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sign and building for U.S. Dept. of Labor (Photo: Mike Scarcella/ALM)

The Employee Benefits Security Administration needs additional oversight powers and resources to protect benefit plans under ERISA, the Labor Department’s Office of Inspector General says.

“We have previously found that as much as $3.3 trillion in pension assets, including an estimated $800 billion in hard-to-value alternative investments, held in otherwise regulated entities such as banks, received limited-scope audits that provided few assurances to participants regarding the financial health of their plans,” the OIG said in his semiannual report to Congress.

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