By the end of this year, employers must attest to the Department of Labor that they have received a full and complete disclosure of compensation from their plan service providers (broker, TPA, PBM, etc). Failure to get your hands on this information means that you will not qualify for ERISA’s prohibited transaction exemption. Transparency will not benefit everyone, but it is going to be great for employers and employees.
Coming Soon: Drug Spend Management: An Employer’s Guide to Transparent, High-Quality, Low-Cost Pharmacy Benefit Contracting, Administration and Management. This 19 page guide includes a thorough reporting process to comply with the CAA and help meet fiduciary obligations.