Melissa Shimizu
Sr. Counsel, Benefits Compliance and Compensation, TriNet
2 Articles
Benefits
Employee Retirement Income Security Act Marks 50 Years – Then, Now, What’s Ahead
Turning 50 this year, ERISA set the minimum standards for defined benefit pension plans- helping ensure employees could rely on pension promises from their employers.
September 26, 2024 ・7 mins read
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HR News
Protecting Your Data is Critical: Is your employer-sponsored retirement plan keeping up with best practices for information security?
The need to protect data exchanged in connection with 401(k) plans has been highlighted recently due to guidance released by the Department of Labor (DOL). Earlier this year, the Government Accountability Office (GAO) issued a report entitled “Defined Contribution Plans: Federal Guidance Could Help Mitigate Cybersecurity Risks in 401(k) and Other Retirement Plans.” In the report, the GAO found that, while plan sponsors and their service providers (record keepers, third party administrators, custodians and payroll providers) are required to exchange the sensitive personally identifiable information of the over 100 million individuals who participate in defined contribution plans, the DOL had not clarified “the fiduciary responsibility for mitigating cyber risks.”
・3 mins read
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