EBSA Secures $1.4 Billion for Employee Benefit Plans and Participants

The Employee Benefits Security Administration (EBSA) has announced the recovery of nearly $1.4 billion in 2024 for employee benefit plans, participants, and beneficiaries. This significant sum reflects the agency’s ongoing efforts to safeguard retirement and health benefits for millions of workers across the United States.

The funds were recovered through a combination of enforcement actions, voluntary corrections by plan sponsors, and other compliance initiatives aimed at ensuring adherence to federal employee benefits laws. EBSA’s work has been critical in identifying and addressing issues such as mismanagement of plan assets, failure to meet fiduciary duties, and violations of disclosure requirements.

Key to the recovery efforts were EBSA’s investigations into plans that failed to comply with the Employee Retirement Income Security Act (ERISA). The agency reported successful enforcement actions that resulted in restitution to affected participants and improvements in plan management practices to prevent future violations.

“The EBSA remains committed to protecting workers and retirees by ensuring that benefit plans operate in compliance with the law,” said EBSA Assistant Secretary Lisa Gomez. “These recoveries demonstrate the importance of our oversight and the impact of our work on millions of Americans who rely on these benefits for their financial security.”

In addition to enforcement, EBSA emphasized its outreach and education efforts, which help plan sponsors and fiduciaries understand their responsibilities under ERISA. By promoting voluntary compliance and providing resources, the agency aims to reduce the risk of errors and protect the interests of plan participants.

The announcement underscores the critical role of regulatory oversight in maintaining the integrity of employee benefit plans. As the workforce continues to evolve, EBSA’s efforts to secure the rights and benefits of workers and retirees remain a cornerstone of its mission.