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Actuary recommends $10,000 cybersecurity baseline from FoxPoint; trustees request vendor briefing
Summary
Foster & Foster recommended a one-time $10,000 baseline cybersecurity survey of key vendors (FoxPoint Solutions) to check Department of Labor best-practice alignment; trustees asked the vendor to present at the next meeting before committing funds.
Doug (speaker 8) presented a proposal to engage FoxPoint Solutions to conduct a baseline cybersecurity review of the pension plan's key vendors (custodian, investment consultant, actuary, auditors, attorneys and money managers). He said the survey follows Department of Labor best practices (12 standards, 30 questions) and that Foster & Foster secured a low rate for small plans: "the lowest rate... would be $10,000 for the study." Trustees asked for a formal FoxPoint presentation and emphasized they did not want to authorize the $10,000 without seeing the vendor's methodology and early results.
Trustees agreed staff (Doug and Bonnie) should invite a FoxPoint representative to give a short briefing at the next notice meeting so trustees can evaluate the scope and cost before approving the expenditure.
