GAO Says that DOL Has Made Improvements to Pension Enforcement Program but that Significant Challenges Remain
The Department of Labor’s Employee Benefits Security Administration (ESBA) closed about 4,400 investigations in 2004,with nearly 70% of those cases resulting in corrections of ERISA violations.
The GAP concluded that ESBA continues to be hindered by lack of timely and reliable plan information and needs better coordinate enforcement strategies with the SEC, which is highlighted by recent scandals involving the trading practices and market timing in mutual funds and conflicts of interest by pension consultants.
