No question the new Pension-Linked Emergency Savings Account is a much-needed option for employees, however, employers and plan sponsors must be vigilant in protecting themselves as they navigate potential pitfalls.

The recent cyberattack that compromised data at more than 600 organizations worldwide highlights the need for plan sponsors to become cybersecurity specialists to protect employee data and assets (or lean on expert advice).

Most plan sponsors are monitoring regulatory changes, properly managing plan operations and have appropriate fund and investments offerings, but even with diligent effort, mistakes will happen.

Those who proactively get ahead of the game's new rules will be best positioned to serve the needs of their companies, as well as current and former plan participants, while also protecting themselves against liability.