The Department of Labor (DOL) on Dec. 12 reported that its Employee Benefits Security Administration (EBSA) recovered more than $1.4 billion for employee benefit plans, participants, and beneficiaries in fiscal year 2022. And that includes more than half a billion dollars that EBSA recovered for terminated vested pension plan participants.
More specifically, EBSA recovered $542 million in benefits for 6,928 participants in defined benefit plans in FY 2022.
EBSA says the $542 million 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.
FY 2022 vs. FY 2021
The FY 2022 recoveries were lower than those in FY 2021. EBSA recovered more than $2.4 billion in direct payments to retirement plans, participants, and beneficiaries last year.
Selected Measures of EBSA Enforcement Activities, 2021 and 2022
|
Recovery Source/Action |
Amount, 2021 |
Amount, 2022 |
|
Voluntary Fiduciary Correction Program |
$34 million |
$8 million |
|
Abandoned Plan Program |
$50.8 million |
$83.9 million |
|
Monetary Benefit Recoveries from Informal Complaint Resolution |
$499.5 million |
$422.1 million |
|
Civil Investigations |
1,072 |
907 |
|
Inquiries Closed |
More than 175,000 |
More than 168,000 |
|
Investigations of Crimes Related to Employee Benefit Plans |
188 |
164 |
|
Education and Outreach Events |
2,343 |
1,649 |
EBSA has oversight authority over approximately 747,000 retirement plans.
