The Department of Labor announced on Nov. 23 that in FY 2021, the Employee Benefits Security Administration recovered more than $2.4 billion in direct payments to retirement plans, participants and beneficiaries.
Those recoveries resulted from 1,072 civil investigations, 741 of which resulted in monetary recovery or other corrective actions. As a result of those investigations, 16,024 terminated vested participants in defined benefit plans received benefits of $1.548 billion owed to them.
Total Monetary Recoveries
| Recovery Source | Amount |
| Enforcement Actions | $1.9 billion |
| Voluntary Fiduciary Correction Program | $34 million |
| Abandoned Plan Program | $50.8 million |
| Monetary Benefit Recoveries from Informal Complaint Resolution | $499.5 million |
| Total | $2,484,300,000 |
The DOL reports that overall in FY 2021, EBSA’s benefits advisors closed more than 175,000 inquiries which recovered $499.5 million in benefits on behalf of workers and their families through informal resolution of individual complaints.
Abandoned Plan Program
The Abandoned Plan Program facilitates the termination of, and distribution of, benefits from individual account pension plans their sponsoring employers had abandoned. During FY 2021, EBSA received 1,770 applications from Qualified Termination Administrators and closed 923 applications with terminations approved. Altogether, through the program $50.8 million was distributed directly to plan participants.
Compliance Assistance Programs
In FY 2021, EBSA received 1,201 applications through the Voluntary Fiduciary Correction Program (VFCP), and $34 million was restored to plans. EBSA also received 22,553 annual reports through the Delinquent Filer Voluntary Compliance Program (DFVCP). The DOL adds that in FY 2021, the EFAST2 Help Desk handled over 21,000 filer inquiries to help filers meet their reporting obligations.
Informal Complaint Resolution
In FY 2021, EBSA Benefits Advisors closed more than 175,000 inquiries and recovered $499.5 million in benefits on behalf of workers and their families through informal resolution of individual complaints. Many of the inquiries came through via EBSA’s toll-free number, 1-866-444-EBSA (3272), and the website at askebsa.dol.gov. EBSA also opened 251 new investigations from Benefits Advisors referrals.
EBSA has oversight authority over nearly 734,000 retirement plans.
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