility is looking at the cybersecurity procedures of your providers. Although the DOL would likely start enforcement actions with the largest companies, he noted, you should still incorporate the recent DOL cyber guidance for fiduciaries, providers and participants.