The Fiduciary Risk Employers May Be Missing

In this episode of The Benefits Brief, host David Saltzman sits down with Frank Pennachio, principal with Gaffney Hill Consulting, to explore the often-overlooked fiduciary risks facing employers with self-funded health plans. Frank explains why stop-loss insurance does not protect plan fiduciaries from personal liability, how the Consolidated Appropriations Act has increased expectations around transparency and oversight, and where fiduciary exposure can hide in contracts and vendor relationships. He also shares practical guidance for benefits advisors on documenting a prudent process, coordinating with property and casualty professionals and ERISA counsel, reviewing fiduciary liability coverage, and helping clients better understand and manage their risk.