Welcome

DOL Benefits Agency Recovers $3.1 Billion for Plan Participants

Oct. 27, 2020, 3:41 PM

The Labor Department agency charged with regulating employee benefits plans announced Tuesday the return of $3.124 billion to participants in fiscal 2020 from investigations and other compliance programs.

DOL’s Employee Benefits Security Administration closed 1,122 civil investigations in fiscal 2020, resulting in $2.6 billion in recovered funds. Informal complaint resolutions and voluntary correction programs made up the remainder of the total.

The annual total is the highest of the Trump administration, which recovered $1.1 billion in fiscal 2017, $1.6 billion in fiscal 2018, and $2.57 billion in fiscal 2019.

EBSA’s oversight authority extends to nearly 722,000 retirement plans, about 2.5 ...

To read the full article log in. To learn more about a subscription click here.