The Department of Labor (DOL) announced a recent overhaul – the most significant made in recent years – with respect to the Employee Benefits Security Administration (EBSA) National Enforcement Projects. This overhaul elevates new focus areas for enforcement while reducing or removing others.
As part of its ongoing efforts to monitor compliance, address unethical behavior, and ensure that participants and beneficiaries benefits are being protected, EBSA announced that investigations are expected to focus on the following areas:
- Cybersecurity,
- Barriers to mental health and other substance-use-disorder benefits,
- Protecting benefit distributions,
- Retirement asset management,
- Surprise billing, and
- Criminal abuse of contributory benefit plans.
The DOL also plans to reduce its focus on missing participants following the implementation of the Retirement Savings Lost and Found Database.
Read the Department of Labor’s announcement for the press release announcement: US Department of Labor’s Employee Benefits Security Administration updates national enforcement projects for employee benefit plans. For any questions or information on how you can ensure your Plan’s compliance, reach out to your trusted advisors at Withum.
Author: Caroline Weirich, CPA | [email protected]
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