About Dennis Fowler: As a partner and practice leader at The Baldwin Group, Dennis helps employers achieve their culture and goals through innovative and tailored benefit strategies. He has over 14 years of experience in the insurance and human capital ecosystem, and he is passionate about disrupting the expensive and unsustainable healthcare system.

In this episode, Eric and Dennis Fowler discuss:

• The role of Pharmacy Benefit Managers (“PBMs”)
• How the size of a company affects its options
• The challenge of managing PBMs
• The advantage of having a raw data warehouse

Key Takeaways:

• The role of Benefit Managers becomes critical in understanding the financial flows of healthcare, from both cost and fiduciary perspectives. Whether you're dealing with a traditional, pass-through, or hybrid PBM, there is an imperative need for transparency.
• The size of a company affects its healthcare options, especially in terms of self-funding and engaging with PBMs. For companies with over 500 employees, the options for self-funding and working with PBMs increase significantly, adding to the complexity of the choices to be made.
• The challenge of managing company pharmacy plans isn't just about the financial aspects; it also revolves around balancing cost, accessibility, and employee culture.
• The ultimate weapon in a benefit manager’s arsenal is data. Having a raw data warehouse presents a clear upper hand.

“You want to be able to pull the data in its raw format, which means you collected it in its raw format. And that's what a data warehouse allows you to do.” - Dennis Fowler

Connect with Dennis Fowler:

LinkedIn: https://www.linkedin.com/in/dennis-fowler-b105a6b/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about why meeting minutes are important, and how appropriately detailed minutes make a big difference in demonstrating adherence to a fiduciary standard of care.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of regularly reviewing service standards and negotiating fee concessions. He also talks about how a fiduciary should always evaluate service providers through regular surveys or assessments to ensure they are meeting their contractual obligations and delivering agreed-upon services.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Beth Allen has made a career of advising employers and benefits professionals on the legal obligations imposed by federal and state benefits-related laws. She has a knack for taking complicated compliance concepts and effectively explaining them to plan sponsors, HR leaders, and company executives alike.

In this episode, Eric and Beth Allen discuss:

• The primary aim of DOL investigations
• The advantage of honesty and a cooperative attitude
• IPS and fiduciary training benefits
• Being a proactive fiduciary

Key Takeaways:

• Voluntary compliance is the primary aim of DOL investigations, not penalty enforcement.
• Honest and cooperative attitudes from plan administrators can significantly influence investigation outcomes.
• While not mandatory, an Investment Policy Statement (IPS) and fiduciary training greatly benefit plan compliance and decision-making.
• Proactive measures like proper documentation, voluntary corrections, and understanding the DOL's audit process are critical for benefit plan management.

“Employers - look at the DOL and even, let's say IRS auditors as some sort of boogeyman. The DOL in the real world, they are people who are required to enforce ERISA as the law. But the good thing about the DOL is that they generally are going to want voluntary compliance.” - Beth Allen

Connect with Beth Allen:

Website: https://alleneblaw.com/

LinkedIn: https://www.linkedin.com/company/allen-benefits-law/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of adhering to ERISA plan documents. He highlights common non-compliance issues, such as using plan forfeitures, defining compensation, vesting, and service credit.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

About Jenny Kiesewetter: As an ERISA and employee benefits attorney at Fisher Phillips, Jenny Kiesewetter helps clients navigate the complex and ever-changing landscape of ERISA, health and welfare benefit plans, retirement plans, cafeteria plans, severance plans, and equity-based compensation plans.

Jenny also works with plan sponsors, administrators, fiduciaries, and human resources professionals on compliance, litigation, and risk mitigation matters.

Jenny’s passion for teaching and writing drives her to share her knowledge and insights with others in the field of employee benefits and human resources. She has taught employee benefits law to law students for over 15 years, and written numerous articles, blogs, and presentations on various ERISA and employee benefits topics.

Jenny’s goal is to make ERISA and employee benefits compliance accessible, understandable, and practical for employers of all sizes.

In this episode, Eric and Jenny Kiesewetter discuss:

• Following a prudent process when comparing service providers
• Looking in-depth into the services offered by advisors
• How benchmarking compliments the RFP process
• Asking the right questions as a fiduciary

Key Takeaways:

• When comparing service providers, such as record keepers and advisors, employers should follow a written, prudent process. This involves asking the same questions to each provider and evaluating their answers in a meaningful way.
• It is essential to consider the depth and breadth of services offered by advisors, as well as the technology differences among record keepers. Additionally, record keeper searches should focus on employee experience and education.
• Benchmarking supplements the RFP process and is crucial for staying informed about changes in investments, technology, and services to act in the best interest of plan participants. However, benchmarking does not replace the need for regular RFPs every 3-5 years, as failing to do so may increase the risk of litigation.
• As a committee member and fiduciary, it is essential to ask questions and not be hesitant when selecting service providers, even if the topic seems complicated or confusing. Documenting the 401(k) process is also vital for mitigating fiduciary responsibility liability, even if the Department of Labor disagrees with the conclusion reached.

“Part of that overall fiduciary responsibility is you must follow a written prudent process when you're selecting hiring and monitoring third-party service providers.” - Jenny Kiesewetter

Connect with Jenny Kiesewetter:

LinkedIn: https://www.linkedin.com/in/jennykiesewetter/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the duty to diversify investments under ERISA. He also covers the guidance provided under ERISA section 404(c).

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.