Given the sensitive data stored, processed, or transmitted by pension administrators, many choose to perform cybersecurity and IT compliance initiatives to ensure their customers are confident in their internal processes and procedures. Pension administrators perform various types of yearly service on an organizational retirement plan, such as a 401(k), profit sharing plan, defined benefit plan, or cash balance plan. With pension administration being such an important and complex function, many organizations will not even consider contracting with a pension administrator if they do not have a strong compliance program in place. Implementing a robust compliance program can be used as a competitive advantage. Increasingly, pension administrators are asked to implement and maintain a compliance program that demonstrates their commitment to a strong system of internal controls. Control frameworks (such as SOC 1, SOC 2, ISO 27001, etc.) are widely accepted and help pension administrators differentiate themselves from their competitors by demonstrating their commitment to maintaining a strong IT compliance program.