The DOL has launched a truth sheet asserting ERISA enforcement outcomes generated by the Worker Advantages Safety Administration (EBSA) for fiscal 12 months (FY) 2022 (October 1, 2021, by September 30, 2022). In response to the actual fact sheet, EBSA has enforcement authority over roughly 747,000 retirement plans, 2.5 million well being plans, and 673,000 different welfare profit plans, protecting about 152 million employees and their dependents and over $12 trillion in property.

Whole financial recoveries for FY 2022 exceeded $1.4 billion, together with over $422 million in advantages recovered and property restored to plans by casual decision of particular person complaints. Along with financial recoveries, the DOL’s civil investigations resulted in different corrective actions akin to removing of plan fiduciaries, appointment of impartial fiduciaries, and reforms of plan procedures. The very fact sheet additionally consists of statistics on felony investigations and EBSA’s outreach and schooling efforts. And it highlights the usage of EBSA’s compliance help packages, noting that in FY 2022 there have been 1,374 functions to the Voluntary Fiduciary Correction Program and 22,444 annual experiences (Kind 5500s) filed by the Delinquent Filer Voluntary Compliance Program.

EBIA Remark: Whereas financial recoveries have been decrease in FY 2022 than in different latest years (see, for instance, our Checkpoint article), the associated information launch emphasizes the DOL’s “dedication to safeguarding the safety of the retirement, well being and different work-related advantages of America’s employees and their households.” To restrict potential publicity within the occasion of an investigation, plan sponsors, directors, and repair suppliers ought to keep on prime of ERISA compliance necessities. For extra info, see EBIA’s ERISA Compliance handbook at Sections XXXVII (“DOL Audits and Investigations Below ERISA”), XXXII.B (“Correcting Late and Unfiled Kind 5500s: Delinquent Filer Voluntary Compliance Program”), and XXXII.J (“Fiduciary Failures: Voluntary Fiduciary Correction Program”). See additionally EBIA’s Self-Insured Well being Plans handbook at Part XXXII.B (“DOL Civil Investigations (Audits) Below ERISA”) and EBIA’s 401(ok) Plans handbook at Part XXXII.C (“DOL Investigations”).

Contributing Editors: EBIA Workers.