Last Week the DOL, Today Congress: PBM Transparency and Compensation Disclosure Requirements

As we told you on Friday, the DOL released proposed regulations requiring PBMs to disclose up to 8 “types” of compensation streams to a self-insured group health plan in accordance with ERISA’s section 408(b)(2)(B) Compensation Disclosure requirements (which you can read here, along with a 2-page summary of these proposed regs here).

And today, in a “1-2 punch” for PBM transparency, Congress enacted legislative language that would require a PBM to disclose to a group health plan, among other things, PBM payment practices including the receipt of rebates, price concessions, and “spread pricing,” along with the gross and net costs of prescription drugs in the PBM’s drug formulary, and other information like whether the PBM is dispensing covered drugs through PBM-owned pharmacies, mail-order, or specialty programs.  Below is a bullet-pointed list of information that PBMs must now disclose to the plan.

And to pile on, this legislative language also amended ERISA section 408(b)(2)(B) to delete the references to “Brokerage Services” and “Consulting,” and instead, clarified that any plan service provider that furnishes the “types of services” included in the statute’s enumerated “list of services” are subject to the 408(b)(2)(B) Compensation Disclosure requirements.  This amendment is intended to confirm that (1) PBMs that perform “pharmacy benefit management services” and (2) TPAs that perform “third-party administrative services” (both of which are “types of services” included in the statute’s enumerated “list of services”) are required to disclose “direct” and “indirect” compensation to a plan’s fiduciary in accordance with ERISA section 408(b)(2)(B).

And not to be outdone, this recently enacted legislation also requires a PBM to pass through 100% of the rebates paid to the PBM by a drug manufacturer to the plan itself.

The proposed regulations, and now this legislation, include industry-changing requirements, and only time will tell how transformative they may be.  We will keep you posted…

Bullet-Pointed Summary of Required PBM Transparency Disclosures

• Effective for the first plan year starting 30 months after the date of enactment, an entity providing pharmacy benefit management services (e.g., a PBM) on behalf of a group health plan must furnish to the group health plan every 6 months (or quarterly if requested by the group health plan) a report in a Machine-Readable Format with the following information relating to the prescription drugs covered under the group health plan:

• A list of covered drugs for which a claim was filed and the proprietary name and National Drug Code for each drug.

• The amount of compensation paid by the plan to the PBM for each covered drug.

• The amount of compensation the PBM paid to a pharmacy for each covered drug.

• The difference between the amount of compensation (1) paid by the plan to the PBM and (2) paid by the PBM to the pharmacy for each covered drug.

• The type of dispensing channel used to furnish each covered drug (e.g., retail, mail-order, or specialty).

• With respect to each drug dispensed through any of these channels, disclose (1) the “wholesale acquisition cost” (in the case of a brand-name drug) and (2) the “average wholesale price” (in the case of a generic drug).

• With respect to the brand-name and generic drugs, disclose (1) the original prescription and refill claims, (2) the participants and beneficiaries for whom a claim was filed through any one of the dispensing channels, (3) the dosage units and dosage units per fill, and (4) days supply of such drug per fill.

• The net price, after rebates, fees, or discounts received from a drug manufacturer, per course of treatment or single fill.

• The total amount of participant out-of-pocket spending for each covered drug.

• The total net spending for each covered drug.

• The total amount received, or expected to be received, by the plan from a drug manufacturer in rebates, fees, or discounts.

• The total amount received, or expected to be received, by the PBM from a drug manufacturer in rebates, fees, or discounts (1) for claims incurred and (2) related to utilization of a drug or spending on a drug.

• If applicable, the total amount of copay assistance, copay cards, or other discounts offered by each drug manufacturer to plan participants.

• A list of each “therapeutic class” for which a claim was filed and with respect to each such “therapeutic class” (1) the total gross spending on drugs in such class before rebates, price concessions, or discounts, (2) total net spending in such class after rebates, price concessions, or discounts, (3) total amount received, or expected to be received, by the PBM from a drug manufacturer in rebates, price concessions, or discounts for (a) claims incurred and (b) related to utilization of a drug or spending on a drug.

• The average net spending per 30-day and per 90-day supply by the plan among all drugs within the “therapeutic class” for which a claim was filed.

• The number of participants and beneficiaries who filled a prescription for a drug in such “therapeutic class,” including the National Drug Code for each drug.

• If applicable, a description of the formulary tiers and utilization mechanisms (e.g., prior authorization or step therapy) for the drugs in the “therapeutic class.”

• The total amount of participant out-of-pocket spending for the drugs in the “therapeutic class.”

• With respect to any drug for which gross spending under the plan exceeded $10,000 during the 6-month reporting period OR in the case that gross spending under the plan exceeded $10,000 during the 6-month reporting period with respect to fewer than 50 drugs:

• The highest gross spending for the 50 covered drugs under the plan.

• For the 50 covered drugs with the highest gross spending during the 6-month reporting period, (1) a list of all other drugs in the same “therapeutic class” as these drugs, (2) the rationale for the formulary placement of such drug in that “therapeutic class,” and (3) any change in formulary placement from plan year to plan year

• If the PBM providing services to the plan owns a pharmacy, or owns a mail-order or specialty home delivery program, or owns a retail and mail auto-refill programs, or provides cost-sharing assistance funded by the PBM, this PBM must:

• Provide an explanation of any benefit design parameters that encourage or require participants and beneficiaries to fill prescriptions at the PBM-owned mail-order, specialty, or retail pharmacies.

