Jenny Kiesewetter: Fiduciary Duty in Selecting Health Plan Providers

Jenny Kiesewetter has more than 24 years of experience advising businesses in ERISA, employee benefits, compensation, fiduciary responsibility, and compliance matters.

As a member of the firm’s Employee Benefits and Tax Practice in Nashville, she advises clients on all aspects of employee benefits and executive compensation, including qualified and nonqualified retirement plans, health and welfare benefit plans, cafeteria plans, severance plans, and equity-based compensation plans.

Jenny has also worked with businesses and investors during mergers and acquisitions, focusing on due diligence and compliance related to employee benefit plans, including retirement, health and welfare, and executive compensation plans. Additionally, she has worked on many post-acquisition employee benefit matters, specifically related to plan compliance and correction.

Jenny earned her law degree from the University of Tennessee College of Law, Knoxville, as well as a master’s in communications. She earned her undergraduate degree from the University of Florida. She has been consistently recognized by U.S. News - Best Lawyers for ERISA Litigation and Employee Benefits (ERISA) Law.

Jenny is a frequent speaker and author on topics including ERISA, employee benefits, retirement plans, health plans, and statutory and regulatory compliance.  To subscribe to her LinkedIn newsletter “ERISA Explained,” please visit - https://www.linkedin.com/newsletters/erisa-explained-7083416224222601216/ 

In this episode, Eric and Jenny Kiesewetter discuss:

• Fiduciary responsibility in ERISA health plan oversight
• Conducting proper due diligence for health plan service providers
• Securing and ensuring access to health plan data
• Reviewing provider fee disclosures

Key Takeaways:

• Selecting and monitoring health plan providers is an ongoing fiduciary function. Sponsors must document their decision-making and maintain oversight even after hiring a provider.
• When choosing a broker or advisor, conduct thorough due diligence. Interview multiple candidates, review their experience, services, and fees, and ensure they fit your organization’s needs.
• Plan sponsors should secure access to all necessary health plan data. Owning and understanding this data is critical for informed fiduciary decisions and compliance with federal laws.
• Review 408(b)(2) fee disclosures from health plan service providers. Missing or incomplete disclosures can create compliance risks and may be seen as an unreasonable relationship by the Department of Labor.

“You can't make fiduciary decisions if you don't know what the data says. That's my opinion. You have to understand what the data says to be able to make the right fiduciary decisions.” - Jenny Kiesewetter

Connect with Jenny Kiesewetter:

LinkedIn: https://www.linkedin.com/in/jennykiesewetter/ 

Connect with Eric Dyson: 

Website: .css-j9qmi7{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;font-weight:700;margin-bottom:1rem;margin-top:2.8rem;width:100%;-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:start;justify-content:start;padding-left:5rem;}@media only screen and (max-width: 599px){.css-j9qmi7{padding-left:0;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;}}.css-j9qmi7 svg{fill:#27292D;}.css-j9qmi7 .eagfbvw0{-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;color:#27292D;}