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Edgewater pension board hears $10,000 FoxPoint cybersecurity survey proposal, tables decision and will invite DOL attorney
Summary
A consultant proposed hiring FoxPoint Solutions to survey pension-plan vendors’ cybersecurity controls for Edgewater General Pension Board; trustees asked questions about scope, cost, records and insurance and agreed by consensus to table the item and invite a Department of Labor–experienced attorney to the next meeting.
A consultant recommended that the Edgewater General Pension Board hire FoxPoint Solutions to send a standardized cybersecurity survey to each pension plan vendor so the board could document vendor controls and answer retiree questions in the event of a breach. The consultant said the firm’s service takes about 45–60 minutes per vendor, covers about 12 topic areas and returns a green/yellow/red status for each vendor, and that the low-end price for the engagement is $10,000.
The board questioned scope, disclosure and cost. Trustees asked whether surveys go to vendor corporate offices or to specific contacts, whether mutual funds would be included (the presenter said mutual funds are excluded), and whether the board could rely on reports another municipality had commissioned. The presenter emphasized that Department of Labor guidance recommends each plan have its own, contemporaneous vendor conversation and that the value is a tailored report for the Edgewater General Pension Board of Trustees.
Trustees also raised insurance and follow-up concerns: if a vendor returned a yellow or red rating, the presenter said FoxPoint would identify recommended remediation steps and the board could require contract changes or pursue other vendors if problems were not fixed. Counsel advised some detailed security information may be exempt from public-record disclosure, but trustee Bridgette asked staff to confirm what parts of a vendor report would be public.
After discussion, trustees decided not to approve the engagement today. By consensus the board tabled the proposal, asked staff to do additional research on costs and municipal precedents, and asked that Kate, a Department of Labor–experienced attorney associated with Foster and Foster, join the next meeting by Zoom to answer detailed legal questions. “It’s 10,000,” the presenter said when asked about price. The board agreed to revisit the proposal at a future meeting.
Next step: The item was tabled for further research and counsel will invite the DOL-experienced attorney to the next agenda.
