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.