The Employee Benefits Security Administration raised more than a few questions last week when it released 2014 recovery figures far lower than those seen in 2013.
As it turns out, the difference was the result of nothing more than a change in reporting methods, though the EBSA didn't point that out until it was asked about the discrepency.
As BenefitsPro.com reported Friday, the EBSA said it recovered almost $600 million in plan reimbursements and fines during fiscal 2014 year.
That figure for 2013 was $1.7 billion.
Big difference, right? Well, yes and no.
The $600 million for 2014 represents only those dollars that went back into people’s pockets – both plans and participants. It does not include items such as “prohibited transactions corrected” that were included in the 2013 numbers.
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