Retirement plans experienced an unprecedented increase in cyber attacks last year. In April 2021, the Department of Labor (DOL) announced guidelines for recordkeepers and other service providers that should be a key part of the plan sponsor’s vetting process. Plan sponsors must hire service providers that will protect their participants’ assets and they could be liable for damages if their service provider is missing these important practices and protocols. At Vestwell, we have been practicing and exceeding the DOL’s standards since our inception. Here’s how: