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ARTICLE · 22 APRIL 2021

DOL Issues New Guidance On Cybersecurity For Retirement Benefit Plans

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The Department of Labor (DOL) has issued its first-ever guidance on cybersecurity for ERISA-regulated retirement benefit plans.

United StatesEmployment and HR
Katherine M. Funderburg
Katherine M. Funderburg
Jennifer T. Beach
Jennifer T. Beach
Joseph J. Torres
Joseph J. Torres

The Department of Labor (DOL) has issued its first-ever guidance 1 on cybersecurity for ERISA-regulated retirement benefit plans. This guidance comes shortly after the Government Accountability Office (GAO) released a report 2 calling on the DOL to clarify how plan administrators should address cybersecurity risks for defined benefit plans. The DOL's guidance, which suggests combating cybercrime should be a priority for plan sponsors and fiduciaries, also provides tips to participants and beneficiaries on how to guard against cyber threats.

The guidance has three parts: one directed at plan sponsors, one directed at record keepers and service providers, and one directed at plan participants.

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