(Dollars in Millions) |
|
FY 2000 |
FY 2001 |
Change |
Enforcement and Compliance |
$78.3 |
$83.7 |
$5.4 |
Policy, Regulations, and Public Service |
16.8 |
20.2 |
3.4 |
Executive Direction |
3.9 |
4.0 |
0.1 |
Total, Budget Authority |
$98.9 |
$107.8 |
$8.9 |
Full Time Equivalents |
823 |
850 |
27 |
The Pension and Welfare Benefits Administration (PWBA) is responsible
for the administration and enforcement of Title I of the Employee Retirement
Income Security Act of 1974 (ERISA) and the Federal Employees' Retirement
System Act of 1986 (FERSA). The primary mission of PWBA is to protect the
pension, health and other benefits of participants in private sector employee
benefit plans. PWBA directly affects the livelihood of over 150 million people
who participate in ERISA-covered plans, and protects the U.S. economy's single
largest source of capital for investment--pension funds. Currently, there are
over 91 million participants, including workers and retirees, in private
pension plans which hold more than $4.3 trillion in assets.
Enforcement and Compliance This activity
conducts criminal and civil investigations, performs reviews to ensure
compliance with the fiduciary provisions of ERISA and FERSA, and assures
compliance with applicable reporting requirements, as well as accounting,
auditing and actuarial standards.
In FY 2001 the budget request for this activity is $83.7 million and 683
FTE and includes program enhancements for: 1) implementing a new program (the
Rapid ERISA Action Compliance Team initiative) to protect the rights and
benefits of plan participants when the plan sponsor faces severe financial
hardship or bankruptcy and the assets of an employee benefit plan are in
jeopardy; 2) enhancing PWBA's information technology capabilities in support of
its enforcement, compliance, customer service, research, and education and
outreach activities; 3) expanding PWBA's reporting compliance "help desk"
function related to Form 5500 Report filings; 4) enhancing customer service,
including the installation of an interactive toll-free line, to provide plan
participants with maximum direct access to PWBA's technical assistance staff);
5) enhancing pension enforcement capabilities in response to the increased
number of defined contribution pension plans, workers covered by the pension
plans, and the increase in the pension plan assets; 6) conducting audits of the
new Thrift Savings Plan (TSP) recordkeeping system as part of PWBA's oversight
responsibility of the nearly $100 billion TSP, involving 2.4 million Federal
workers; and 7) developing an Internet site to disclose the Form 5500 Annual
Reports on employee benefit plans, essentially turning every computer with
Internet access into a public disclosure room. Currently, PWBA is limited to
disclosing the annual reports via mail and to individuals who come into its
public disclosure office in Washington, D.C.
Policy, Regulation and Public Services This
activity conducts policy, research and legislative analyses on pension, health
and other employee benefit issues; promulgates regulations and interpretations
regarding reporting and disclosure, fiduciary, and coverage provisions; issues
individual and class exemptions from ERISA's and FERSA's prohibited
transactions provisions; discloses legally-required reports; provides technical
assistance to plan officials, employee benefits practitioners, and the public;
provides direct assistance to plan participants and beneficiaries in enforcing
their rights under ERISA and in obtaining benefits under employee benefit
plans; and provides assistance in response to requests from members of Congress
(including constituent requests), as well as technical assistance to about a
dozen legislative committees with jurisdiction affecting ERISA and FERSA.
In FY 2001, the budget request for this activity totals $20.2 million
and 145 FTE and includes program enhancements for: 1) expanding compliance
guidance, interpretations and analyses capabilities related to the recent
health laws; 2) developing new sources of data on ERISA-covered employee
benefit plans and conducting research and policy analysis required to address
emerging policy, legislative and operational issues; 4) expanding the Health
Benefits Education Campaign to include new publications and multimedia
educational products; 5) conducting the 2001 National Summit on Retirement
Savings, as mandated by the SAVER Act of 1997; 6) developing and disseminating
critical information to dislocated workers regarding their pension and health
benefits when plants and businesses close, downsize or reduce hours; and, 7)
printing educational material on pension and health issues as part of the
Department's pilot project involving the use of the Employment and Training
Administrations's State Partnership One-Stop locations.
Program Oversight This activity provides
leadership, policy direction, strategic planning, and management of the pension
and welfare benefits program. Oversight and operational guidance is provided in
the areas of financial management, budget formulation and execution, debt
management, human resource management, labor and employee relations, employee
development and other administrative activities. In addition, this activity
conducts a comprehensive technical training program in support of enforcement,
policy, legislative, and regulatory functions. In FY 2001, the budget request
for this activity totals $4 million and 22 FTE.
|
|
FY 2000 |
FY 2001 |
Change |
Plan reviews and investigations conducted |
7,158 |
7,227 |
69 |
Investigations closed restoring or protecting assets |
1,120 |
1,148 |
28 |
Exemptions, variances, determinations, interpretations and
regulations issued |
1,292 |
1,312 |
20 |
Inquiries received: * field offices national offices |
164,197 |
166,540 |
2,343 |
* Represents total number of inquiries received by customer service
staff. Excludes calls handled by automated telephone systems that provide
responses to frequently asked ERISA questions.
|