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A fiduciary would have to show that the benefits from reducing plan participant liquidity justified the impact.

The plan says it could have received $1.4 million from its stop-loss carrier if the notice earlier had arrived earlier.

IRAs lead with $19.2T, followed by $14.2T in defined contribution plans, according to ICI.

The in-network denial rate ranged from 3% to 36%, with significant variation by insurer and state. Three percent of reporting insurers had in-network denial rates of 30% or higher in 2024, a decrease from 17% in 2023.

"Consolidation may allow providers to operate more efficiently and help struggling providers keep their doors open in underserved areas, but it often reduces competition," a new KFF report said.

New KFF survey results suggest the total could fall below exchange managers' 17.7 million forecast.