How Can TPAs Best Ensure That No ERISA Bond Mistakes Have Been Made?
As a pension professional, you probably manage hundreds or thousands of employee benefit plans. You have to make sure that all plans have the required ERISA fidelity bond, should they need it, and are bonded…
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Cyber Attackers Can Use Your Own Systems to Steal Your Data
It does not take a computer virus or public data mining for a cyber attacker to cause a data breach at your company. They can use your own systems against you to get what they…
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Cyber Attackers Can Steal from Your Older Files Too
You may think that cyber attackers are only going to go after your current information. However, just as small businesses are targets because they do not protect data as well as large companies, older information…
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Data Breach Costs Often Felt 2 or More Years After Hack
Cyber attacks can cause large amounts of sensitive and valuable data to be exposed via hackers. But cyber attack effects do not end as soon as the data is exposed soon after the attack. The…
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An ERISA Plan Administrator’s Fiduciary Responsibilities
A person is a fiduciary under ERISA if they exercise discretionary control or authority over plan management or disposition of plan assets, provide investment advice for plan assets for a fee, or have discretionary authority…
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Slightly higher 401(k) Fees Make Plan Sponsors Liable
Paying 1% higher fees than the average rate for someone to administer a 401(k) plan does not sound like it would cause too many problems. But paying fees even 1% higher than average in 401(k)…
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Pension Professionals: Find New Solutions, but Don’t Forget Fiduciary Duties
There are few virtues more valued in American business than innovation and new ways of thinking. Pension professionals have their own opportunity to unleash new ways of thinking when creating arrangements and plan features. But…
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The U.S. has Lost $1.6 Trillion Due to Data Breaches Since 2008
Since 2008, the United States has lost an overall amount of more than $1.6 trillion due to data breaches alone. Even these figures may be on the low end of the real number lost, however, as…
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Fiduciary Liability of Administrative Staff
You may not think communications with plan administrative staff could cause a fiduciary breach, but you would be wrong. Plan administrative staff members are functionally plan fiduciaries when they communicate with plan participants and their…
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