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14 Feb 2023

2023 - February 14 - Virtual Meeting

Date: Tuesday, February 14, 2023
Time: 11:45 AM to 01:00 PM

The Western Reserve SHRM Chapter is inviting you to our next chapter event - VIRTUAL!
Join us on TUESDAY, February 14, 2023 beginning at 11:45 am.

Consolidated Appropriations Act of 2021 (CAA); presented by Bob Gearhart, Jr.

Session Description: This presentation will focus on regulations that are bringing welcome transparency to health plans. This program will outline the CAA’s rules which require action from the plan fiduciary.

  • Overview of Section 202 of the federal Consolidated Appropriations Act of 2021 (CAA) requiring entities providing brokerage and consulting services to provide the plan fiduciary with a written compensation disclosure for service arrangements entered into or renewed on or after December 27, 2021.
  • While the responsibility of providing the disclosure falls on the service provider (your broker or consultant) arrangements that are not “reasonable” are a “prohibited transaction” under ERISA and the plan fiduciary is penalized and fined, not the service provider.
  • These new disclosure requirements are designed to mirror the disclosure rules under ERISA issued in 2012 that apply to retirement plans. Any arrangement between the plan and a service provider who does not disclose direct and indirect compensation will not be considered "reasonable."
  • Participants will receive a CAA Compensation Disclosure Request that they can use to proactively request the information from their service providers. The CAA requires service providers to provide the disclosure within 90 days of a written request, but plan fiduciaries should certainly have it well before then.

  • Speaker Bio: BOB GEARHART JR. is the third generation to lead DCW Group and is responsible for helping clients manage the healthcare supply chain to improve benefits and increase their earnings. DCW Group works with clients to create predictable, repeatable, and measurable reductions in healthcare costs. They are so confident in their innovative cost-containment and medical management strategies that they insist on tying their compensation to the performance of their client’s health plans.

    Gearhart is a nationally recognized speaker on Healthcare Supply Chain Management and frequently appears on radio, television, and in print to provide insight into the ever-changing landscape surrounding healthcare in America. In late 2017, Bob co-authored the Amazon Best Selling book BREAKING THROUGH THE STATUS QUO: How Innovative Companies Are CHANGING THE BENEFITS GAME To Help Their Employees AND Boost Their Bottom Line. In the book, Bob shares his insights into the power of data analytics to inform and guide decisions that can lower healthcare costs in group health plans.

    Your email confirmation will include a link to register to the Zoom webinar. After registering, you will receive a confirmation email about joining the meeting.