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Actually, newly enshrined Assistant Secretary of Labor Phyllis Borzi (see Borzi EBSA Nomination Approved by Senate ) told the audience at the ASPPA/DoL Speaks conference in Washington, D.C., last week that, while her boss (Labor Secretary Hilda Solis) is fond of the new sheriff mantra, she prefers to say that now there is a sheriff in town—and one that talks as though it will use both a carrot and a stick. While early bets are that the new leadership at DoL will set a different course (some say a very different course) than its predecessors, Borzi laid out a new and vigorous plan for the Employee Benefits Security Administration (EBSA) that she now heads. "Right now we have a full plate," she acknowledged, but it was clear that enforcement of the law and promises made will be a driving focus. "The previous Administration focused on compliance assistance," she noted, "but that's only good if it is combined with strong enforcement." Borzi noted that EBSA had racked up more than $1 billion in recoveries for ERISA plans in 2008, with some 3,500 civil investigations, and that the agency had pursued litigation in 91 cases (see " EBSA FY 2008 Enforcement Reaps $1.2B, 101 Indictments "). On the criminal side, she said that 212 criminal investigations had been closed, including 101 cases against individuals. One of those individuals, she reminded the audience, was none other than Michael Vick, who had used assets in a 401(k) plan to pay his legal fees (see " Michael Vick Sued for Prohibited Pension Transfers "). 2010 Goals As for 2010 goals, Borzi cited a new national priority—the "delayed remittance of contributions." She also said that there would be a "new contributory plan criminal project" that would focus on criminal investigations of individuals involved with the embezzlement of plan funds, including those who withhold money from worker paychecks without depositing them, and those who knowingly file false 5500 information.
Actually, newly enshrined Assistant Secretary of Labor Phyllis Borzi (see Borzi EBSA Nomination Approved by Senate ) told the audience at the ASPPA/DoL Speaks conference in Washington, D.C., last week that, while her boss (Labor Secretary Hilda Solis) is fond of the new sheriff mantra, she prefers to say that now there is a sheriff in town—and one that talks as though it will use both a carrot and a stick.
While early bets are that the new leadership at DoL will set a different course (some say a very different course) than its predecessors, Borzi laid out a new and vigorous plan for the Employee Benefits Security Administration (EBSA) that she now heads. "Right now we have a full plate," she acknowledged, but it was clear that enforcement of the law and promises made will be a driving focus. "The previous Administration focused on compliance assistance," she noted, "but that's only good if it is combined with strong enforcement."
Borzi noted that EBSA had racked up more than $1 billion in recoveries for ERISA plans in 2008, with some 3,500 civil investigations, and that the agency had pursued litigation in 91 cases (see " EBSA FY 2008 Enforcement Reaps $1.2B, 101 Indictments "). On the criminal side, she said that 212 criminal investigations had been closed, including 101 cases against individuals. One of those individuals, she reminded the audience, was none other than Michael Vick, who had used assets in a 401(k) plan to pay his legal fees (see " Michael Vick Sued for Prohibited Pension Transfers ").
2010 Goals
As for 2010 goals, Borzi cited a new national priority—the "delayed remittance of contributions." She also said that there would be a "new contributory plan criminal project" that would focus on criminal investigations of individuals involved with the embezzlement of plan funds, including those who withhold money from worker paychecks without depositing them, and those who knowingly file false 5500 information.
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