COVID-19 Layoffs come with Plan Sponsor PBGC Reporting Obligations
The recent pandemic has forced the hand of numerous establishments across the United States to release employees from their current positions. With over 26 million Americans now filing for unemployment in as little as five…
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House Approves Bill to Help Pay Retirement Benefits
On April 23, the House of Representatives approved a $484 billion COVID-19 stimulus bill which incorporates funding that can be utilized to help pay retirement benefits. The novel legislation, titled the Paycheck Protection Program and…
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Record Keeper, Plan Sponsor Sued for Fiduciary Breach in 401(k) Account Hack
A suit has been filed, alleging “actions in allowing an unknown individual to prey on and steal hundreds of thousands of dollars form the retirement savings of the Plaintiff.” The case was filed on behalf…
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California and New Jersey Extend COVID-19-Related Deadlines
Citing the magnitude of the current pandemic, New Jersey has prolonged the deadline for contemplating its suggested fiduciary rule. The Garden State’s novel uniform fiduciary standard was declared on April 15, 2019; nonetheless, under the…
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Plan Sponsor Cybersecurity Responsibilities
If you are a plan sponsor, you set up retirement plans for your employees. Retirement benefit plan administrators harbor personal information of employees, like social security numbers and email addresses, in myriad electronic records. Plan…
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Unearthing the Cyber Dimensions of the COVID-19 Pandemic
Since the dawn of the coronavirus crisis, there has been a sharp increase in the amount of devastating cyber incidents across the globe. Per the cybersecurity firm CYE, the beginning of February and thereafter has…
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The Basics of Fiduciary Liability Insurance
When it comes to the management of retirement plans, a fiduciary’s liability is often misunderstood. Fiduciary liability stems from the strict obligations set in place by the Employee Retirement Income Security Act of 1974, or…
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43% of Data Breaches Victims Are Small Businesses
The 2019 Verizon Data Breach Investigation Report, which tracked 41,686 security incidents from 86 countries and 73 different data sources, including 2013 total data breaches, has been released and states that small businesses were the…
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Massachusetts Recognizes ERISA in Novel Fiduciary Conduct Standard
On February 21st, 2020, the Massachusetts Secretary of the Commonwealth filed the final rule of a fiduciary conduct standard for investment advisers, their representatives, broker-dealer, and their agents operating in the commonwealth, hired by plan…
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