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Cybersecurity Triggers a New Paradigm in Vendor Monitoring

Assessments of employee benefit plan service providers are essential for employers to ensure the security of their plans and protect their own systems and data. However, there can be several shortcomings in these assessments, which can leave plan participants’ accounts vulnerable to cyber threats.

To address these shortcomings, a dramatic shift has emerged in monitoring service providers. It uses quantitative cybersecurity scoring and interrogates vendors’ computer systems 24/7 without their intervention.

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TRENDING

Cybersecurity’s Role in Plan Governance

Cybersecurity is a critical component of employee benefit plan governance, as it plays a fundamental role in protecting a plan’s assets, an employer’s reputation, and its overall stability.

Cybersecurity intersects with plan governance in several key ways: third-party risk management, plan committee oversight, regulatory compliance, reputation management, resource allocation, communication and transparency, and
long-term strategy.

This article outlines the primary steps for embracing cybersecurity in an employee benefit plan’s governance approach.

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FAVORED

AI: Beyond the Hype

To an increasing degree, vendors of critical infrastructure components like third-party administration, recordkeeping, health plans, investment management, and payroll tout the AI functionality of their offerings. Are those claims authentic and, if so, how do their AI-enabled systems impact a plan’s security?
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TPRM is a Vital Fiduciary Discipline

Because failure to analyze third-party risks exposes an employee benefit plan’s supply chain to assaults, data breaches, and reputational harm, third-party risk management (“TPRM”) is a crucial skill set. A fragmentation of some vendors’ operations into downstream players’ hands now makes TPRM more challenging than ever.
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RECENT ARTICLES

Clarifying the Fee Rule

Fees negotiated by employers for services they acquire for their employee benefit plans are subject to a rule in the Employee Retirement Income Security Act (“ERISA”). Allowing such fees to reach excessive levels is a serious matter that carries economic and reputational risks for those who violate it.
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Stewardship Maturity in Human Resources

Human resources leaders occupy a critical stewardship role; their maturity in that position is vital to millions of participants and their beneficiaries in 401(k), 403(b), and health and welfare plans. This article defines stewardship and discusses why it’s vital that HR leaders mature in its skills and application.
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Cybersecurity and ERISA Plan Management

The lines between human resources functions and technology functions are blurring. Therefore, leading human resources executives must look for ways to engage more deeply with their technology peers and embrace that overlooked resource. Doing so will help enlighten EBP plan managers about the difference between a cybersecurity risk management process and the technology that protects internet-connected systems such as hardware, software, and data from cyber threats.
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How can fiduciaries serve safely in their highly regulated role?

If you’re a recently appointed member of an employee benefit plan committee, or if you’re a member and it’s been more than a year since you received formal training, find a source that offers comprehensive instruction in all the fiduciary disciplines. This article presents the compelling reasons to do so and what you should learn.
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The Investment Policy Audit

An investment policy statement or IPS is a governance document intended to provide a defined benefit or defined contribution plan’s investment fiduciaries with a framework for decision-making regarding various types or categories of plan investments. It’s risky not to adhere to an IPS. Many organization’s now commission an annual audit to ensure conformance. Find out what an audit covers.
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CPAs Shift Audit Risk to Plan Fiduciaries

A new audit standard introduced by the AICPA called “SAS 136” transfers a significant amount of liability for an audit’s accuracy from an auditor to a plan’s fiduciaries. It’s effective in 2022. What’s the impact on plan sponsors? Learn how four key features of SAS 136 affect plan administrators and human resources.
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MOST POPULAR

Know Your ERISA Plan’s Cybersecurity Duty

Cybersecurity for retirement plans often falls outside the scope of cybersecurity planning for enterprises at large…
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Payroll Breeds Trouble for Fiduciaries

The point at which a retirement plan and a payroll system intersect is a breeding ground for the most common violations of fiduciary duty. And they can be the most unwieldy to fix…
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Data Security Policy Considerations

From an enterprise risk management perspective there is much at stake. There is no room for the “honor system” in managing the risks imposed by third-party service providers…
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Fiduciary Operations Assessments Cut Risks

Assessments identify gaps between real world benefit plan operations and fiduciary rules and is more than a review of best practices…
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Lawsuits Reveal the Risk Issues for 403(b) and 401(k) Plan Fiduciaries

Recent lawsuits against higher education institutions (“HEI”) raise questions that every organization sponsoring a qualified retirement plan should be ready to answer. A timely opportunity exists for leaders in both the 403(b) plan and 401(k) plan sectors to examine some of these “hidden issues” to consider…
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How to Maintain Assurance

As the complexity of the fiduciary responsibilities for employee benefit plans intensifies, many executives and committee members have concerns about whether they’re doing the right things the right way. A proven approach charts a pathway to confident assurance.
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CPAs to give ERISA plans more scrutiny

In the aftermath of the demise of the Investment Fiduciary Conflict of Interest Law, the CPA community is expanding the scope of its ERISA plan audits nonetheless. The aduit emphasis embraces both vendors of services to ERISA plans and….
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What Qualifies YOU to be a Fiduciary?

Some members of the executive class in organizations that sponsor employee benefit plans aspire to participate on their plans’ oversight committee, thus becoming “fiduciaries.” Just as often, senior management assigns managers to committee service, regardless of their aspirations. No matter how the topic of fiduciary service interests you, this article updates the scope of duties the position embraces and presents a perspective you should consider.
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5 Causes of excessive retirement plan fees

Class action lawsuits and plan audits conducted by the U.S. government reveal that fees paid by many plans to their vendors are excessive. (Federal law makes plan sponsors not the vendors accountable.) According to the Department of Labor, the factors that cause excessive fees…
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