Most employers understand their fiduciary responsibility when it comes to retirement plans. Far fewer realize that they also have fiduciary responsibilities for their health plan.

That oversight is no longer optional.

Changes tied to the Consolidated Appropriations Act of 2021 have increased the importance of health plan governance and made employer fiduciary risk much harder to ignore. Whether your plan is fully insured or self-funded, and whether your company is large or small, the liability remains yours.

Your carrier, PBM, or TPA may support parts of the process, but they do not remove your fiduciary responsibility. If something goes wrong, the employer remains exposed.

To protect both your business and the individuals responsible for oversight, you need a deliberate fiduciary process. That includes education, governance, documentation, benchmarking, and completion of key compliance requirements.

We help employers build that process.

As a Validated Fiduciary Benefits Advisory firm, Primum Risk Strategies helps organizations create a practical fiduciary strategy tailored to their structure, goals, and obligations.

Want to learn more? Read Jen Berman’s article, “Why Fiduciary Governance Matters More Than Ever.”