401(k) Specialist Issue 2 - 2019 - 11
401(k) FIDUCIARY FILE
Critical Questions Surround
Retirement Plan Cybersecurity
CONGRESS IS TAKING an increasing interest in cybersecurity
specifically as it relates to retirement plans, providers, sponsors and
participants.
Senator Patty Murray, D-Wash., and Congressman Bobby Scott,
D-Va., sent a letter to the Government Accountability Office seeking
answers about protections in place, and what more should be done
moving forward.
" Under current law, retirement plan fiduciaries are responsible
for designing and administering plans in the best interest of plan
participants, " the politicians wrote. " Current law, however, does
not address a number of questions related to cybersecurity, and
retirement plans fall within a patchwork of federal and state laws
and regulations. "
Given the risk of cyberattacks targeting plan data and retirement
savings, they add " and the importance of deterring such attacks
(both to protect savings and encourage ongoing participation in
workplace retirement savings plans), " they would like
GAO to address the next steps in strengthening security
in the retirement savings system.
ONLINE
EXTRA
Top Politico Pushes for More Retirement
Plan Protection
DEBATE RAGES OVER the extent of America's retirement crisis
(and if one exists at all), but Senator Susan Collins forged ahead
recently with two bills to make " retirement savings plans more
accessible to more Americans. "
Collins (R-Maine), chairman of the Senate's Aging Committee,
unveiled what she called a multi-part strategy " to close
this yawning savings gap and help more Americans prepare for
retirement. "
Approximately half of households age 55 and older have no
retirement savings, she notes, and up to two-thirds of workers
may not have saved enough to maintain their standard of living
in retirement.
In remarks from the Senate floor in February, Senator Collins
spoke about the two bipartisan retirement security bills she
introduced:
* The SIMPLE Plan Modernization Act, introduced with Senator
Mark Warner (D-Va.), would provide greater flexibility and
access to small businesses and their employees seeking
Susan Collins (R-Maine)
Maggie Hassan (D-N.H.)
Mark Warner (D-Va.)
to utilize the popular SIMPLE plans as an option for saving for
retirement. Their legislation was endorsed by AARP.
* The Retirement Security Act, introduced with Senator Maggie
Hassan (D-N.H.), would help small businesses offer retirement
plans to their employees and encourage individuals to boost
savings for retirement.
ISSUE 2 2019 | 401kSpecialist.com
11
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401(k) Specialist Issue 2 - 2019
Table of Contents for the Digital Edition of 401(k) Specialist Issue 2 - 2019
Table of Contents
401(k) Specialist Issue 2 - 2019 - Cover1
401(k) Specialist Issue 2 - 2019 - Table of Contents
401(k) Specialist Issue 2 - 2019 - 1
401(k) Specialist Issue 2 - 2019 - 2
401(k) Specialist Issue 2 - 2019 - 3
401(k) Specialist Issue 2 - 2019 - 4
401(k) Specialist Issue 2 - 2019 - 5
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401(k) Specialist Issue 2 - 2019 - 11
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401(k) Specialist Issue 2 - 2019 - 43
401(k) Specialist Issue 2 - 2019 - 44
401(k) Specialist Issue 2 - 2019 - Cover3
401(k) Specialist Issue 2 - 2019 - Cover4
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