Compliance Assistance Releases

The Employee Benefits Security Administration (EBSA) is confirming that the cybersecurity guidance issued by EBSA in April 2021 generally applies to all employee benefit plans, including health and welfare plans.

This guidance provides compliance assistance for 401(k) plan fiduciaries considering plan investments in cryptocurrencies, in an effort aimed at protecting the retirement savings of U.S. workers.

The purpose of this memorandum is to ensure consistent investigative processes and case-closing practices among the Employee Benefits Security Administration’s Regional Offices conducting Terminated Vested Participants Project (TVPP) audits and to facilitate voluntary compliance efforts by plan fiduciaries.