Overview
Though ERISA is often thought of as an issue for retirement plans, the law has always applied to employer-sponsored health benefit plans. The Consolidated Appropriations Act of 2021 (CAA) sought to put a spotlight on the issue by clarifying responsibilities of health benefit plan fiduciaries and the third-party service providers they contract with. Yet, three years after its passage, many plan sponsors still can’t get their vendors or advisors to provide the required fee disclosures.
Alden J. Bianchi and Sarah G. Raaii participated in a podcast with the Moving to Value Alliance (MTVA) on the topic “From ERISA to CAA: How Has Employer’s Fiduciary Responsibility Changed Over Time?” In this conversation, they share how to comply with the CAA’s new requirements and what health plan fiduciaries can do to ensure they fulfill their responsibilities to beneficiaries. They also discuss the history of ERISA, steps that employers and health plan fiduciaries should take, and what it might take to boost compliance.
Listen to the podcast episode by clicking the link below.
