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Compliance February 25, 2010
EBSA Recovered over $1B for Employee Benefit Plans in 2009
February 25, 2010 (PLANSPONSOR.com) - The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) reported monetary results of $1.36 billion in fiscal year 2009 for retirement, health, and other employee benefits plans governed by the Employee Retirement Income Security Act (ERISA).
Reported by Rebecca Moore
An EBSA news release said the agency closed 3,669 civil
investigations in FY 2009. In over 72%
of those cases, the agency found violations and obtained correction. Criminal offenses involving employee benefit
plans led to indictment of 115 individuals.
According to the announcement, the agency also recovered $124.5 million for workers and their families through informal resolution of individual complaints. In addition, results were achieved through the agency’s compliance assistance programs.
The Voluntary Fiduciary Correction Program (VFCP) received 1,692 applications from employers, plan officials, service providers, and other fiduciaries to self-correct violations of ERISA, and the Delinquent Filer Voluntary Compliance Program, which helps plan administrators comply with ERISA’s filing requirements, received 26,603 filings.
EBSA also reported it handled 365,457 inquiries from the public and conducted more than 1,500 education and outreach events that reached workers, employers, plan officials, and Congressional members.
“These results reflect a strong, fair and aggressive program to protect the benefits of American workers, retirees and their families. We believe our civil enforcement program demonstrates the success of using targeted investigations,” said EBSA Assistant Secretary Phyllis C. Borzi, in the announcement.
A fact sheet about EBSA’s enforcement results, as well as more information about the VFCP, are available on its Web site at www.dol.gov/ebsa.