The Employee Benefits Security Administration raised more than afew questions last week when it released 2014 recovery figures farlower than those seen in 2013.
As it turns out, the difference was the result of nothing more thana change in reporting methods, though the EBSA didn't point thatout until it was asked about the discrepency.
As BenefitsPro.com reported Friday, the EBSA said it recoveredalmost $600 million in plan reimbursements and fines during fiscal 2014year.
That figure for 2013 was $1.7 billion.
Big difference, right? Well, yes and no.
The $600 million for 2014 represents only thosedollars that went back into people’s pockets – both plans andparticipants. It does not include items such as “prohibitedtransactions corrected” that were included in the 2013 numbers.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
