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.