DOL sign in front of DOL building(Photo: Mike Scarcella/ALM)

The Employee Benefit Security Administration (EBSA) is hurting Americans who save by failing to conduct investigations in a direct and timely manner, two Republican lawmakers wrote in a letter to acting Labor Secretary Julie Su.

"Prolonged investigations carried out by federal agencies such as EBSA create tremendous strain on retirement plan sponsors," House Health, Employment, Labor, and Pensions Subcommittee members Virginia Foxx, R-N.C., and Bob Good, R-Va., wrote. "Plan sponsors report that many of EBSA's investigations have persisted for years while investigators assigned to these cases are turned over several times. Plan sponsors also report there often appears to be no direction or purpose to the investigations, and they are trapped in investigations that lack an objective, an enforced progress schedule, or an endpoint."

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.