New ERISA Disclosure Rules for Health Plan Brokers and Consultants: What Plan Sponsors Need to Know

Miller Johnson

In this month’s webinar, Tripp VanderWal is joined by colleague Brett Liefbroer to discuss new health plan broker and consultant disclosure rules under the Consolidated Appropriations Act, 2021 (CAA). The new rules are intended to provide information to plan sponsors to enable them to determine whether an arrangement for services is reasonable, which is a determination that a plan sponsor must make in order to avoid a “prohibited transaction.”

The new rules generally require service providers to disclose compensation that those service providers receive in connection with providing brokerage and consulting services to a group health plan that is subject to ERISA. If the service provider fails to provide the required information, the plan sponsor may be required to inform the Department of Labor of the failure, and to terminate the contract in order to prevent a prohibited transaction from occurring. The new rules are scheduled to take effect in December 2021, and the webinar will address what plan sponsors need to know about their responsibilities under the new rules.

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