Tuesday, April 20, 2021
To keep our members abreast of important policy developments that could affect their obligations as employers, ANCOR shares the following news from the U.S. Department of Labor:
- President Biden nominated Taryn Williams as Assistant Secretary for the Office of Disability Employment Policy (ODEP). Williams is currently the “managing director for the Poverty to Prosperity Program at [the Center for] American Progress, which works on progressive policies focused on a broad range of anti-poverty strategies. Before joining American Progress, Williams worked at the Office of Disability Employment Policy (ODEP) at the U.S. Department of Labor. At ODEP, she worked on a variety of issues related to education, workforce policy, Social Security, Medicaid, and civil rights.”
- DOL announced new guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of America's workers. This is the first time the department's Employee Benefits Security Administration has issued cybersecurity guidance. The guidance comes in three parts:
- Tips for Hiring a Service Provider: Helps plan sponsors and fiduciaries prudently select a service provider with strong cybersecurity practices and monitor their activities, as ERISA requires.
- Cybersecurity Program Best Practices: Assists plan fiduciaries and record-keepers in their responsibilities to manage cybersecurity risks.
- Online Security Tips: Offers plan participants and beneficiaries who check their retirement accounts online basic rules to reduce the risk of fraud and loss.