The US Department of Labor’s Employee Benefits Security Administration has obtained more than $1.4 billion for employees, families, and benefit plans.

Fiscal Year 2023 Enforcement Victories for Workers’ Benefits

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has released a new fact sheet detailing its enforcement activities in fiscal year 2023. This fact sheet highlights the agency’s efforts to recover workers’ benefits through various enforcement, outreach, and assistance programs, including the voluntary fiduciary correction program, the abandoned plan program, and informal complaint resolutions.

In fiscal year 2023, EBSA recovered a total of $1.4 billion for workers, with more than half of that amount resulting from the agency’s enforcement actions. These recoveries are a result of EBSA’s commitment to protecting workers’ benefits and rights, and ensuring the integrity of the private employee benefit plan system in the United States.

In addition to monetary recoveries, EBSA also achieved other victories for workers and their families. These include the elimination of illegal benefit plan provisions, improved fiduciary governance of plans, and increased access to mental health benefits. These changes not only protect current and future participants and beneficiaries of these plans, but also ensure more honest and reliable management of the plans’ assets.

EBSA’s success in fiscal year 2023 is a testament to the agency’s dedication to its mission of safeguarding workers’ benefits. Assistant Secretary for Employee Benefits Security Lisa M. Gomez expressed her pride in leading an agency that consistently delivers for America’s workers, retirees, and their families. She also emphasized the Department of Labor’s commitment to being the most pro-worker administration in history.

EBSA is responsible for overseeing approximately 2.8 million health plans, 765,000 private pension plans, and 619,000 other welfare benefit plans. These plans cover 153 million workers, retirees, and dependents, with an estimated $12.8 trillion in assets. Employers, plan sponsors, and workers can reach EBSA toll-free at 866-444-3272 for assistance with problems related to private sector retirement and health plans.

In conclusion, EBSA’s fiscal year 2023 enforcement fact sheet showcases the agency’s dedication to protecting workers’ benefits and rights. Through its enforcement actions and other initiatives, EBSA continues to ensure the security of retirement, health, and other job-based benefits for America’s workers and their families. To learn more about EBSA and its efforts, visit their website.  

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