On April 14, 2021, the Department of Labor’s (DOL) Employee Benefits Security Administration issued guidance on cybersecurity for the first time to help plan sponsors, fiduciaries, service providers, and participants protect personal information and retirement assets. In the guidance, the DOL identifies evaluating cybersecurity practices as part of the plan sponsor’s or other plan fiduciary’s
Understanding Employee Benefits and key developments in the employee benefits field and items of interest to our clients. MORE
SECURE Act Includes Retirement Plan Changes, Some Effective Immediately
On December 19, 2019, the President signed the SECURE Act. SECURE includes, among other things, provisions that are intended to make retirement plans more accessible, especially to smaller employers, address changing workforce demographics, address nondiscrimination issues facing defined benefit plans, encourage guaranteed income options under defined contribution plans, and increase penalties for noncompliance with certain…
IRS Announces Suspension of the Lost Participant Letter Forwarding Program
On August 31, 2012, the IRS issued Rev. Proc. 2012-35 and a related press release announcing that effective immediately, the IRS will no longer forward letters on behalf of plan sponsors or administrators of qualified retirement plans to assist in locating missing participants and beneficiaries of vested pension benefits.
Under a 2004 Department of Labor…