ERISA & Employee Benefits

Further Thoughts on the DOL’s Informal Guidance on Cybersecurity

by Jon Schultze, Susan Rees and Barry Salkin

The DOL’s New Cybersecurity Audits and Informal Guidance

by Jon Schultze, Susan Rees and Barry Salkin

Cybersecurity Guidance Welcome, but Unanswered Questions Remain

By Stephen Wilkes and Barry Salkin

Department of Labor Issues Cybersecurity Guidance

By Barry Salkin

Court Says Third Party Administrator May Be Held Liable for ERISA Fiduciary Breach and Consumer Fraud in Connection With Abbott Plan Data Breach

Another court has decided which ERISA plan fiduciaries can be held liable in connection with a data breach of a plan participant’s account. On October 2, 2020, the Northern District of Illinois, in Bartnett v. Abbott Laboratories, et al., ruled that Alight Solutions, the TPA of the Abbott Corporate Benefits Stock Retirement Plan (the “Plan”), could be held liable for both an ERISA fiduciary ...

The Wagner Law Group Asks DOL for Cybersecurity Guidance

By Stephen Wilkes and Livia Quan Aber

Court Decision Highlights the Dangers of Cybersecurity Breaches for Both Plan Sponsors and Plan Service Providers

On May 27, 2020, the Eastern District of Pennsylvania, in Leventhal v. MandMarblestone Group, LLC, handed down a decision that highlights the dangers facing both plan sponsors and plan service providers when a cybersecurity breach results in money stolen from a participant’s account. The court ruled that the TPA service provider, after being sued by the plan sponsor for the cybersecurity breach, ...

Retirement Plan Provisions of CARES Act Updated to Reflect IRS Guidance Issued May 4, 2020

The third COVID-19 Stimulus package has provisions regarding retirement plans, including expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and the deferral of mandatory distributions.  New guidance released on May 4, 2020, states that the IRS will be issuing more detailed guidance in the near future.  To the extent that the ...

Cybersecurity and Retirement Plans: What Plan Sponsors Should Do

Cybersecurity breaches of retirement plan participant accounts have occurred with increasing frequency in recent years.  Just this past April, a plan participant filed a complaint alleging ERISA breaches of fiduciary duty and violations of the Illinois Consumer Fraud Act against Abbott Laboratories, the plan sponsor, and Alight Solutions, the plan’s third party administrator and record keeper, ...