• Provide the percentage of total prescriptions dispensed by such PBM-owned pharmacies to plan participants.
• Provide a list of all drugs dispensed by such PBM-owned pharmacies to plan participants including (1) the amount charged to the plan per dosage unit or 30-day or 90-day supply, (2) the median amount charged to the plan and the interquartile range of the costs per dosage unit or 30-day or 90-day supply, including amounts paid by plan participants, when the same drug is dispensed by pharmacies NOT owned by the PBM, (3) the lowest cost per dosage unit or 30-day or 90-day supply for each drug, including amounts charged to the plan and participants, that is available from ANY pharmacy in the plan’s network, and (d) the net acquisition cost per dosage unit or 30-day or 90-day supply if such drug is subject to a maximum price discount.

If you have questions or comments, please contact Chris Condeluci at ccondeluci@siia.org or Anthony Murrello at amurrello@siia.org.

Source, Self-Insurance Institute of America, Inc., personal communication, February 3, 2026

DOL Regulations Confirm That PBMs Are Subject to ERISA’s Compensation Disclosure Requirements

On Thursday, Jan. 29^th, the Department of Labor (DOL) finally released long-awaited proposed regulations implementing – and clarifying – important aspects of the 408(b)(2)(B) Compensation Disclosure requirements.  In short, these proposed rules clarify – and confirm – that Pharmacy Benefit Managers (PBMs) and any other service provider that furnishes “pharmacy benefit management services” to a self-insured group health plan are subject to the Compensation Disclosure requirements.  The proposed rules further confirm that PBMs and these service providers would be required to furnish specified disclosures to the self-insured plan’s fiduciary, and also to permit the plan’s fiduciary to conduct an audit for accuracy of the Disclosures.  

What Led to the Development of These Proposed Regulations? 
At the end of 2020, the Consolidated Appropriations Act of 2021 (CAA 2021) was enacted into law.  Among other provisions included in the CAA 2021 was a requirement that an entity or individual furnishing specified services to a group health plan must disclose to the plan’s fiduciary the “direct” and “indirect” compensation paid to the entity/individual.  This new requirement – set forth in ERISA section 408(b)(2)(B) (hence the name 408(b)(2)(B) Compensation Disclosure requirements) – used the terms “Brokage Services” and “Consulting,” which led the industry to believe that ERISA’s Compensation Disclosure requirements ONLY applied to “Brokers” and “Consultants.”   

However, on December 14, 2022, Congress sent a letter to the DOL explaining that Congress intended for the Compensation Disclosure requirements to apply to ANY entity/individual furnishing services set forth in an enumerated list of services in the statute, including PBMs and also Third-Party Administrators (TPAs) that, for example, develop a provider network or prescription drug formulary, process claims and maintain records, and negotiate rates for covered medical items and services or prescription drugs. 

While the Biden Administration’s DOL did not issue guidance in response to Congress’s letter, on April 15, 2025, the most recent Trump Administration issued an Executive Order directing the Trump DOL to develop regulations confirming that PBMs are subject to the 408(b)(2)(B) Compensation Disclosure requirements.  These proposed regulations are in response to President Trump’s directive. 

What Do the Proposed Regulations Say? 
The following provides you with a detailed summary of the most important aspects of these proposed regulations.  Note, public comments are due on March 31^st.  SIIA will be submitting comments. 

Proposed 408(b)(2)(B) Compensation Disclosure Regulations Applicable to PBMs and Other Service Providers 
As part of confirming that PBMs and other service providers are subject to ERISA’s Compensation Disclosure requirements, the proposed regulations explain that any person, business, or entity furnishing “pharmacy benefit management services” to a self-insured plan or a providing advice, recommendations, or referrals regarding the provision of “pharmacy benefit management services” must disclose to the plan’s fiduciary (1) the “types” of services provided to the plan and (2) the “types” of compensation received from the plan, from other third parties, and from any other arrangements with any parties in the pharmaceutical supply chain.  

Pharmacy Benefit Management Services – Defined 
Importantly, the proposed regulations define “pharmacy benefit management services” as services necessary for the management or administration of the self-insured plan’s prescription drug benefits, including, for example: 

– Acting as a negotiator or aggregator of rebates, fees, discounts, and other price concessions for prescription drugs;
– Establishing or maintaining prescription drug formularies;
– Establishing or maintaining pharmacy networks, through contract or otherwise, including a mail-order pharmacy, a specialty pharmacy, a retail pharmacy, a nursing home pharmacy, a long-term care pharmacy, and an infusion or other outpatient pharmacy, to provide prescription drugs;
– Processing and payment of claims for prescription drugs;
– Performing utilization review and management, including the processing of prior authorization requests for drugs, step-therapy protocols, patient compliance analyses, conducting therapeutic intervention, and administering generic substitution programs;
– Adjudicating appeals or grievances related to the self-insured plan’s prescription drug benefits;
– Record keeping related to the self-insured plan’s prescription drug benefits; andIn conjunction with any of these other services, performing regulatory compliance with respect to the self-insured plan’s prescription drug benefits under the contract or arrangement. 

