The federal government’s workforce benefits regulator has had a successful fiscal year in 2023, recovering over $1.4 billion. This reflects a shift in focus from finding missing pension participants to enforcing parity in mental health coverage. The US Labor Department’s Employee Benefits Security Administration (EBSA) has seen a decrease in economic recoveries since its high of $3.1 billion in fiscal year 2020.
The latest numbers from EBSA, issued on Tuesday, show that total recoveries have leveled off in 2022 and 2023. Despite the decrease in recoveries, EBSA has increased its oversight of private-sector health and welfare plans since 2021. This includes addressing violations of federal benefits law and ensuring that mental health coverage is provided on an equal basis. This shift in focus demonstrates EBSA’s commitment to enforcing the law and protecting the rights of plan participants and beneficiaries.
Overall, the federal government’s efforts to ensure compliance with benefits law and to recover funds for plan participants have remained consistent, with EBSA continuing to prioritize the enforcement of parity in mental health coverage. As the regulator for workforce benefits, EBSA plays a crucial role in protecting the rights and interests of employees and beneficiaries.