Fiduciary obligations of employer-sponsored pharmacy benefit plans are front and center in the national conversation. Recent class action lawsuits allege fiduciary breaches naming some of the nation’s best-known businesses, with legal actions alleging they failed to act as fiduciaries in managing their prescription drug plans.
To help employers understand the risk and better position themselves for compliance, Liviniti offers a 2-part webinar series for employers and brokers. “Embrace Your Inner Fiduciary: 5 Steps to Dial Back Your Exposure” offers expert insights from Jennifer Berman, a licensed attorney and CEO and Founder of MZQ Consulting, a leading employee benefits and compliance firm. The webinars cover multiple elements that combine to help plans meet their fiduciary obligations under ERISA.
View recorded webinars on the Liviniti website:
Embrace Your Inner Fiduciary: 5 Steps to Dial Back Your Exposure
Please Note: Information dispensed by Liviniti and MZQ Consulting is not legal advice.
If you need legal advice, please contact your legal counsel.
“The topic of fiduciary duty aligns perfectly with our values and who we are as Liviniti,” says Eric Wan, Chief Growth Officer. “Our business model has always been that of a fully transparent, pass-through PBM with a focus on helping employers save on prescription costs while ensuring members receive the best possible care.”
Meeting fiduciary requirements directly links to partnering with a PBM that acts in the best interests of clients and plan members – as in the Liviniti transparent, pass-through business model which charges one admin fee for services, always fully disclosed, with no surprises or incentives to approve higher-cost drugs. By returning all drug discounts and rebates to our clients and providing easy, open access to detailed data and information, there is no conflict of interest as we fully align with clients. The Consolidated Appropriations Act of 2021 requires plan sponsors to attest their fees for healthcare plans are fair and reasonable for the services provided, with a fiduciary process as required by the Employee Retirement Income Security Act (ERISA).