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From ERISA to CAA: How Has Employer’s Fiduciary Responsibility Changed Over Time?
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, 3 years after its passage, many plan sponsors still can’t get their vendors or advisors to provide the required fee disclosures.
“I’m baffled. I’ve never seen such wholesale noncompliance that seems to be just tolerated indefinitely. Something’s got to move there.” — Alden Bianchi
In this conversation with MTVA, attorneys Sarah Raaii and Alden Bianchi of McDermott, Will & Emery’s Employee Benefits & Executive Compensation Group 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.
As attorneys who focus on health and welfare plan issues, Sarah and Alden discuss the history of ERISA, steps that employers and health plan fiduciaries should take, and what it might take to boost compliance.
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Check out our other episodes on health plan fiduciary responsibility:
All episodes of MTVA Unscripted can be found here.
View all episodes
By Moving to Value AllianceThough 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, 3 years after its passage, many plan sponsors still can’t get their vendors or advisors to provide the required fee disclosures.
“I’m baffled. I’ve never seen such wholesale noncompliance that seems to be just tolerated indefinitely. Something’s got to move there.” — Alden Bianchi
In this conversation with MTVA, attorneys Sarah Raaii and Alden Bianchi of McDermott, Will & Emery’s Employee Benefits & Executive Compensation Group 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.
As attorneys who focus on health and welfare plan issues, Sarah and Alden discuss the history of ERISA, steps that employers and health plan fiduciaries should take, and what it might take to boost compliance.
—————————————————————————
Check out our other episodes on health plan fiduciary responsibility:
All episodes of MTVA Unscripted can be found here.