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In recent years, a growing contingent of benefits brokers and consultants have been advocating for greater transparency into how they get paid. And the federal government has agreed with them, including a provision in the Consolidated Appropriations Act of 2021 requiring that brokers begin disclosing compensation and commissions to their employer clients.
As if brokers didn’t already have enough on their plates this fall, the requirement goes into effect in just over a month, on December 27, 2021. And if the Q&A section of a recent BenefitMall webinar is any indication, there are still a lot of questions that need to be answered. Misty Baker and David Mordo did their best to clear up as much as possible, with the caveat that the official guidance for implementation has yet to be released.
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Emily Payne is managing editor at BenefitsPRO. A Wisconsin native, she spent the past eight years writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
By the end of this article, you will better understand how the CAA can offer an opportunity for benefits brokers to open new doors and educate buyers on a significant and eminent change to our industry.
Competing successfully in today’s labor market means moving away from reactive recruitment practices that are overly reliant on compensation. Instead, take a more strategic approach with innovative add-on health benefits that complement core benefits and can be tailored to the needs and wants of a diverse workforce. Download this guide to learn how.