The Employee Benefits Security Administration’s fiscal year coincides with that of the federal government – October 1 through September 30, and the numbers for 2017 are in, and have been reported by NAPA Net.
Briefly, the agency’s total monetary recoveries for 2017 was $1.1 billion in direct payment to plans, participants and beneficiaries, vs. $777.5 million in 2016.
• In 2016, more civil investigations were closed – 2,002 vs. 1,707 in 2017
• 333 criminal investigations closed in 2016 – vs. 307 in 2017
• 113 individual indictments in 2017 surpassed 2016’s 96
Over the full year 2017, EBSA closed over 174,000 inquiries and restored $418.7 million in benefits through informal resolution of individual complaints. Additionally, 617 new investigations began due to referrals from benefits advisors.
For more detailed information, go to Ted Godbout’s article in the February 1st NAPA Net report at www.napa-net.org/news.
