Today, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued much anticipated cybersecurity guidance for employee retirement plans. This comes more than four and a half years after the ERISA Advisory Council, a 15-member body appointed by the Secretary of Labor to provide guidance on employee benefit plans, shared with the federal

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Background

Fifth Third Bancorp (the “Company”) is a public company which maintained a 401(k) plan containing an employee stock ownership plan (“ESOP”) component. The Company matched employee contributions by contributing employer stock to the ESOP, which invested its funds primarily in Company stock.  When the Company’s stock value fell, former employees and ESOP participants filed

On May 7, 2012, the DOL published Field Assistance Bulletin 2012-02 (the “FAB”) providing additional guidance and clarification for employers and other plan fiduciaries regarding the participant-level fee disclosure regulation (29 CFR 2550.404a-5) applicable to participant-directed individual account plans (e.g., 401(k) and 403(b) plans; see our earlier article regarding these regulations).  The FAB is also