Assistant Secretary Announces Record Results For Employee Benefit Plans

Washington, DC (CompNewsNetwork) - Bradford P. Campbell, assistant secretary of labor for the Employee Benefits Security Administration (EBSA), today announced record-breaking cumulative monetary results of $11.9 billion for pension and other employee benefits plans in the last eight years. During that same time, 907 individuals were indicted for crimes related to employee benefit plans.

The agency recognized $1.2 billion in monetary results and 101 criminal indictments in fiscal year 2008 alone. EBSA also closed 3,570 civil investigations in FY 2008. In over 75 percent of these cases, the agency found violations and took corrective action. The agency recovered $139.2 million for workers and their families through informal resolution of individual complaints.

Campbell said, "EBSA has aggressively pursued its core mission of enforcement, producing record recoveries for employee benefits plans and millions of American workers, retirees and their families. The success of the program is the result of a tough enforcement program balanced with compliance assistance activities that help plan sponsors comply with the law, giving the agency the ability to focus its resources on offenders."

The Voluntary Fiduciary Correction Program (VFCP) recovered more than $449 million for employee benefit plans and received 6,393 applications from 2001 to 2008. In fiscal year 2008, the compliance assistance program received 1,658 applications from employers, plan officials, service providers and other fiduciaries to self-correct violations of the Employee Retirement Income Security Act and $8.7 million was voluntarily restored to employee benefit plans.

A fact sheet about EBSA's enforcement results is available on its Web site at 

  • Read Also

    About The Author


    Read More

    Request a Demo

    To request a free demo of one of our products, please fill in this form. Our sales team will get back to you shortly.