The proposed regulations confirm that it does not matter whether the person, business, or entity performing these services identifies itself as a PBM.  What matters is whether the person, business, or entity is performing any of these services (and if the person, business, or entity is performing any of these services, then they are subject to these Compensation Disclosure requirements). 

Disclosure of the “Types” of Services 
The proposed regulations would require PBMs and other service providers to include in their Compensation Disclosures a description of each “pharmacy benefit management service” or of the advice, recommendations, or referrals regarding the provision of “pharmacy benefit management services” to be provided to the plan pursuant to the contract with the plan. 

Disclosure of the “Types” of Compensation Received 

“Direct Compensation”:  The Compensation Disclosure would be required to include a description of “direct compensation” paid to the PBM or service provider directly (1) from the self-insured plan itself (with plan assets) AND/OR (2) from the plan sponsor on behalf of the plan (for example, from the plan sponsor’s general assets).  This description must include the dollar amount of all “direct compensation” – both in the aggregate and by service – that the PBM or service provider reasonably expects to receive on a quarterly basis from (1) the plan AND/OR (2) the plan sponsor. 

Payments from Drug Manufacturers:  The proposed regulations would also require the Compensation Disclosure to include the amount of any payments (including rebates, fees, and other compensation) from drug manufacturers, as well as from rebate aggregators or other entities that negotiate rebates with drug manufacturers.  This disclosure must cover the amount of any payment – both in the aggregate and for each drug on the formulary – and it must be expressed as an amount reasonably expected to be paid on a quarterly basis.  Importantly, this disclosure must specify the amount that will be retained by the PBM or service provider, and also, the amount that will be passed on to (1) the self-insured plan or (2) the plan sponsor (if applicable). 

Spread Pricing:  Referred to as “Spread Compensation” in the proposed regulations, the Disclosure would be required to include (1) the amount the PBM or service provider received each quarter from the plan and (2) the amount the PBM or service provider paid each quarter to the pharmacy dispensing drugs – both in the aggregate and for each drug on the formulary – and for each dispensing channel (i.e., retail, mail-order, and specialty pharmacy).  

Drug Pricing Methodology:  The Disclosure would be required to include a description of the net cost to the self-insured plan of each drug on the formulary, for each dispensing channel, expressed as a dollar amount.  If a dollar amount is not ascertainable, the PBM or service provider must disclose the methodology used to determine the cost the plan will pay for each drug on the formulary, for each dispensing channel, along with an objective means to verify the accuracy. 

Co-Pay Clawbacks:  The Disclosure would also be required to include a description of the quarterly amount of co-pay clawback compensation (i.e., the dollar amount of the difference between a copayment or coinsurance amount paid to the pharmacy by a plan participant or beneficiary and the reimbursement to the pharmacy) that the PBM or service provider recouped from a pharmacy in connection with prescription drugs dispensed under contract with the plan, also specifying the anticipated total number of transactions resulting in recoupment.  

Price Protection Agreements:  The Disclosure would include a description of any inflation protection or price protection agreements that the PBM or service provider has entered with any drug manufacturer or other party in connection with prescription drugs dispensed under the contract with the plan, specifying the quarterly amount reasonably expected to be retained by the PBM or service provider in connection with each such inflation protection or price protection contract or arrangement and the amount that will be passed on to (1) the plan and/or (2) the plan sponsor (if applicable). 

Formulary Placement Incentives:  The Disclosure would be required to include a description of any formulary placement incentives that the PBM or service provider has entered with any drug manufacturer in connection with the contract with the plan, along with an explanation of how the incentives affect services to, and are aligned with, the interests of the plan and/or its participants.  If the PBM or service provider has the authority to modify the formulary during the term of the contract with the plan – such as by adding or deleting drugs or changing their tiering – the Disclosure must include an explanation of the reasons for retaining such authority, the expected frequency of such changes, and that the plan fiduciary will be notified reasonably in advance of any modifications that are expected to have a material impact on the reasonableness of compensation paid to the PBM or service provider, as well as the plan’s right to terminate the PBM’s or service provider’s contract on reasonably short notice under the circumstances. 

Termination of Contract:  The PBM or service provider would be required to disclose the amount of compensation (if any) they will receive if the contract with the plan is terminated, and how any pre-paid amounts (if any) will be calculated and refunded upon termination. 

Other Important Stuff In These Proposed Regulations 
If a TPA (who is not otherwise a PBM) contracts with a self-insured plan to provide “pharmacy benefit management services” to the plan, that TPA would become subject to these Compensation Disclosure requirements, even if the TPA intends to rely on another service provider to perform those “services.”  In this case, the TPA would be responsible for making the required Disclosures discussed above, and therefore, must be able to obtain information necessary for furnishing the proper Disclosure from the other service provider performing the “pharmacy benefit management services.” 

Separately, but also related to TPAs, the DOL explicitly requests comments on whether the Department should extend these Compensation Disclosure requirements to apply to TPAs that are performing “third party administrative services,” which is a “service” set forth in the enumerated list of services in the statute. 

The DOL also requests comments on whether the proposed required Compensation Disclosure should include other items like claims data, payments to providers, and pricing information.  In other words, should claims data and pricing information be considered “compensation” under ERISA section 408(b)(2)(B), thus requiring the disclosure of claims data and pricing information to a self-insured plan’s fiduciary? 

