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The Department of Labor announced new cybersecurity guidance for plan sponsors, plan fiduciaries, recordkeepers and plan participants just weeks after the U.S. Government Accountability Office released a report urging the agency to address cybersecurity risks in retirement plans.

The guidance includes best practices aimed at protecting Americans’ $9.3 trillion in retirement assets from cybersecurity risks. The DOL notes that for plans regulated by the Employee Retirement Income Security Act, “ERISA requires plan fiduciaries to take appropriate precautions to mitigate these risks.” 

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