Strategies to Minimize Organizational Third-Party Vendor Risks

Organizations across most market segments are becoming increasingly reliant on third-party vendors to support critical business operations across the board to support a wide array of process and functions. It is estimated that over 50% of businesses using third-party vendors have experienced a data breach involving confidential information. Given the current state supply chain’s impact … Read more

ERiSA Plan Sponsors Need to Verify That All Service Providers and Vendors Meet DOL Cybersecurity Guidelines

The Department of Labor’s (DOL) release of cybersecurity best practices for plans covered by the Employee Retirement Income Security Act (ERISA) makes it clear that plan sponsors, service providers, and participants share responsibility for protecting plan accounts.  The guidance, which includes tips for hiring service providers, cybersecurity program best practices, and online security tips, provides … Read more

Understanding ERISA Retirement Plan Sponsors & Administrators Responsibilities

What Is the Difference Between a 401(k) Plan Sponsor and a Plan Administrator? Typically, the employer is considered the 401(k) “plan sponsor,” whereas the day-to-day running of the plan may be handled by a third-party “plan administrator.” Understanding the different responsibilities between the plan sponsor and plan administrator is essential to maintain compliance with all … Read more

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