Business of Benefits

Business of Benefits

Category Archives: Cybersecurity

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SEC Proposed “Modernization” Of Fund Report Delivery Rules Impacts Both 403(b) and 401(a) Plans

Posted in 403(b), Cybersecurity, Fiduciary Issues, Retirement Plan Securities Issues
The SEC proposed Rule 30e-3 3 this past June which will fundamentally rework the manner in which mutual fund prospectuses and other fund reports are delivered to shareholders. This proposed rule, if made final, would effectively make electronic delivery of these reports the default-much in the same way as currently being proposed for the electronic delivery for required ERISA notices.This impacts 403(b) and 401(a) operations, as well as efforts to make ERISA e-delivery a default.… Continue Reading

Website Privacy Policies and the Federal Trade Commission’s Authority over Retirement Plans

Posted in Cybersecurity, Fiduciary Issues, General Comment, Plan Administration
Remembering that ERISA does NOT preempt the application of other federal law (like the SEC, Anti-Money Laundering, and the Patriot Act rules-just to name a few), which we continue to learn to integrate into our practices, we now may find ourselves needing to deal with the Federal Trade Commissions standards as well. The issue arises from something as innocuous as the website privacy policies which are so commonplace on retirement plan vendor websites (you know, those things know one ever reads or pays attention to). Well, it appears to matter to the Federal Tead Commission. … Continue Reading
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