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ARTICLE · 01 JUNE 2023

Another Vulnerability For Cybersecurity Of Retirement Plan Data: Auto-Portability

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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A recent phishing incident related to a Retirement Clearinghouse (RCH) employee email account caused RCH to alert more than 10,500 individuals on May 12, 2023 that their personal data...

United StatesEmployment and HR
Michelle Capezza
Michelle Capezza
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A recent phishing incident related to a Retirement Clearinghouse (RCH) employee email account caused RCH to alert more than 10,500 individuals on May 12, 2023 that their personal data (including their names, Social Security numbers and individual retirement account (IRA) numbers) may have been breached. RCH, a fintech company, has been a leader in auto-portability of retirement accounts for participants that are subject to the small balance, mandatory cash out distribution provision of their employer-sponsored retirement plan. RCH's service has provided a mechanism to move participants' savings into retirement plans at their new employers from their former plan accounts or safe-harbor individual retirement accounts that had been established for them as a result of mandatory cash out distributions. In 2019, RCH obtained a prohibited transaction exemption from the Department of Labor which allowed it to receive certain fees in connection with these account transfers

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