Your Fiduciary Duties in 2023
Employers often overlook the fact that the fiduciary standards of ERISA apply equally to retirement plans and the health and welfare benefit plans they offer. Unlike the robust fiduciary governance structures for their retirement plans, many employers make important fiduciary decisions about their health and welfare benefit plans – such as the selection and monitoring of health plan third-party administrators – on an ad hoc basis without any formal structure. With recent changes like new cost transparency requirements for group health plans, new requirements to evaluate the “reasonableness” of fees charged by group health plan consultants and brokers, and an emerging “wave” of fiduciary litigation targeting health plan administration, now is the time for employers to focus on health and welfare plan fiduciary obligations. Chris Lockman, a partner in the Employee Benefits and Executive Compensation group at Verrill, will discuss this changing landscape.
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