Most employers think their plan is in compliance but the numbers speak for themselves. 2017 stats on DOL activity
Through its enforcement of the Employee Retirement Income Security Act (ERISA), investigators withe the DOL’s Employee Benefit Security Administration are responsible for ensuring the integrity of private employer benefit plans, from retirement and health plans to life and/or disability insurance and other welfare benefit plans. Combined, these plans cover about 143 million workers and their dependents and include assets of more then $8.7 trillion (as of October, 2015)
|Total Recoveries||$1.1 B|
|Recoveries from Enforcement Actions||$ 682.3 M|
|Voluntary Fiduciary Correction Program||$ 10 M|
|Abandoned Plan Program||$ 27.9 M|
|Benefit Recoveries from Informal Complaint Resolution||$ 418.7 M|
|Civil Investigations Closed||1,707|
|Civil Investigations Closed||307|
|Informal Complaints Closed||174,603|
|Abandoned Pension Plans Closed||584|
Overall, EBSA’s results demonstrate a strong, fair, and effective program that protects the benefits of America’s workers and retirees.
To view the full report, click here.
To make sure your plan is in compliance, contact TRA today.