What the Plan Sponsor needs to do to comply with the Department of Labor (“DOL”) and the ABA Retirement Funds Program’s (“Program’s”) protection of Personal Identifiable Information and participant account balances.
Over the years cybersecurity has grown to become an area of critical importance to plan sponsors, administrators and their plan participants. The ABA Retirement Funds (“ABA RF”) has always been committed to safeguarding the integrity and confidentiality of Program data from the risk of fraud, cyber threats and unauthorized activity. While the protection of personal data has always been a foundational focus, the ABA RF completes a comprehensive annual review of its Program Partner cybersecurity best practices and technology solutions.
On April 14, 2021, the DOL published information security guidance for plan sponsor, fiduciaries, record-keepers and plan participants. The guidance includes best practices for maintaining a strong cybersecurity program, including tips on how to protect the retirement benefits of U.S. workers. Voya’s information security program has been built on a foundation using recognized best practices and information security frameworks. It is aligned to the core standards highlighted by the DOL.
