Source: US Department of Labor
WASHINGTON, DC – Today, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued its fiscal year (FY) 2020 enforcement fact sheet highlighting the Agency’s recovery of over $3.1 billion in direct payments to plans, participants and beneficiaries in FY 2020.
In FY 2020, EBSA conducted 1,122 civil investigations. Moreover, EBSA’s Benefits Advisors closed more than 171,000 inquiries, many of which came through EBSA’s toll-free number, 1-866-444-EBSA (3272), and the website at askebsa.dol.gov. Through those and other efforts, EBSA recovered more money for plans, participants, and beneficiaries than ever before. Over the past four years, EBSA has recovered over $8 billion, increasing its recoveries by 175 percent from FY 2017 to 2020, and 310 percent from FY 2016 to FY 2020.
Total Monetary Recoveries (Historical)
The fact sheet is available.
Through its enforcement of the Employee Retirement Income Security Act (ERISA), EBSA is responsible for ensuring the integrity of the private employee benefit plan system in the United States. EBSA’s oversight authority extends to nearly 722,000 retirement plans, approximately 2.5 million health plans, and a similar number of other welfare benefit plans, such as those providing life or disability insurance. These plans cover about 154 million workers and their dependents and include over $10.7 trillion in assets.
EBSA’s mission is to assure the security of the retirement, health and other workplace related benefits of America’s workers and their families. EBSA accomplishes this mission by developing effective regulations; assisting and educating workers, plan sponsors, fiduciaries and service providers; and vigorously enforcing the law.
The mission of the Department of Labor is to foster, promote and develop the welfare of the wage earners, job seekers and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.