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DOL Inspector General Audit Report: Small Pension Plans Receiving Audit Waivers Need More Frequent Review (PDF)

"The OIG found EBSA did not provide sufficient oversight of small plans claiming the audit waiver. While Small Pension Plan Audit Waiver (SPPAW) regulations have existed since 1976, EBSA performed reviews of plan filings claiming audit waivers only two times: once in Fiscal Year 2008, and once in 2011.... EBSA's Office of Chief Accountant did not independently confirm numbers reported by the plans, and therefore, did not have sufficient assurance of the accuracy of the amounts reported and the plans' ultimate eligibility for waivers."

Text of DOL Inspector General Report to Congress, Including Findings and Recommendations for EBSA (PDF)

116 pages. "OIG continues to recommend the following legislative actions: [1] Repeal ERISA's limited-scope audit exemption.... [2] Expand the authority of [EBSA] to correct substandard benefit plan audits and ensure that auditors with poor records do not perform additional plan audits.... [3] Require direct reporting of ERISA violations to DOL ... [4] Strengthen criminal penalties.... The OIG remains concerned over [EBSA's] ability to protect the benefit plans of about 158 million workers, retirees, and their families under [ERISA]. In particular, the OIG is concerned about the statutory limitations on EBSA's oversight authority and inadequate resources to conduct compliance and enforcement."

Inspector General of the DOL: Semiannual Report to the Congress (PDF)

Covers Oct. 1, 2018–Mar. 31, 2019; 102 pages. "EBSA did not conduct effective oversight of the TSP for three reasons ... [1] EBSA lacked an ongoing process for assessing changes in risks to the TSP over time ... [A] robust method for prioritizing audits would ensure limited resources are used most effectively.... [2] EBSA 's oversight was not transparent.... EBSA did not post its audit reports and recommendations to a public forum, such as its website ... [3] EBSA lacked sufficient legal authority to require the Federal Retirement Thrift Investment Board to act on its recommendations."

DOL Inspector General Semiannual Report to Congress (PDF)

104 pages. "Legislative changes to [ERISA] and criminal penalties for ERISA violations would enhance the protection of assets in pension plans. To this end, the OIG recommends the following legislative actions: [1] Repeal ERISA's limited-scope audit exemption.... [2] Expand the authority of [EBSA] to correct substandard benefit plan audits and ensure that auditors with poor records do not perform additional plan audits.... [3] Require direct reporting of ERISA violations to DOL.... [4] Strengthen criminal penalties in Title 18 of the U.S. Code."

DOL Inspector General Says More Oversight Needed for Lump Sum Cash Balance Plan Distributions (PDF)

Report dated March 29, 2002; 29 pages. Excerpt: We audited the conversion and distribution processes in 60 converted cash balance plans to determine if PWBA needed to increase enforcement efforts.... [I]n 13 of those 60 plans, we found that workers who left employment before normal retirement age did not receive all the accrued benefits to which they were legally entitled ...

Text of DOL Inspector General Report: Changes Are Still Needed in the ERISA Audit Process to Increase Protections for Employee Benefit Plan Participants (PDF)

"Despite EBSA's significant efforts to improve oversight and audit quality, protections and assurances have decreased over time for participants and beneficiaries.... The percentage of plans electing limited scope audits has grown from about 46 percent in 1987 to approximately 70 percent in 2010.... While the use of limited scope audits is a major obstacle in providing audit protections for plan participants, EBSA could have done more within the existing law to improve audit quality.... We recommended the Assistant Secretary for Employee Benefits Security continue to seek repeal of the limited scope audit exemption and obtain authority over plan auditors. We also recommended that in the interim, EBSA: (1) use existing authority to clarify and strengthen limited scope audit regulations and evaluate the ERISA Council recommendations, (2) make better use of available enforcement tools over IQPAs, (3) improve procedures in audit quality reviews, and (4) perform a reassessment of audit quality."

DOL OIG Report: EBSA Faced Challenges Enforcing Compliance with Mental Health Parity Laws and Requirements (PDF)

41 pages. "[The] audit identified challenges that limited EBSA's efforts to enforce compliance with mental health parity NQTL laws and requirements.... EBSA lacked critical tools to enforce compliance and deter parity violations, such as the ability to assess civil monetary penalties or bring actions against all responsible parties. EBSA did not use many of the enforcement tools within its authority to ensure health plans' compliance. It also took up to 3 years to complete NQTL comparative analysis reviews."

EBSA Response to DOL's OIG Report: 'EBSA Needs to Do More to Protect Retirement Plan Assets From Conflicts of Interest' (PDF)

2 pages. Excerpt: [EBSA] not only agrees with the recommendations included in the report, we are committed to completing work on both recommendations at the earliest possible date.

2017 Top Management and Performance Challenges Facing the DOL (PDF)

17 pages. "For many years, EBSA's oversight efforts have been challenged by the fact that billions of dollars in pension assets held in otherwise regulated entities, such as banks, escaped audit scrutiny.... EBSA is further challenged by the large increase in the types and complexity of investment products available to pension plans.... EBSA also faces challenges in protecting participants because of limited information it receives from its main information gathering tool, the Form 5500 series."

DOL OIG Semi-Annual Report to Congress (PDF)

176 pages. "The OIG remains concerned about [EBSA's] ability to protect the integrity of pension, health, and other benefit plans of about 153 million workers, retirees, and their families under [ERISA]. In particular, the OIG is concerned about the statutory limitations on EBSA's oversight authority and inadequate resources to conduct compliance and enforcement.... EBSA has limited legal authority to compel the Federal Retirement Thrift Investment Board to implement its recommendations, which includes enforcing its recommendations to improve the Thrift Savings Plan's cybersecurity posture."