What is your Fiduciary Liability Risk? Survey

NOTE: The following questions and answers are by way of example only and do not constitute, nor should they be understood as, legal advice intended to be relied upon by any SurveyMonkey customers. We recommend that you obtain independent legal advice with respect to your organization's specific regulatory and legal obligations.

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* 1. When an employer sponsors a self-funded health plan and contracts a claims administrator to process claims, what entity is the Plan Administrator?

The TPA or Claims Payer processing claims

The Benefit Consultant or Broker

The Employer

All of the Above

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* 2. What are the Fiduciary duties of the Plan Administrator

Act solely in the interest of plan participants and their beneficiaries and with exclusive purpose of providing benefits to them

Carry out duties prudently

Follow ERISA compliant Plan Documents

Pay only reasonable plan expenses

All of the Above

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* 3. Which of these is always a Plan Fiduciary

Plan Administrators

Claims Administrators

Benefit Consultants

CPA

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* 4. What is Fiduciary Liability?

$1,000 a day per incident, plus restoration of Plan losses

Up to $5,000 per Plan member impacted, plus restoration of Plan losses

All Plan’s Financial Losses

None

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* 5. Is Hiring a Service Provider a Fiduciary Function?

Yes

Sometimes

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* 6. Which of these should you do, when hiring a Plan service provider?

Get information from more than one provider

Compare firms based on the same information, services and costs

Obtain information on the firm, such as financial condition and experience

Ensure the firm has all required license up to date

All of the Above

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* 7. What are Fiduciaries duties when monitoring service providers?

Review Performance

Checking Actual Fees Charged

Ensuring that records are properly maintained

Following up on participant complaints

All of the Above

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* 8. Do you need to know and track the total compensation of your Plan’s vendors, including your consultant and TPA?

Yes

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* 9. Do you have a method to uncover hidden compensation paid to your consultant or broker from other vendors that may create a conflict of interest?

Yes

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* 10. Do Stop-Loss commissions and other Plan vendors revenue-sharing arrangements with a consultant or broker need to be disclosed on form 5500 Schedule A or C if the contract service is in the name of the employer and not paid by any employee contributions?

Yes

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* 11. Can you independently verify whether or not your Plan’s prescription benefit manager is delivering prescription drug ingredients costs as contracted?

Yes

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* 12. Do you have a method to verify your claims administrator maximized your plan reimbursements under the stop-loss contract?

Yes

Don't Know

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* 13. Do you have a system in place that will identify contingency fees or other fees paid as a percentage of savings that might be buried in your plan's medical claims data?

Yes

Don't Know

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* 14. If your system does identify contingency fees in the claims data, do you have a method to verify that the fees paid were competitive and provided a net savings to the plan?

Yes

Don't Know

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* 15. One last section...We want to know a little about you.

Name

Company

Email Address