The U.S. Department of Labor (DOL) recently released new guidance on best practices for maintaining cybersecurity. The documents, titled Online Security Tips and Tips for Hiring a Service Provider with Strong Cybersecurity Practices, include information on how to protect the retirement benefits of America’s workers.
This is the first time the DOL’s Employee Benefits Security Administration (EBSA) has issued cybersecurity guidance, and it is an important step toward helping plan sponsors and fiduciaries safeguard retirement benefits and personal information. The guidance for plan participants focuses on how to best manage online accounts to reduce the risk of fraud.
Carlson Retirement Plan Services is reviewing all vendor policies and practices and will be discussing this topic with plan sponsors at upcoming 401(k) Oversight Committee meetings. We also stand ready to assist plan participants with implementing the safety measures outlined in the DOL’s guide.
Download the Cybersecurity Guides
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
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