In its semiannual report, the DOL Inspector General’s Office urged Congress to strengthen pension and employee benefit plan protections by expanding enforcement authorities under ERISA. Inspector General D’Esposito recommended allowing the Employee Benefits Security Administration to impose civil penalties on benefit plan auditors, correct substandard audits, receive direct reports of ERISA violations from auditors, and eliminate certain audit exemptions for pension plan assets. The report also called for stronger criminal penalties for ERISA violations, arguing the changes would better protect retirement assets and improve oversight of employee benefit plans.
