News Release
US Department of Labor announces Employee Benefits Security Administration recovered over $1.4B for workers, families, benefit plans
WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration today published an overview of its enforcement activities in fiscal year 2023 in a new fact sheet.
The fact sheet provides details about the recovery of workers’ benefits through various enforcement, outreach and assistance programs, including the voluntary fiduciary correction program, the abandoned plan program and monetary recoveries from informal complaint resolutions through EBSA’s benefits advisors. A total of $1.4B was recovered for workers in fiscal year 2023, with more than half resulting from the agency's enforcement actions.
During the fiscal year, EBSA also achieved other victories for workers and their families, such as the elimination of illegal benefit plan provisions, improved fiduciary governance of plans and increased access to mental health benefits. These changes also protect current and future participants and beneficiaries of these plans by ensuring more honest, reliable management of the plans’ assets and enforcement of workers’ benefits and rights.
“I am incredibly proud to lead this agency that, despite its small size and colossal responsibilities, consistently delivers for America’s workers, retirees and their families, year after year” said Assistant Secretary for Employee Benefits Security Lisa M. Gomez. “These victories are clear evidence of the Department of Labor’s continued leadership in keeping President Biden’s promise to be the most pro-worker administration in history.”
EBSA ensures the security of retirement, health and other job-based benefits for America’s workers and their families. It is responsible for ensuring the integrity of the private employee benefit plan system in the United States through its enforcement of the Employee Retirement Income Security Act. The agency oversees approximately 2.8 million health plans, 765,000 private pension plans, and 619,000 other welfare benefit plans. These ERISA-covered plans cover 153 million workers, retirees and dependents who participate in private-sector pension and welfare plans that hold an estimated $12.8 trillion in assets.
Employers and other plan sponsors and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans.
