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CCH® PENSION — 03/17/10

EBSA achieves $1.36 billion in monetary recoveries for FY 2009

The Labor Department's Employee Benefits Security Administration (EBSA) has announced monetary results of $1.36 billion in fiscal year 2009 for retirement, health, and other employee benefit plans governed by ERISA.

EBSA closed 3,669 civil investigations in FY 2009. In over 72% of those cases, the agency found violations and obtained correction. Criminal offenses involving employee benefit plans led to indictment of 115 individuals.

"These results reflect a strong, fair and aggressive program to protect the benefits of American workers, retirees and their families," EBSA Assistant Secretary Phyllis C. Borzi said. "We believe our civil enforcement program demonstrates the success of using targeted investigations," she added.

The agency also announced the recovery of $124.5 million through the informal resolution of individual complaints. In addition, EBSA handled 365,457 inquiries from the public and conducted more than 1,500 education and outreach events that reached workers, employers, plan officials and Congressional members.

Compliance assistance programs achieved results

The Voluntary Fiduciary Correction Program (VFCP) received 1,692 applications from employers, plan officials, service providers and other fiduciaries to self-correct violations of ERISA. In addition, the Delinquent Filer Voluntary Compliance Program, which helps plan administrators comply with ERISA's filing requirements, received 26,603 filings.

Source: Labor Department news release, February 25, 2010.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

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