5 Ways to Protect Sensitive Plan Participant Information
Consider these five simple ways to protect your 401k plan or 403b plan participants’ sensitive personal information.
Follow the “Least Privilege” Principle
Only share the minimum amount of information needed to accomplish a task.
Transmit Sensitive Information Securely
Encrypt or password-protect documents containing sensitive information. Avoid using email to send personal information.
De-Identify Data When Possible
Mask or truncate identifiers like social security numbers when possible.
Minimize the Use of Paper Documents
Electronic information can be encrypted and otherwise secured with IT controls.
Service Organization Due Diligence
Monitor your service organizations’ (third-party administrators, custodians, etc.) policies and procedures for handling sensitive information.
The 2021 Plan Sponsor's Desk Reference is full of information relevant to HR, accounting, and finance professionals responsible for administering 401k and 403b defined contribution plans. Download here.
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Material discussed is for informational purposes only. It is not to be interpreted as investment, tax, or legal advice. Individual situations vary, and this information should only be relied upon when coordinated with individual professional advice.