Recent lawsuits and the rising number of Americans covered by self-funded healthcare plans brings renewed focus to employers’ fiduciary responsibility as plan sponsors. As the ever-evolving Employee Retirement Income Security Act (ERISA) reached its 50th anniversary this year, employers need better ways to monitor healthcare claims spending to ensure they are acting in their members’ best interest. Read the second part of our conversation with Rory Kane Akers regarding #ERISA and fiduciary responsibility at https://lnkd.in/dMcYiMQ3
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As the Employee Retirement Income Security Act (ERISA) approaches its 50th anniversary, policymakers are exploring avenues for updating the law to enhance coverage affordability and care access. With stakeholders presenting differing perspectives, discussions focus on potential areas for congressional action. https://bit.ly/3TzOxYD Fierce Healthcare #HealthPlans #payments
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Updates to ERISA? #Payers, hospitals share diverging recommendations with Congress. The Employee Retirement Income Security Act, or ERISA, is turning 50 this year and lawmakers are curious to hear about how the law could be updated to increase coverage affordability and care access. Read more from Fierce Healthcare here: https://lnkd.in/eGDfYMa5
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Small businesses face rising healthcare costs, new retirement mandates, and increasingly complex compliance requirements. USI’s latest Emerging EB Business Insights article breaks down key benefits trends for 2025 and strategies to optimize spending. ✅ Level-funded health plans can help cut premium costs by 5-10% ✅ 401(k) tax credits make retirement plans more affordable for small employers ✅ Regulatory shifts require proactive compliance strategies Understanding your options now can make a big impact on your bottom line. Read the full article to learn more! #USI #EmployeeBenefits #SmallBusiness #CostSavings #Benefitsstrategy
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Founder, Madrina Molly ™ | Financial and Longevity Planning Education | Speaker | Career Reinventionist | Tireless Fangirl of Women Over 50
To John's point, you are investing your HSAs, right? Of course, if you use it for near term health expenses, that's fine. But if you are not, it needs to grow. Personally, I have an old HSA that is invested aggressively (it works like a Roth IRA in retirement, for all practical purposes.) Every time the balance goes over a certain amount, I trim some growth off the top (tax free!) and use it with my HSA branded VISA card for co-pays and out-of-pocket medical. #NotYoungNotDone #WeRescueOurselves #InvestInYourHealth Madrina Molly ™
Yes, but reasons. "You may not necessarily really internalize that you have the ability to invest your HSA until you sat through that HSA benefits seminar for the second, third, fourth time,” Spiegel said. "So, a couple of factors are at play here that are highly correlated with the propensity to invest.” Employee Benefit Research Institute's Jake S. #retirementplanning American Retirement Association National Association of Plan Advisors American Society of Pension Professionals and Actuaries Plan Sponsor Council of America Nevin Adams Joey Santos-Jones Paul Fronstin
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Enforcement of the strict standards of fiduciary conduct set forth in the Employee Retirement Income Security Act #ERISA has traditionally been reserved for retirement plan sponsors. However, a new class action lawsuit highlights the importance of employers’ adherence to their fiduciary duties when managing their group health plans. Learn more. #GroupHealthPlans #FiduciaryResponsibility #HRP2024 https://lnkd.in/gACVrBKs
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Employee Benefits Consultant at USI Insurance Services | Advising Leaders on Capital-Efficient Benefits Planning
In 2025, smaller businesses can reduce costs and compete against larger companies by taking a comprehensive approach to employee benefits, retirement and compliance. Here are the top 3 benefits trends employers should be aware of this year, and how USI Insurance Services helps companies optimize benefits spending amid rising healthcare costs.
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ERISA class action lawsuits against retirement plan fiduciaries have become commonplace over the last few decades, usually alleging that imprudent processes and lack of oversight led to excessive fees for investment options, recordkeeping services, and investment management services. Now, thanks to the new application of ERISA 408(B)(2) service provider compensation disclosure requirements to health plans and not just retirement, and transparency laws, health plan fiduciaries are starting to face similar class actions. What can employers do to shield themselves from such claims? Here’s an overview of what you need to know, key takeaways from a recently filed lawsuit, and 10 best practices for group health plan fiduciaries. https://lnkd.in/gtSSG-nE
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Enforcement of the strict standards of fiduciary conduct set forth in the Employee Retirement Income Security Act (ERISA) has traditionally been reserved for retirement plan sponsors. However, a new class action lawsuit highlights the importance of employers’ adherence to their fiduciary duties when managing their group health plans. This Strategic Services Group (SSG) Compliance Advisor includes tips to help employers understand the basic #fiduciaryresponsibilities applicable to group health plans under #ERISA. #employeebenefits #compliancesupport #hrguidance #ssgmi #strategicservicesgroup #ssginsights
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Lots of talk about this at a Midwest Business Group on Health conference from major employers. How are you managing your #fuduciary duty? Big #lawsuits to come on this. #erisa #buca #hr #shrm #oakmacshrm #middlemarket
Enforcement of the strict standards of fiduciary conduct set forth in the Employee Retirement Income Security Act (ERISA) has traditionally been reserved for retirement plan sponsors. However, a new class action lawsuit highlights the importance of employers’ adherence to their fiduciary duties when managing their group health plans. This Strategic Services Group (SSG) Compliance Advisor includes tips to help employers understand the basic #fiduciaryresponsibilities applicable to group health plans under #ERISA. #employeebenefits #compliancesupport #hrguidance #ssgmi #strategicservicesgroup #ssginsights
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As we mark the 50th anniversary of the Employee Retirement Income Security Act (ERISA), it’s crucial to reflect on how this law has protected Texas’ business-friendly environment and the benefits workers count on. In Glenn Hamer’s latest op-ed for The Dallas Morning News, he highlights why preserving ERISA is essential for keeping Texas competitive. ERISA has provided a reliable regulatory framework for businesses to offer critical benefits like 401(k)s and health insurance without the burdens of navigating conflicting state laws. It’s a cornerstone of our state’s economic strength, particularly for small businesses. Recent attempts to introduce state laws that would preempt ERISA could impose significant financial and operational burdens on Texas businesses, affecting their ability to provide affordable health care and undermining the very environment that makes Texas a leader in economic growth. Preserving ERISA must be a top priority. We need our state leaders to protect this framework, ensuring that Texas remains a magnet for business and talent. Read more in The Dallas Morning News: https://lnkd.in/gUsWDUE7 Glenn Hamer Megan Mauro Gabriela Perdichizzi Faith Villarreal, MPA
