Over $1 billion recovered for workers in 2017

On Behalf of | Feb 20, 2018 | ERISA |

During fiscal year 2017, the Employee Benefits Security Administration, or EBSA, closed 1,707 civil cases. Furthermore, there were 1,303 applications to take part in the Voluntary Fiduciary Correction Program. The Abandoned Plan Program was able to return $27.9 million to participants in 586 plans that had been terminated. Overall, more than $1.1 billion was put back into worker health care, retirement and other Employee Retirement Income Security Act, or ERISA, plans.

EBSA was able to recover $418.7 million by resolving informal complaints. Investigations led by the agency led to 113 people being indicted during fiscal year 2017. Those indictments involved people such as corporate officers or plan officials. During that same time period, there were 22,139 annual reports received as part of the Delinquent Filer Voluntary Compliance Program. Anyone who wants to learn more about ERISA or what EBSA does can visit its website or read its publications.

In 2017, 321,815 publications were distributed to various members of the public including retirees and employers. Furthermore, EBSA held 1,816 events for workers, employers and members of Congress. These outreach and education events helped employers learn more about their obligations under ERISA as well as to help employees know what their rights are. They may also serve as a way for those who have lost their jobs to find assistance.

If employers do not fulfill their obligations under ERISA, they may be in violation of federal law. Those who have had their benefits reduced or taken away entirely may wish to talk with an attorney to learn more about their legal rights and how to preserve them. If a claim is successful, it might result in compensation for those lost benefits and other damages as allowed by law.


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