Back to: Are You at Risk?
The Consolidated Appropriations Act (CAA) of 2021 expands ERISA’s fiduciary duties for health plan sponsors. Employers are now “legal fiduciaries” required to perform specific actions each year to demonstrate the cost-effectiveness and quality of their healthcare services. This expansion creates a higher risk of litigation and penalties if employers fail to meet their expanded responsibilities. Employers must conduct a health plan risk assessment to identify potential areas of non-compliance and establish processes to mitigate risks.
Take our Fiduciary Risk Assessment to see if you’re exposed.