The United States’ private, job-based benefit system is one of most successful in the world. The system has more than $6.1 billion in assets, which covers approximately 150 million people, including retirees. It is more important than ever to have job-based benefits that provide millions of workers with health coverage and financial security for retirement.
The Labor Department has made significant progress since 2001 in protecting millions of workers’ pensions, health, and other benefits. To make benefits more accessible, we continue to improve the system.
This administration was able to pass the Pension Protection Act of 2006. It is one of the most significant reforms in retirement plan rules for over 30 years. These reforms have made traditional pension plans more transparent and solveable, ensuring that workers can keep their retirement promises.
Participation is a key focus of our efforts
Automatic enrollment is available in 401(k), and similar plans. This allows more people and their families to save for retirement. Workers can also get professional investment advice to help them make their retirement savings decisions.
The Labor Department’s efforts have yielded record-breaking results. Our outreach and enforcement programs have resulted in monetary results exceeding $11 Billion for workers and retirees, and more than 800 individuals have been indicted for crimes involving benefits plans.
A participant assistance program was also responsible for handling nearly 1.3million inquiries. This helped individuals understand their benefits programs and recovered almost $545 million to help pay for the health and pension benefits of working families.
Millions of Americans benefit from the Department’s effective stewardship, as both workers and investors. The Department of Labor has provided tools that allow workers to plan and save for retirement. Now it is up each of us, as individuals, to help save and realize our retirement dreams. Call 1-866-444-3270 for more information and assistance. You can also visit the website at www.dol.gov/ebsaGet it today
