Employee Benefit Plan Update

Department of Labor Employee Benefit Plan Audit Reviews Planned for 2017

The U.S. Department of Labor (DOL) is expected to begin another round of employee benefit plan audit reviews in 2017. The reviews are expected to focus on multi-employer plans, as well as plans that involve large dollars, or that have a large number of participants. DOL requests for information are generally sent to the Plan’s Administrator. If you receive such a request, you should contact your Plan auditor as soon as possible.

Department of Labor Issues Report on Cyber Security Considerations for Benefit Plans

The DOL has expressed concerns that employee benefit plan information may be vulnerable to cyber attacks due to the volume of information that is transmitted electronically between the Plan sponsor and the Plan’s service providers, as well as with respect to electronic plan records that are maintained. The DOL has suggested that Plan Administrators should review their own cyber security policies and procedures, as well those of third party service providers and vendors. The DOL's Advisory Council on Employee Welfare and Pension Benefit Plans (known as the DOL ERISA Advisory Council) has issued a report, Cyber Security Considerations for Benefit Plans, which summarizes its examination of and recommendations regarding cyber security considerations as they relate to pension and welfare benefit plans. A copy of the report can
be found by clicking here.