ERISA Fiduciary Governance: Let's Talk Transparency Obligations

NFP Corp.

Recent transparency legislation has imposed significant new fiduciary obligations on group health plan sponsors. Importantly, these laws were designed to provide sponsors with access to information to prudently administer their plans and plan assets. Our Benefits Compliance team reviewed requirements under the CAA 2021 and Transparency in Coverage Rule and steps fiduciaries should be taking to comply. They also provided an update on related guidance and litigation trends.  

As a highlight, guest speaker Heidi Cottle from NFP’s Cost Containment Strategies team explained some of the tools now available to help plan sponsors comparison-shop for healthcare costs and prudently select plan service providers. She also provided insights on the potential impacts of the Trump administration’s call for greater enforcement of transparency laws.

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