Compliance
EBSA Recovered More Than $1B in 2009
The U. S. Department of Labor’s Employee Benefits Security
Administration (EBSA) reported recovering $1.36 billion in 2009 for
employee benefits plans governed by the Employee Retirement Income
Security Act (ERISA).
Reported by Rebecca Moore
The agency also recovered $124.5 million for workers and their families through informal resolution of individual complaints. In addition, the agency said results were achieved through the its 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 release.
A fact sheet about EBSA’s enforcement results, as well as more information about the VFCP, is available at www.dol.gov/ebsa.