The Labor Department recouped nearly $5 million in delinquent contributions to 401(k) plans through its voluntary pension payback program.
The six-month program was part of the department's year-long campaign against 401(k) fraud; eligible employers who restored participant contributions to 401(k) plans avoided civil and criminal charges.
Overall, 170 employers responded, restoring $4.8 million in delinquent contributions for 16,800 workers. Contributions ranged from $43 to $200,000, the Labor Department reported. Reasons for delinquencies ranged from computer errors to admitted diversions.