EBSA Sees Large Increase in Enforcement Action

October 21, 2004 (PLANSPONSOR.com) - The Employee Benefits Security Administration (EBSA) achieved a record-breaking 121% increase in enforcement results in FY2004, according to a Department of Labor (DoL) press release.

>The enforcement actions resulted in the protection of $3.1 billion in retirement, health and other benefits for the fiscal year 2004, the government said. The government organization closed 4,399 civil investigations in fiscal year 2004 with almost 70% of those investigations resulting in corrections of Employee Retirement Income Security Act (ERISA) violations. There were 121 criminal indictments as a result of these probes.

>EBSA also received a record of 474 applications to participate in its compliance program meant to help employers and plan officials voluntarily correct violations.   The program had a 98% participation-rate increase over last year and resulted in $264.6 million being voluntarily restored to pension plans.

>In the last four years, EBSA has protected $6.1 billion and had 479 criminal indictments, the agency said. For more information, please see www.dol.gov/ebsa .