Employee Plans Subject to EBSA Scrutiny

The DOL’s Employee Benefits Security Administration (EBSA) oversees the integrity of nearly 734,000 retirement plans, 2 million health plans, and 662,000 welfare benefit plans (e.g., those providing life or disability insurance) in the private sector. They cover about 158 million workers and their dependents. In the government 2021 fiscal year, EBSA recovered over $2.4 billion for plans, participants, and beneficiaries as a result of plan violating various rules. Recoveries on behalf of terminated vested participants played a large role. The lesson: Use care in administering your employee benefit plans. #IdeaoftheDay