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Broker compensation disclosures: Are you ready?

For benefits brokers still struggling to understand what needs to be reported, to whom and when, here’s a quick rundown.

two people looking at calendar on laptop As if brokers didn’t already have enough on their plates this fall, the requirement goes into effect in just over a month. (Photo: Shutterstock)

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

Emily Payne

Emily Payne is the current deputy editor for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.

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