The Employee Benefits Security Administration recovered almost $600 million in plan reimbursements and fines in fiscal 2014.
That figure, while significant, was less than half the $1.7 billion paid in 2013 to settle Employee Retirement Income Security Act criminal cases and civil violations.
According to EBSA, a total of $599.7 million was recovered last year for direct payment to plans, participants and beneficiaries, which breaks down as follows: $204.9 million in plan assets restored and participant benefits recovered; $20.2 million within the voluntary fiduciary correction program; $18.4 million in the abandoned plan program; and $356.2 million recovered from informal complaint resolution.
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