If you have questions or comments, please contact Chris Condeluci at ccondeluci@siia.org or Anthony Murrello at amurrello@siia.org.

Source, Self-Insurance Institute of America, Inc., personal communication, January 30, 2026

New President & COO brings senior and benefits industry expertise to NIH’s leadership team

January 27, 2026 – DES MOINES, IOWA. NIH is a fast‑growing consulting firm specializing in healthcare design, data, pharmacy, and analytics, helping employers better manage healthcare costs while improving care quality and access to personalized services for their employees.

NIH has named Robert S. Shestack as its President & Chief Operating Officer. Prior to joining NIH, Mr. Shestack was most recently the Chief Revenue Officer at Juice Financial. Mr. Shestack also serves as the Chairman and CEO of the Health & Voluntary Benefits Association, a non-profit 501(c)(3) focused on education and networking opportunities related to providers and purchasers of healthcare and supplemental insurance programs. He will be responsible for leading NIH’s corporate strategy and growth efforts in the healthcare market as NIH continues to scale its industry-leading solutions. In addition, he will continue to focus on the growth and strategy of the HVBA.

“We are pleased to have Rob join our executive team and leading the strategy and operations of NIH,” said Jake Velie, Chairman & CEO. “Rob’s credentials, reputation and knowledge speak for themself. His extensive experience, leadership and benefits industry relationships make him an important part of our future growth. His strategic insight and industry perspectives will be a key addition in support of our strategic and growth efforts.”

Mr. Shestack has over 35 years of experience in strategic leadership roles in the healthcare space, across organizations such as Willis Towers Watson, AmeriFlex, USI, Marsh / Mercer, AmWINS, and Juice Financial. He holds undergraduate degrees in Actuarial Science, Risk Management and Business Law from Temple University.

“I am excited to join the NIH team,” said Shestack. “The challenges employers face in their healthcare spends and quality of care for their employees are underserved and a problem among brokers and their clients alike. Bringing NIH’s innovative solutions to this market offers a unique opportunity for employer to significantly reduce their healthcare spend, delivering more affordable and quality care improving the lives and wellness of their employees.”

About National Integrative Health

National Integrative Health (NIH) is a fiduciary pharmacy procurement and clinical services organization delivering one of the most advanced cost-plus pharmacy sourcing programs in the United States. NIH dramatically reduces the cost of high-cost brand, specialty, infusion, and cold-chain medications by leveraging the lowest net acquisition cost available globally or domestically. The program offers three customizable formularies—Global, Domestic, and U.S.-Only—each covering more than 7,000 NDCs and allowing plan sponsors to tailor sourcing based on regulatory, geographic, or strategic preferences. NIH integrates seamlessly with existing PBMs and provides full claims adjudication, rebate aggregation, copay assistance, data processing, and transparent reporting to ensure the lowest net cost to the plan. The platform also includes comprehensive U.S. and clinical programs such as 340B access, 503B direct manufacturing, infusion and site-of-care management, pharmacogenomics, GLP-1 management, and cell and gene therapy integration, with savings certified by actuaries nationwide.

Contact Information:

National Integrative Health
Jake Velie, Chairman & CEO
jvelie@nationalintegrativehealth.com
www.nationalintegrativehealth.com

Mount Laurel, NJ – December 2, 2025 — The Health & Voluntary Benefits Association® (HVBA) today announced the release of the second edition of its 2025 Insights That Matter: HVBA DIR Poll Report — presenting new findings from the most recent tranche of Daily Industry Report (DIR) polls — including Polls 46, 47, 48, 49, and 50. This release builds on the original 2025 report that further amplifies the collective voice and evolving priorities of health and voluntary benefits professionals across the U.S. workforce. 

Sponsored by MassMutual and Sydney Administrators, the refreshed report draws on the perspectives of thousands of benefits professionals — brokers, employers, HR teams, carriers, consultants, and administrators — and underscores new data, priorities, and key challenges that continue to shape the healthcare and benefits landscape.

What’s New in Edition 2

• Question 46 explored aspects of the One Big Beautiful Bill Act’s impact on brokers, revealing that a substantial portion of respondents (55.21percent) indicated navigating new regulatory compliance requirements as having the greatest effect on health and benefits brokers.
• Question 48 A majority of respondents strongly support the proposed 100% tariff policy on imported branded/patented drugs unless companies build production plants locally, believing it will encourage more domestic drug manufacturing.
• Question 50 The poll shows that most respondents (57%) believe Workplace Violence insurance would be beneficial, with many citing direct or indirect experience with such incidents.

“Our industry is evolving fast,” said Robert S. Shestack, CFF, CVBS, Publisher, Chairman & CEO of HVBA. “With this second edition of the DIR poll results, we’re not just presenting numbers — we’re capturing the shifting pulse of the benefits community. What matters today may shift tomorrow, but HVBA remains committed to surfacing those insights so employers, brokers, carriers, and consultants alike can act with clarity and confidence.”

The full second-edition report, including detailed poll data, question-by-question breakdowns, and expert analysis, is now available to HVBA members and industry professionals.

