Pension agency achieves $1.36 billion in results for employee benefit plans in fiscal year 2009

Pension agency achieves $1.36 billion in results for employee benefit plans in fiscal year 2009

Washington - The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) today announced 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).

EBSA 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.

EBSA Assistant Secretary Phyllis C. Borzi said, “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.”

The agency also recovered $124.5 million for workers and their families through informal resolution of individual complaints. In addition, 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.

Results were also achieved through the agency’s compliance assistance programs. The popular Voluntary Fiduciary Correction Program (VFCP) received 1,692 applications from employers, plan officials, service providers and other fiduciaries to self-correct violations of the Employee Retirement Income Security Act. The Delinquent Filer Voluntary Compliance Program, which helps plan administrators comply with ERISA’s filing requirements, received 26,603 filings.

A fact sheet about EBSA’s enforcement results is available on its Web site at www.dol.gov/ebsa. More information on the VFCP is also available at that web address.

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