According to legislative insiders in Washington, the changes within the 2021 Consolidated Appropriations Act are here to stay. But what does this mean for plan sponsors and advisors?

Related: Consolidated Appropriations Act deep dive

The legislation will have significant implications for both groups, especially as the plan sponsor will now be held to a fiduciary standard. The CAA legislation establishes the environment for greater transparency, the need for better due diligence and the opportunity for improved employee health care outcomes at a lower expense. This situation will provide a perfect alignment: What is good for plan sponsors is good for plan participants. The need to assist the plan sponsor in creating a fiduciary process is a huge opportunity for a great Advisor.

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