Okaying a Premium Problem: When Voluntary Benefits Become Involuntary Lawsuits
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Okaying a Premium Problem: When Voluntary Benefits Become Involuntary Lawsuits
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On this Ropes & Gray podcast, employment associate Kendall Dacey is joined by benefits consulting principals David Kirchner and Harvey Cotton to discuss a new twist on the relentless ERISA class action lawsuits targeting major employers—this time targeting both employers and their brokers—over voluntary benefit programs such as accident insurance, critical illness coverage, and hospital indemnity plans. The conversation explores how these lawsuits challenge long-held assumptions that voluntary benefits fall safely outside ERISA’s reach. If courts agree these plans are ERISA-covered, employers could face potential fiduciary liability for failing to prudently select insurance carriers and monitor broker commissions for reasonableness and brokers themselves are squarely in the crosshairs for allegedly prioritizing their own compensation over participants’ interests. The episode concludes with practical steps companies can take now to reduce their exposure before the next complaint lands.