According to legislative insiders in Washington, the changes within the 2021 Consolidated Appropriations Act are here to stay. But what does this mean for plan sponsors and advisors?
The legislation will have significant implications for both groups, especially as the plan sponsor will now be held to a fiduciary standard. The CAA legislation establishes the environment for greater transparency, the need for better due diligence and the opportunity for improved employee health care outcomes at a lower expense. This situation will provide a perfect alignment: What is good for plan sponsors is good for plan participants. The need to assist the plan sponsor in creating a fiduciary process is a huge opportunity for a great Advisor.
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