HSB Blog

Can employers face liability when a cyber-attacker steals funds from an employee's individual 401(k) account?

October 18, 2023

Retirement plans face increased risks for cyber-attacks resulting in theft of plan assets. Few entities can keep up with the pace set by cyber-criminals for theft from accounts, and security requirements for industries protecting funds change often and rapidly. When hackers steal plan funds through individual participants' accounts, what responsibility does the employer have for the theft?

The SECURE Act 2.0 Makes Major Changes to Retirement Plan Law

March 14, 2023

In late December of 2022, the Consolidated Appropriations Act of 2023 (the “Act”), which was part of the larger Securing a Strong Retirement Act, became law. Approximately ninety provisions in the Act affect qualified retirement plans. The Act has been commonly referred to as the SECURE Act 2.0 because it is intended to augment previous changes in the 2019 SECURE (Setting Every Community Up for Retirement Enhancement) Act. A few of the highlights of note to employers are as follows: