The United States Department of Labor announced its Employee Benefits Security Administration (EBSA) recovered over $2.4 billion in direct payments to employee benefits plans, participants, and beneficiaries in the 2021 fiscal year. The department released the report on Tuesday, November 23rd.
The report disclosed that the EBSA closed 1,072 civil investigations in the fiscal year, with 741 resulting in monetary results for plans or other corrective actions. In addition, the investigation by the administration resulted in 16,042 terminated vested participants in defined employee benefits plans getting the money due to them. The sum collectively totaled $1.548 billion.
The terminated vested results combine present values of lifetime annuity payments paid to defined benefits plan participants and beneficiaries. It also covers lump sum payments and interest distribution paid as either retroactive lump sums or actuarially adjusted future annuity amounts.
The report further stated that EBSA’s Benefits Advisors closed more than 175,000 inquiries, which came through the administration’s toll-free number, 1-866-444-EBSA (3272). In addition, the investigation recovered $499.5 million in benefits on behalf of workers and their families using an informal resolution of individual complaints.
Acting Assistant Secretary for Employee Benefits Ali Khawar said the administration works diligently to ensure American workers, retirees, and beneficiaries get the benefits they earn. He added that the 2021 fiscal report shows their commitment to assuring the security of the retirement, health, and other workplace benefits of America’s workers and their families.
At Work Injury Rights, we understand all too well the importance of safeguarding the rights of workers. This is why we do all we can to ensure injured Florida workers get the workers’ comp benefits due to them. So, if you were injured in a workplace accident, contact our Florida workers’ compensation lawyers right away.