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TruStage Cybersecurity Outage: What 401(k) Plan Sponsors Should Know

If your company’s retirement plan is serviced through TruStage, the past several weeks have likely brought some frustration and uncertainty.

TruStage identified a cybersecurity attack in July and has been working to restore affected systems and services. As of August 29, TruStage says it has made significant progress, but some services remain unavailable while restoration continues. TruStage has also stated that retirement plan assets were not impacted by the attack. 

Why 401k Guidance is reaching out

If you’ve received an email or phone call from us recently, there’s a reason.

We’re reaching out to employers with TruStage retirement plans to see how they’re doing, whether the outage has created issues for their company or employees, and whether they’re comfortable with how their plan has been supported throughout the process.

We’re not affiliated with TruStage, and we’re not contacting you to provide technical support for their systems. Instead, we want plan sponsors to know they have options.

If you’re frustrated, this may be a good time to compare

A disruption like this can bring up bigger questions about your retirement plan.

Are you happy with the support you’re receiving? How much time does your team spend administering the plan? What are you paying? How much fiduciary responsibility are you carrying? And most importantly, is the plan still the right fit for your company and employees?

You don’t have to decide to make a change to start asking those questions.

401k Guidance can help you compare your current plan with other available options, including Pooled Employer Plans (PEPs), so you can see differences in cost, service, administration and plan structure.

There is no obligation to move your plan. Sometimes simply seeing what else is available gives you the information you need to decide whether staying where you are still makes sense.

A different approach to your 401(k)

For employers looking to simplify their retirement plan, a Pooled Employer Plan can be worth considering.

A PEP brings multiple employers together under one larger retirement plan and shifts many administrative and fiduciary responsibilities to professional providers. Depending on the plan and circumstances, this can mean less work for your team, reduced fiduciary responsibility, economies of scale and a more streamlined experience.

The right solution is different for every company. Our job is to help you understand the options and make an informed comparison.