Employee Benefits Regulator Recovers $1 Billion Less in 2022

The US Labor Department’s employee benefits regulator recovered more than $1.4 billion for workplace retirement, health, and welfare plan participants and beneficiaries this year, a $1 billion decrease from fiscal year 2021.

Benefits the Employee Benefits Security Administration restored in fiscal year 2022 slumped primarily due to decreases in the amount of money the agency recovered from enforcement actions and its voluntary fiduciary correction program. EBSA recoveries have decreased annually since 2020, when the agency recovered more than $3 billion.

Last year, the agency recovered $1.9 billion from enforcement actions and $34 million from voluntary corrections. In fiscal year 2022, ...