US Department of Labor reports more than $1.4B in recoveries for employee benefit plans, participants, beneficiaries in fiscal year 2022
WASHINGTON – The U.S. Department of Labor announced today that enforcement and compliance actions by its Employee Benefits Security Administration recovered more than $1.4 billion for retirement, health and welfare benefits plans, participants and beneficiaries in fiscal year 2022.
EBSA oversees approximately 747,000 retirement plans, 2.5 million health plans and 673,000 other welfare benefit plans, covering 152 million workers, retirees and dependents. Pension plans alone hold an estimated $12 trillion in assets.
“The Employee Benefits Security Administration is determined to protect the workplace benefits that our nation’s workers, retirees and beneficiaries have earned,” said Assistant Secretary for Employee Benefits Security Lisa M. Gomez. “Our results in fiscal year 2022 show our commitment to safeguarding the security of the retirement, health and other work-related benefits of America’s workers and their families.”
EBSA also published a fact sheet today that provides an overview of its FY22 enforcement actions. Specifically, from Oct. 1, 2021 to Sept. 30, 2022, the agency reported:
- 907 civil investigations closed, with 595 of these probes resulting in monetary results for plans or other corrective actions. The investigations led to 6,928 terminated vested participants in defined benefit plans collecting benefits of $542 million owed to them. This amount represents a combination of the present values of lifetime annuity payments made to defined benefits plan participants and beneficiaries, or lump sum balance payments, plus interest distributions paid as either retroactive lump sums or included in actuarially adjusted future annuity amounts.
- $931 million recovered through EBSA’s investigative activities.
- $422.1 million in benefits recovered on behalf of workers and their families through informal resolution of individual complaints.
- More than 168,000 inquiries closed by EBSA benefits advisors through the agency’s toll-free number, 1-866-444-EBSA (3272), or the EBSA website.
- $83.9 million recovered through the agency’s Abandoned Plan program.
- $8 million recovered through its Voluntary Fiduciary Correction program.
- 164 investigations of crimes related to employee benefit plans, with 103 people indicted and guilty pleas from, or convictions of 86 individuals.
- 1,649 education and outreach events for workers, employers and other stakeholders, including 765 outreach events to underserved communities.
- Nearly 8 million visitors to the EBSA website.