The law firm Schlichter Bogard is expanding its reach in fiduciary litigation, based on social media efforts, particularly focusing on provisions within the Consolidated Appropriations Act of 2021 (CAA). This law has extended ERISA Section 408(b)(2) responsibilities from retirement plan providers to health care providers as well. This means that plan sponsor fiduciaries must ensure that fees and services provided by health care plans are reasonable, like the responsibilities they have for retirement plans. Non-compliance with the CAA’s requirements can lead to fines and class-action lawsuits for employers. Schlichter Bogard is actively targeting various firms, including Anthem, Kohl’s, Walgreens, and others, via LinkedIn ads, with the aim of engaging employees who participated in their respective company’s health care plans and potentially pursuing legal claims.
You can hear more about this story and others in Fred Barstein’s 401(k) Real Talk – Episode 72.