Benefits in Focus
10.08.2026 | Duration: 44:59
A two-part episode on what employers need to know about benefits risk & oversight—a miniseries brought to you by Mobility via Podcast, featuring professionals from KPMG Global Reward Services and Pierson Ferdinand LLP who break down fiduciary risk in voluntary benefit plans and the new PBM disclosure rules.
Get into the episodes
Explore how a fast-moving area of benefits regulation translates into action steps for employers and plan sponsors. Each episode breaks down what's changing—and what to do about it.
Fiduciary Risk in Voluntary Benefit Plans
Voluntary benefits—supplemental coverage like accident, critical illness, and hospital indemnity insurance—have long been treated as low-risk, "set-and-forget" programs. This episode unpacks why that assumption no longer holds.
We break down the ERISA safe harbor that can exempt voluntary plans from fiduciary duties, the four conditions employers must meet to preserve that exemption, and the recent wave of class-action lawsuits alleging excessive broker commissions and weak oversight.
- The ERISA safe harbor and the four conditions to preserve the exemption
- Why class actions are targeting broker commissions and oversight gaps
- Running regular RFPs and loss-ratio audits
- Demanding full transparency on broker compensation
- Documenting every vendor decision to strengthen governance
PBM Oversight and Disclosure Rules
Pharmacy benefit managers (PBMs) sit at the center of a rapidly shifting regulatory landscape, and employers can no longer afford to take their PBM contracts at face value. In this follow-up episode, we explore the DOL's new disclosure rules and the Consolidated Appropriations Act of 2026.
We cover the growing litigation targeting plan sponsors for failing to benchmark pricing, conduct competitive RFPs, and rein in spread pricing—and why many employers are transitioning to transparent, pass-through PBM models.
- The DOL's new disclosure rules and the Consolidated Appropriations Act of 2026
- 100% rebate pass-through, semi-annual reporting, and civil penalties for non-compliance
- Litigation risks from weak benchmarking and spread pricing
- Why employers are moving to transparent, pass-through PBM models
- How the shift has driven 10–25% per-capita pharmacy cost reductions in year one
Episode 1
Fiduciary Risk in Voluntary Benefit Plans
Voluntary benefits—supplemental coverage like accident, critical illness, and hospital indemnity insurance—have long been treated as low-risk, "set-and-forget" programs. This episode unpacks why that assumption no longer holds.
We break down the ERISA safe harbor that can exempt voluntary plans from fiduciary duties, the four conditions employers must meet to preserve that exemption, and the recent wave of class-action lawsuits alleging excessive broker commissions and weak oversight.
- The ERISA safe harbor and the four conditions to preserve the exemption
- Why class actions are targeting broker commissions and oversight gaps
- Running regular RFPs and loss-ratio audits
- Demanding full transparency on broker compensation
- Documenting every vendor decision to strengthen governance
Episode 2
PBM Oversight and Disclosure Rules
Pharmacy benefit managers (PBMs) sit at the center of a rapidly shifting regulatory landscape, and employers can no longer afford to take their PBM contracts at face value. In this follow-up episode, we explore the DOL's new disclosure rules and the Consolidated Appropriations Act of 2026.
We cover the growing litigation targeting plan sponsors for failing to benchmark pricing, conduct competitive RFPs, and rein in spread pricing—and why many employers are transitioning to transparent, pass-through PBM models.
- The DOL's new disclosure rules and the Consolidated Appropriations Act of 2026
- 100% rebate pass-through, semi-annual reporting, and civil penalties for non-compliance
- Litigation risks from weak benchmarking and spread pricing
- Why employers are moving to transparent, pass-through PBM models
- How the shift has driven 10–25% per-capita pharmacy cost reductions in year one
Meet our podcast team
Professionals from KPMG Global Reward Services and Pierson Ferdinand LLP break down what's changing—and what employers should do next.