For more information or to request the full Insights That Matter: HVBA DIR Poll Results (Second Edition), please visit: https://vbassociation.com/discover-what-over-24000-professionals-think-about-2025s-top-benefits-trends/ or contact:

Media Contact:
Sarah Hunt
Health & Voluntary Benefits Association®
Phone: (856) 200-8024
Email: info@vbassociation.com

About the Health & Voluntary Benefits Association® (HVBA)
The Health & Voluntary Benefits Association® (HVBA) and the Health and Voluntary Benefits Institute® (HVBI) are leading providers of comprehensive employee benefits solutions, compliance consulting, product development and industry certifications. With a commitment to innovation and excellence, HVBA & HBVI strives to empower employers and brokers with the tools they need to navigate the evolving landscape of healthcare and voluntary benefits. Through the Health & Voluntary Benefits Association® (HVBA) and the Health & Voluntary Benefits Institute® (HVBI), we are dedicated to advancing industry knowledge and promoting best practices for the benefit of all stakeholders.

About MassMutual (Massachusetts Mutual Life Insurance Company)
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. For more information, visit www.massmutual.com.

Atlantic City, NJ — November 20, 2025 — The Health & Voluntary Benefits Association® (HVBA) today announced the commencement of its 18th Annual Board Meeting and Benefits Roadshow at the Ocean Casino Resort in Atlantic City. The event brings together more than 140 industry professionals, including senior executives, brokers, carriers, thought leaders, and technology innovators from across the United States. 

The annual gathering serves as HVBA’s premier national convening, providing a structured forum for education, policy discussion, industry intelligence, and strategic collaboration within the health and voluntary benefits marketplace.

Comprehensive Program Anchored in Industry Leadership

The event begins with a closed-session HVBA Board Meeting (8:00 AM – 12:00 PM), where members of the Executive and Advisory Boards—collectively representing more than 750 years of industry experience—will review emerging trends, regulatory developments, and strategic initiatives for 2026. Featured speakers include:

• Stephen J. Sheinbaum, CEO, TEG Wellness/Ignite Health
• Michael Neil, CFO, Ignite Health Benefits
• Robert Shestack, Chairman & CEO, HVBA
• Jake Velie, Vice Chair & President, HVBA; Chairman & CEO, National Integrative Health 
• And more..

2025 HVBA Atlantic City Agenda…

Innovation Sessions Spotlighting Emerging Solutions (1:00 PM – 4:30 PM)

The afternoon Innovation Sessions, moderated by Mike Hirschberg, Division Sales Manager at MassMutual, feature expert-led presentations on workforce financial well-being, artificial intelligence, pharmacy trends, Medicare navigation, and specialty risk solutions.

Presentations include:

• All-In-One Financial Guidance for Workforces – SAVVI Financial
• Workplace Violence Insurance – An Emerging Crisis – NWVSA
• The Medicare Minefield: 10 Misunderstood Rules – Solofsky Financial Group
• A.I. Magic or Machine Learning? – InsightAlly
• Providing the Confidence in Every Care Journey – MotivityCare
• Multi-Agent Systems for Insurance Operations – Agentic Brain
• Sponsor Spotlights from SGIC, JUICE Financial, The Standard, and others 

These sessions provide attendees with data-driven insights and actionable strategies for navigating rising healthcare costs, advancing employee well-being, and integrating emerging technologies into benefit delivery systems.

Evening Reception, Recognition Program, and Charity Auction (4:30 PM – 8:00 PM)

The conference concludes with a formal Networking Reception, followed by the HVBA Hall of Fame & Industry Leadership Awards and a Live Charity Auction conducted in partnership with Trinity Oaks Outdoors, a 501(c)(3) nonprofit organization committed to serving military veterans, families enduring life-threatening illness, and underserved youth through therapeutic outdoor experiences.

Auction items include:

• Kentucky Bourbon Trail experience
• Barcelona Wine & Culinary Tour
• Six-Day Ireland Cultural Journey
• Guided Hog Hunt at Thumbtack Ranch

All proceeds (after expenses) are shared equally between HVBA and Trinity Oaks Outdoors. 

Commitment to Industry Advancement

HVBA continues its mission to support employer groups, brokers, carriers, and solution providers by offering credible research, educational resources, and national programming. The association’s flagship Daily Industry Report now reaches more than 26,000 subscribers and continues to serve as one of the sector’s most widely referenced sources for benefits-related intelligence. 

Robert S. Shestack, Chairman & CEO of HVBA, stated:
“Our annual conference has become a central forum for constructive conversation, professional development, and collective industry progress. We remain committed to advancing responsible innovation, improving access to meaningful benefits, and fostering the relationships that strengthen our sector.”

He added:
“We could not do this without our board, partners, and sponsors whose ongoing support allows us to deliver meaningful programming and elevate the benefits industry year after year.”

About the Health & Voluntary Benefits Association® (HVBA)

The Health & Voluntary Benefits Association® is the nation’s first nonprofit trade association dedicated to advancing the education, implementation, and enrollment of health and voluntary benefits. Through national roadshows, corporate membership, research initiatives, and market intelligence, HVBA serves as a collaborative platform for brokers, carriers, consultants, employers, and industry stakeholders across the United States. 

