The Fiduciary Audit Checklist Because “Trust Me, It’s a Good Plan” Isn’t a Legal Defense Anymore

If you’re signing the Form 5500, negotiating the stop-loss renewal, or reviewing the broker RFP—you’re the fiduciary. And if that makes your stomach turn a little… you’re not alone.

Let’s be real: most employers didn’t ask for this title. You just wanted to offer great healthcare to your employees. But ERISA doesn’t care about your intentions. It cares about your oversight.

And in this new era of lawsuits, subpoenas, and sky-high costs, that means asking better questions—and demanding better answers.

So we built something to help you get started.

🧩 Why You Need a Fiduciary Audit

The DOL’s enforcement clock is ticking. Plan participants are getting savvy. And brokers, PBMs, and TPAs are still writing contracts that—let’s be honest—most plan sponsors have never actually read.

Here’s what we’ve seen:

• Broker comp disclosures that don’t disclose anything

• Stop-loss renewals with auto-escalators and no guarantees

• Pharmacy contracts with spread pricing buried in attachments

• "Wellness programs" pitched with vendor kickbacks baked in

  
  

Most of this is happening under your nose. And it’s not because you’re inattentive—it’s because the system is designed to keep you in the dark.

The Fiduciary Audit Checklist flips the light switch.

🧠 What’s Inside the Checklist?

Our 2-page printable and fillable tool helps you quickly evaluate:

🧾 Contracts & Agreements

• Do you actually have access to your contracts?

• Have they been reviewed for renewal traps or limitations?

• Are performance guarantees defined and enforced?

💰 Compensation Disclosures

• Have you received a CAA-compliant broker comp disclosure?

• Do you know about indirect payments, overrides, or bonuses?

🔄 Plan Performance & Fees

• Are you tracking claims trends beyond just premium?

• Do you know what your PBM keeps vs. passes through?

🧠 Governance & Compliance

• Is there a formal Health Plan Committee?

• Are decisions documented and legally reviewed?

👥 Employee Impact

• How much are employees paying out of pocket?

• Are you tracking their experience or just assuming?

🤝 What to Do With This Info

Use this checklist to:

• Pressure-test your current advisory relationships

• Prep for your next renewal with sharper questions

• Start building a governance culture around your plan—just like you do with your retirement benefit

And if you’re thinking: “We don’t have the time or resources to tackle all of this”—that’s exactly where we come in.

🧭 Herb’s Take

Every employer-sponsored health plan has risk baked into it. The question is: Do you know where it is?

This checklist is a simple, powerful tool to move you from passive payer to active fiduciary. And you don’t have to do it alone. At Herb On Health, powered by our partnership with OVD Insurance, we help employers break free from legacy plans, opaque contracts, and advisors who say, “Don’t worry about it.”

🚪 It starts with asking better questions.

✅ It continues with taking back control.

📥 Download the Fiduciary Audit Checklist

👉 Click here to get your PDF copy

📣 If you want help reviewing your plan documents, disclosures, or vendor strategy—reach out to the team at OVD Insurance. Let’s make your plan work like you always thought it did.

🔗 More tools and insights: www.herbonhealth.com