Account Lock Feature Launched by Milliman

Post on November 29, 2018

Milliman announced a new security feature on its participant portal, designed to allow account holders to put a stop on withdrawals and loan transactions.

The announcement from Milliman comes during a time of increasing plan sponsor and provider focus on cybersecurity and data management. Being fiduciaries under the Employee Retirement Income Security Act (ERISA), retirement plan officials are tasked with monitoring and managing cybersecurity risk as they invest participant dollars. As outlined in a report from Corporate Insight, “Trends in Online Security: 1996 to Today,” this is no simple task, and it has grown markedly more complex in the last two decades as the role of big data technology has ballooned.

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