2023 promises to be a busy year for employers and their employee benefit plans…. especially given recent legislation.
One item that may have escaped attention: The Consolidated Appropriations Act of 2021 requires brokers and consultants to provide a new kind of written disclosure of compensation received.
What should employers do with that disclosure?
What does the information (or absence of information) even mean?
One idea is for an employer to create a health and welfare committee, similar to a retirement committee, to serve as a clearinghouse for reviewing and discussing (and, more importantly, documenting) such disclosures.
Forming a Health & Welfare committee comes with its own set of questions, of course, including who should be on the committee and how to best operate.
Why should 401k plan committees have all the fun?