Media Contact

Sarah M. Hunt
Senior Vice President, Administration
Health & Voluntary Benefits Association®
events@vbassociation.com
www.vbassociation.com

Atlantic City, NJ – October 20, 2025 — The Health & Voluntary Benefits Association (HVBA), in partnership with the Workplace Benefits Association (WBA), is honored to announce the induction of David Essary, Chief Strategy Officer at Alight Solutions, into the prestigious HVBA & Workplace Benefits Association International Hall of Fame. This distinguished recognition celebrates David’s exceptional leadership, strategic vision, and lasting contributions to the voluntary benefits and healthcare landscape.

The Hall of Fame honor will be presented at the 18th Annual HVBA Conference, taking place on Thursday, November 20, 2025, at the Ocean Casino Resort in Atlantic City, NJ. The ceremony will spotlight David Essary alongside eight other remarkable industry executives whose innovation and impact have shaped the trajectory of workplace benefits across the country.

Humana is proud to sponsor the HVBA’s 18th Annual Conference and the Hall of Fame and eight Leadership Awards.

“David Essary’s career reflects a powerful blend of insight, influence, strategic thinking and industry-shaping leadership,” said Robert S. Shestack, Chairman & CEO, HVBA. “His contributions to the development and modernization of voluntary benefits have been instrumental in improving how organizations support their workforce and how individuals access meaningful healthcare and financial wellness solutions.”

HVBA Board Member Vince Cicatiello met David in the late ’90s sharing, “from the moment I met David it was clear he had a rare talent for communicating and educating employees through complex benefits decisions. His leadership at Allstate was the pinnacle of a remarkable career, and this nomination is a well-earned recognition of his impact on our industry.”

The HVBA & Workplace Benefits Alliance Hall of Fame honors industry pioneers and trailblazers who have made extraordinary strides in advancing the voluntary benefits space. From groundbreaking strategy to operational excellence, the 2025 Hall of Fame class represents the pinnacle of achievement in our industry.

Join us in Atlantic City as we celebrate these nine exemplary leaders and recognize the excellence, innovation, and dedication that continue to propel the health and voluntary benefits sectors forward.

“The 18th Annual HVBA Conference is more than just a B2B event—it’s a celebration of the leaders who are redefining the future of voluntary benefits and healthcare,” said Jake Velie, Vice Chair & President of HVBA. “We invite our peers, partners, and professionals across the industry to join us in Atlantic City on November 20th as we honor these trailblazers whose vision and impact continue to elevate the entire ecosystem.”

Registration & Sponsorship

• Register: https://www.eventbrite.com/e/18th-annual-hvba-conference-atlantic-city-nj-tickets-1478689583349?
• Sponsorship & Corporate Membership Inquiries: events@vbassociation.com
  Early interest is strong; capacity is limited.

About the Health & Voluntary Benefits Association (HVBA)

The Health & Voluntary Benefits Association is a leading industry organization committed to advancing innovation, education, and leadership in workplace and voluntary benefits. Through its national events, research, and recognition programs, HVBA brings together top professionals and organizations working to shape the future of healthcare and employee benefits.

About Humana

Humana is a Fortune 50 health insurance company committed to the health of our 17 million members. We’ve been offering Humana Group Benefits for over 50 years, with plans designed to keep businesses and their employees healthy, happy, and productive. Our group dental, vision, life, and disability plans offer exceptional service, large networks and modern benefits that serve a broad range of member needs.

About the Workplace Benefits Association

The Workplace Benefits Association is a collaborative initiative supporting benefit advisors, employers, and solution providers through education, advocacy, and community. In alignment with the HVBA, it amplifies voices across the benefits industry and honors excellence through the annual Hall of Fame and Leadership Awards.

Mount Laurel, NJ – September 3, 2025 –The Health & Voluntary Benefits Association® (HVBA) is thrilled to announce several Executive and Advisory Board Member promotions. 

It is with great pride and admiration that the HVBA congratulates Don Cahalan on his well-earned promotion from the Advisory Board to the Executive Board of the Health & Voluntary Benefits Association. Don’s unwavering commitment to the advancement of employee benefits and his deep expertise in health and voluntary programs have made him an invaluable contributor to the HVBA community.

“During his tenure on the Advisory Board, Don consistently demonstrated strategic insight, integrity, and a forward-thinking approach that helped shape the Association’s initiatives,” said Jake Velie, Vice Chair & President of the HVBA. “He brought a rare combination of practical experience and visionary leadership that not only influenced strategy but also inspired collaboration and innovation among peers.”

“I’m honored to be joining the Executive Board of the Health & Voluntary Benefits Association,” says Mr. Cahalan. “My time on the Advisory Board has been incredibly rewarding, allowing me to collaborate with passionate professionals committed to advancing our industry. I’m excited to continue serving HVBA in this new capacity and to help drive meaningful conversations and innovation in health and voluntary benefits. I look forward to what we can accomplish together.” Don Cahalan is also the Founder of Biggin Solutions.

Don’s promotion to the Executive Board is a natural and exciting next step. “His ability to build consensus, challenge conventional thinking, and advocate for sustainable, employee-centered benefit solutions will undoubtedly strengthen the Association’s mission and impact,” said Robert Shestack, Chairman & CEO of the HVBA.

