Improving Private Pension Plan Monitoring and Enforcement

Labor's Employee Benefits Security Administration (EBSA) lacks information it needs to provide effective oversight of private pension plans, such as specific information on 401(k) plan fees, which could improve monitoring and compliance efforts.

Highlights of GAO-07-21 (PDF)

Although EBSA's enforcement has improved, the agency continued to be largely reactive in its enforcement of private pension laws and regulations. Instead of conducting routine compliance examinations or ongoing risk assessments, the agency focused its efforts on responding to participant complaints, and targeted its inspections using information from completed investigations, using data that was often several years old. It is important that EBSA evaluate its overall enforcement strategy and determine how its reliance on dated information has affected its investigations.

Highlights of GAO-07-22 (PDF)

^ Back to topWhat Needs to Be Done

Congress should consider whether payroll-deduction IRAs should have some direct oversight in response to Labor's comments that it does not have jurisdiction over these IRAs.

Highlights of GAO-08-590 (PDF)

Labor should examine ways to encourage employer sponsorship of IRAs, and evaluate ways to determine whether employers offering IRAs are in compliance with the law and ways to collect additional information on IRAs.

Highlights of GAO-08-590 (PDF)

EBSA should expand enforcement to include a focus on terminated defined benefit plans the Pension Benefit Guaranty Corporation has identified as having potential conflicts of interest.

Highlights of GAO-07-703 (PDF)

Congress should consider amending the Employee Retirement Income Security Act to expand Labor's authority to recover losses against nonfiduciaries.

Highlights of GAO-07-703 (PDF)