DOL Provides Snapshot of ERISA Enforcement Statistics for Fiscal Year 2022

The U.S. Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA) has released a fact sheet concerning its ERISA enforcement results for FY 2022. EBSA oversees 747,000 retirement plans, 2.5 million health plans, and 673,000 other welfare benefit plans, covering more than 152 million workers, retirees, and dependents.

During FY 2022, EBSA recovered over $1.4 billion for plans, participants, and beneficiaries, including $931 million in recoveries from enforcement actions. EBSA closed 907 civil investigations, with 66% of those cases resulting in financial results or other corrective actions. Additionally, EBSA obtained 402 non-monetary civil corrections and referred 55 cases for litigation. EBSA also closed 164 criminal investigations, with 103 individuals indicted and 86 who pled guilty to or were convicted of crimes.

EBSA also collected $83.9 million from the Abandoned Plan Program during FY 2022. In addition, the agency received 1,433 applications from Qualified Termination Administrators and recognized 1,453 plans as fully wound up.

EBSA’s Voluntary Fiduciary Correction Program (VFCP) netted $8 million from 1,374 applications. The agency also received 22,444 filings in the Delinquent Filer Voluntary Compliance Program (DFVCP).

Finally, EBSA restored $422.1 million in monetary benefit recoveries to workers through informal complaint resolution of 268 investigations.

The EBSA fact sheet also highlighted its 1,649 outreach events, distribution of 168,435 publications, and 7.94 million website visits in FY 2022.

HBL has experience in all areas of benefits and employment law, offering a comprehensive solution to all your business benefits and HR/employment needs. We help ensure you are in compliance with the complex requirements of ERISA and the IRS code, as well as those laws that impact you and your employees. Together, we reduce your exposure to potential legal or financial penalties. Learn more by calling 470-571-1007.

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Hall Benefits Law, LLC

HBL offers employers comprehensive legal guidance on benefits in mergers and acquisitions, Employee Stock Ownership Plans (ESOPs), executive compensation, health and welfare benefits, healthcare reform, and retirement plans. We counsel a wide spectrum of clients including small, mid-sized, and large companies, 401(k) investment advisors, health insurance brokers, accountants, attorneys, and HR consultants, just to name a few. HBL is passionate about advising clients, and we are dedicated to our mission: to provide comprehensive, personalized, and practical ERISA and benefits legal solutions that exceed client expectations.

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