The Health & Voluntary Benefits Association (HVBA) is proud to announce the promotion of two outstanding leaders within our Advisory Board. Amy Mansfield Nelli has been elevated to the role of 1st Vice President, recognizing her exceptional leadership, strategic vision, and longstanding contributions to the Association’s mission. In addition, Mike Hirschberg has been promoted to 2nd Vice President, a testament to his deep industry expertise and commitment to advancing thoughtful, member-focused benefit solutions. Both Amy and Mike have consistently demonstrated a passion for innovation and collaboration, and we are excited to see their continued impact in these new leadership roles.

“I look forward to seeing the continued influence of Don, Amy, and Mike’s leadership in these new roles. The HVBA Executive & Advisory Board is fortunate to gain such thoughtful and results-driven leadership,” proclaimed Shestack. 

About Health & Voluntary Benefits Association® (HVBA):
HVBA is a leading organization dedicated to providing resources, education, and networking opportunities for professionals in the health and voluntary benefits industry. HVBA aims to foster collaboration, innovation, and excellence in the field through events, workshops, and online platforms.

Media Contact:
Sarah Hunt
SVP of Administration
shunt@vbassociation.com

A day of innovation, deal-making, and purpose-driven networking at Ocean Casino Resort, November 20, 2025

ATLANTIC CITY, N.J. — September 25, 2025 — The Health & Voluntary Benefits Association (HVBA) today announced its 18th Annual HVBA event will take place November 19–20, 2025 at Ocean Casino Resort on the iconic Atlantic City Boardwalk. This year’s program features an Invite-Only VIP Dinner on November 19, followed by a full day of board programming, the HVBA Innovation Summit, and an evening Networking Reception with Leadership Awards Ceremony and Charity Component on November 20.

“Atlantic City has a legacy of big stages and bold moves—a perfect backdrop for HVBA’s 18th year of catalyzing partnerships that help employers and their people thrive,” said Rob Shestack, HVBA Chair. “Attendees can expect candid conversations, actionable strategies, and real opportunities to build their 2026 pipeline.”

“Our model is simple: quality content + curated connections = business outcomes,” added Jake Velie, HVBA. “We’re excited to welcome the industry to Ocean Casino Resort for two energetic days that combine learning, relationships, and purpose.”

Event Highlights

• Invite-Only VIP Dinner — Wednesday, Nov. 19
  An intimate evening for HVBA leaders, sponsors, and select guests to connect and set the tone for the main event.
• HVBA Board & Leadership Programming — Thursday, Nov. 20 (AM)
  Focused sessions for HVBA Board Members and invited guests to align on 2026 initiatives and market priorities.
• HVBA Innovation Summit — Thursday, Nov. 20 (Afternoon)
  Fresh insights on growth, product innovation, compliance outlooks, and integrated health strategies—delivered by leaders building what’s next.
• HVBA Networking Reception, Awards Ceremony & Charity Component — Thursday, Nov. 20 (Evening)
  A premium, business-forward reception designed for real conversations that lead to real deals. Includes butler-passed hors d’oeuvres and open bars, plus a purpose-driven auction supporting Trinity Oaks Outdoors’ “Honoring Our Heroes.”

Why Attend

• Deeper Connections, Faster: Intimate scale + curated introductions = time well spent.
• Right-Now Intelligence: What’s changing in voluntary, medical, and integrated solutions—and where growth will come from next year.
• Action Over Hype: Leave with new partnerships, clear takeaways, and a fuller pipeline.
• Complimentary Registration for Licensed Brokers & Agents (limited capacity).

Preliminary Schedule* (All times ET)

Wednesday, November 19

• Evening – Invite-Only VIP Dinner

Thursday, November 20

• 8:00 AM–12:00 PM – HVBA Board/Leadership Programming (invite only)
• 1:00–3:30 PM – HVBA Innovation Summit
• 4:00–8:00 PM – HVBA Networking Reception, Leadership Awards Ceremony & Charity Component

*Final agenda and speakers to be announced.

Venue

Ocean Casino Resort
A contemporary, oceanfront property offering panoramic views, elevated dining, and seamless access to the Boardwalk—pairing modern luxury with Atlantic City’s storied energy.

Registration & Sponsorship

• Register: https://www.eventbrite.com/e/2025-hvba-benefits-roadshow-event-atlantic-city-nj-tickets-1478689583349?
• Sponsorship & Corporate Membership Inquiries: events@vbassociation.com
  Early interest is strong; capacity is limited.

Media Contact

Jenny Jenkins
Health & Voluntary Benefits Association (HVBA)
Cell: (561) 398-1060
Email: jjenkins@vbassociation.com
Website: www.vbassociation.com

About HVBA

The Health & Voluntary Benefits Association (HVBA) unites brokers, agents, consultants, carriers, and solution innovators to accelerate better benefits for employers and the people they serve. Through executive roundtables, regional roadshows, and its annual summit, HVBA delivers practical insights, curated partnerships, and purpose-driven community impact. Learn more at www.vbassociation.com.

Nashville, TN – September 3, 2025 – The Health & Voluntary Benefits Association (HVBA) hosted a record-breaking Benefits Roadshow in Nashville on September 3, 2025, bringing together industry leaders, innovators, and business professionals for a day of groundbreaking discussions, dynamic networking, and charitable giving. With standing-room-only attendance, the event marked one of HVBA’s most successful gatherings to date.

