EBSA Restores $2.5 Billion to Pension Plans, Participants

The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) has released its program results for Fiscal Year 2019, saying that EBSA’s enforcement and benefit adviser programs recovered over $2.5 billion in payments to plans, participants and beneficiaries.

ebsa-restores-$2.5billion-in-pension-fundsEBSA’s enforcement program reported over $2 billion in recoveries from its investigations. Under its Terminated Vested Participant Project, EBSA helped participants collect nearly $1.5 billion in retirement benefits owed to them in the form of lump sum payments, present value of lifetime annuity payments and interest. EBSA’s criminal investigations led to the indictment of 76 individuals — including plan officials, corporate officers and service providers – for offenses related to employee benefit plans.

The Office of Outreach, Education and Assistance’s benefit advisers returned $510 million to workers and their families through its informal complaint resolution process. The agency’s benefits advisers provided informal assistance to more than 166,000 individuals, many of whom were seeking assistance relating to benefits from retirement, health, and other employee benefit plans. EBSA benefits advisers also take questions from and provide assistance to employers, plan sponsors, service providers and others to help them understand their duties and obligations under the Employee Retirement Income Security Act.

EBSA also conducts outreach to educate the public about employee benefits laws. Benefits advisers and other agency staff provided 1,788 outreach events in FY 2019. EBSA conducted 325 compliance assistance outreach events and 844 information sessions for dislocated workers across the country.

FY 2019 saw over 3.1 million visitors to EBSA’s website, where individuals can access information about laws governing employee benefit plans. EBSA also distributed 376,991 publications in that fiscal year.

EBSA continued to see large impacts in the termination of abandoned plans through the Abandoned Plan Program. In FY 2019, 661 plans made distributions totaling $33.2 million to participants under the program. In addition, EBSA continued to reach out to plan fiduciaries and others to participate in the Voluntary Fiduciary Correction Program (VFCP), and Delinquent Filer Voluntary Compliance Program to encourage the correction of ERISA violations. These programs provide incentives for fiduciaries and others to self-correct by reducing or eliminating potential penalties and/or avoiding other adverse consequences. In FY 2019, EBSA received over 20,000 delinquent filings and 1,600 applications for the VFCP. VFCP corrections totaled $14.6 million during FY 2019.


NOTE: The details in this blog are provided for informational purposes only. All answers are general in nature and do not constitute legal advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The author specifically disclaims any and all liability arising directly or indirectly from the reliance on or use of this blog.
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Your email address will not be published. Required fields are marked *

* Copy This Password *

* Type Or Paste Password Here *

Leave a Reply

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Comments (required)*