401k Plan Sponsor Fiduciary Best Practices For Lost Or Missing Plan Participants
Of Counsel Michelle Capezza spoke with Fiduciary News about the latest federal guidelines for locating missing 401k plan participants, including a new Retirement Savings Lost and Found database, and how these updates may impact privacy and security compliance.
Michelle says, “While the SECURE 2.0 Act, and the DOL’s April 2024 notice, acknowledge that privacy of employee data will be protected in the database, it is unclear how compliance with a patchwork of evolving state data privacy and security laws, or even international and local laws, will be attained. Plan sponsors and fiduciaries will need to consider data privacy and security implications of sharing information with the database and update their benefit plan cybersecurity procedures to incorporate applicable protocols.”
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