Understanding Fiduciary Responsibilities

To meet their responsibilities as health plan sponsors, employers need to understand ERISA’s strict standards of conduct. These standards of conduct apply to individuals who manage employee benefit plans and their assets, who are called fiduciaries. An ERISA-covered group health plan is an employment-based plan that provides coverage for medical care, including hospitalization, sickness, prescription drugs, vision, or dental.

Department of Labor (DOL) issued Understanding your Fiduciary Responsibilities Under a Group Health Plan which provides an overview of the basic fiduciary responsibilities that apply to group health plans sponsors and other plan fiduciaries.

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The information provided is for informational purposes only and does not constitute legal advice. The information above contains only a summary of the applicable legal provisions and does not purport to cover every aspect of any particular law, regulation or requirement. Depending on the specific facts of any situation, there may be additional or different requirements. This is to be used only as a guide and not as a definitive description of your compliance obligations.