Roughly a year ago, the Labor Department issued a proposed new rule on “Financial Factors in Selecting Plan Investments” but that, as they say, was then. This week, we asked readers if their and their plan sponsor clients’ perspective(s) had changed.
The Society of Actuaries (SOA) study, “Financial Perspectives on Aging and Retirement Across the Generations,” provides insights provides insights into how the Covid-19 pandemic impacted planning for retirements.
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Recommendations made to plan sponsors and administrators
include:
Asking vendors what security practices they use and how those
measures are validated;
Determining the type and scope of vendors cyber
insurance;
Putting a formal cybersecurity program in place and conduct
annual risk assessments;
Using security measures like encryption, and conducting
periodic training;
Giving users information about common risks, like free WiFi or
improper password hygiene.
These guidelines provide clarity on how EBSA will
interpret regulations on electronic recordkeeping,
(which require plan administrators to put in place reasonable
Now, in
Howard Jarvis Taxpayers Assoc. v. CalSavers
Program, the Ninth Circuit has again found no
preemption. The issue was whether a California law, like
those of six other States (and Seattle and New York City),
see
generally
The Big Apple Joins a Small Crowd, With Possible Headaches for
Local Employers | Beneficially Yours, mandates private
sector employers, which choose not to establish an ERISA plan, to
contribute employee wages to the state to provide pension
benefits. The court found no preemption because the
contributed money becomes a state, not an ERISA, plan
benefit. It is of no moment, the court said, that the