EBSA's in-house benefit advisors fielded more than 170,000 inquiries from benefit plan participants in 2018, resulting in $443.2 million in "informal" resolutions, according to the agency. (Photo: Shutterstock)
The Employee Benefits Security Administration recovered $1.6 billion for retirement and welfare plans, participants and beneficiaries in fiscal year 2018, according to a recently released fact sheet from the agency.
That amounts to a $500 million increase over recoveries in 2017, and more than twice the $775.5 million recovered in 2016.
More than $1.1 billion of 2018's recoveries resulted from EBSA's criminal and civil investigations of retirement and welfare plans. EBSA, a sub-cabinet level agency within the Labor Department, is responsible for administering and enforcing fiduciary obligations under the Employee Retirement Income Security Act.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
