A federal District Court judge in Illinois sided with the U.S. Department of Labor (DOL) in ordering Alight Solutions, LLC, an ERISA plan services provider, to comply with an administrative subpoena seeking documents pertaining to alleged cybersecurity breaches. The Court’s order in the case, Walsh v. Alight Solutions, LLC, Dkt. # 20-cv-02138 (N.D. Ill.), is
Cross-Selling of Retirement Plan Data: Are These Data a Plan Asset?
By Kathryn Rattigan on
Posted in Data Privacy
Many U.S. employers offer their employees financial wellness programs to complement retirement planning and investment advice. This may include emergency savings plans and household budgeting tips, for example. Many of these employers utilize their retirement plan service providers for those trainings. Not only do those companies have the knowledge and expertise in this area, but…
How Secure is Your Retirement Plan?
By Virginia McGarrity on
Posted in Cybersecurity
Most employers are generally aware of their fiduciary status as a “plan sponsor” of an ERISA-governed retirement plan (e.g., 401(k) and 403(b) plans). In fact, the employer’s hiring of a service provider is in and of itself a fiduciary function for which the plan sponsor is liable and at risk for any imprudent selection made.…