Employers Urge Stronger Health Transparency as ERISA Turns 50

Employers contending with heightened scrutiny on fiduciary duties to their health plans are calling for more transparency from insurance companies and other third-party vendors as a landmark health benefits law turns 50.

The Employee Retirement Income Security Act was enacted on Sept. 2, 1974, when self-insured plans that fall under the law covered around 6% of people in group health plans. Today they make up 57% of private employer plans, and increasing scrutiny on their role has sparked calls for more transparency and oversight of other plan service providers that control data and prices. States have moved to regulate the ...