INSIGHTS

On May 21, 2021, the U.S. District Court for the Southern District of New York granted preliminary approval of a $13 million class-action settlement agreement (the Settlement) between the Trustees of Columbia University’s Voluntary Retirement Savings Program (Columbia Plan or Plan) and affected plan participants. The Columbia Plan is a 403(b) plan, a type of qualified retirement plan similar to a 401(k) but sponsored by tax-exempt and government entities.

On April 14, 2021, the U.S. Department of Labor (DOL), for the first time ever, released cybersecurity guidance for retirement plan sponsors, service providers, and participants. With approximately $9.3 trillion in retirement plan assets nationwide, it is important that retirement plan sponsors, trustees, and any other service providers with discretion or control over retirement plan assets (collectively, “fiduciaries”) review the DOL guidance and ensure that there are policies and controls in place to protect retirement plan assets from cyberattacks.