A Full Day of Impactful Programming

The day kicked off with a packed Board Meeting at the Renaissance Nashville Hotel, where board members and invited guests gathered for a half-day of strategic discussion. The morning set the stage for an afternoon of inspiration, learning, and connection.

At 1:00 PM, attendees filled the Music City Ballroom for the highly anticipated HVBA Innovation Summit, moderated by Mike Hirshberg, Division Sales Manager, MassMutual. The summit featured thought leaders and innovators from across the benefits and healthcare landscape, including:

• Robert S. Shestack, Chairman & CEO, HVBA – OBBBA 2025: Its Effect on Employee Benefits
• Mark Barbier on behalf of Mark Chibbaro, CRO, SGIC – Where Innovation Meets Impact
• Jeff Caldwell & Chris Davis, Claritev – Welcome to the New Claritev Broker Solutions
• Moshe Golomb, CEO, Juice Financial – Payment Solutions for Insurance
• Jim Senge, SVP, Ebix Health – A Digital Transformation Journey in Voluntary Benefits/Worksite Solutions
• Dr. Joseph Webb, CheckMySpot – When You’ve Got Skin in the Game, We Keep It in the Workplace

These sessions highlighted the innovations shaping the future of employee benefits, healthcare solutions, and digital transformation.

Networking, Partnerships, and Giving Back

Following the summit, the Networking Reception from 3:30 PM to 7:00 PM delivered an unmatched opportunity for collaboration. With premium open bars, butler-passed hors d’oeuvres, and lively reception stations, attendees forged new partnerships and celebrated shared successes.

Highlights included:

• Jake Velie, Vice Chair & President, HVBA; Chairman & CEO, National Integrative Health – The New Era of Pharmacy Economics
• Jennifer Carter, CEO, Medzown – Science-Powered Cost Containment for Cancer & Complex Disease
• A Trinity Oaks Outdoors Live Auction, featuring trips to Ireland and other incredible experiences, raising funds to honor and support America’s heroes.

The evening concluded with raffle drawings, networking celebrations, and enthusiastic feedback from attendees who called the event “off the charts.”

A Resounding Success

“From a full board meeting to an innovation summit packed with expertise, and a networking reception buzzing with energy, Nashville exceeded all expectations,” said Rob Shestack, Chairman & CEO of HVBA. “HVBA exists to connect, innovate, and give back—and Nashville proved what can happen when this community comes together.”

“Collaboration was the theme of the day,” added Jake Velie, Vice Chair & President of HVBA. “The energy in the room showed that people aren’t just attending—they’re engaging, partnering, and leaving with actionable strategies.”

About HVBA

The Health & Voluntary Benefits Association (HVBA) is a leading industry organization dedicated to advancing innovation, collaboration, and professional growth in the health and voluntary benefits space. Through events, education, and strategic partnerships, HVBA empowers brokers, consultants, carriers, and service providers to drive meaningful change and deliver better outcomes for clients, employers, and employees.

Contact

HVBA Media Relations
Jenny Jenkins
Global Brand Ambassador
jjenkins@vbassociation.com

Mount Laurel, NJ – The Health & Voluntary Benefits Association® (HVBA) today announced the release of its annual Insights That Matter: HVBA DIR Poll Results report, presenting a comprehensive look at the issues shaping the future of health and voluntary benefits in the U.S. workforce. Drawing from more than 24,000 responses across 35+ industry polls, the report highlights the priorities, concerns, and emerging solutions driving the healthcare and benefits landscape in 2025.

Sponsored by MassMutual and Sydney Administrators, the report reflects feedback from brokers, consultants, employers, carriers, and other stakeholders across the benefits ecosystem. It underscores the industry’s collective focus on mental health, price transparency, affordability, and employee engagement as top concerns for the year ahead.

Key Findings Include:

• Mental Health & Engagement: Flexible work schedules and Employee Assistance Programs (EAPs) were the most preferred initiatives for supporting employee mental health, with ongoing workshops identified as the most effective way to boost engagement.
• Rising Costs & Transparency: Over half of respondents cited rising healthcare costs and affordability as the most pressing challenge, while price transparency tools and reference-based pricing emerged as vital strategies for employers and brokers.
• Voluntary Benefits Growth: Supplemental health products (dental, vision, critical illness) and Accident Insurance remain the most valued voluntary benefits, with Gen X (ages 45–60) showing the highest engagement levels.
• GLP-1 Medications: A majority of respondents strongly disagreed with employers dropping coverage for GLP-1 weight-loss medications (like Mounjaro and Wegovy), citing employee health and retention concerns despite the cost challenges.
• Industry Knowledge Gaps: A majority of professionals reported being unprepared or unaware of compliance requirements tied to the Consolidated Appropriations Act (CAA), signaling a critical need for education and resources.
• Emerging Trends: Interest is growing in pet insurance, “travel as a benefit,” workplace violence coverage, and PTO liability reduction programs as organizations seek innovative ways to attract and retain talent.

“The voice of the benefits community is clear—employers, brokers, and carriers are demanding innovative, affordable, and accessible solutions to meet the needs of today’s workforce,” said Robert S. Shestack, CFF, CVBS, Publisher, Chairman & CEO of HVBA. “This report is a roadmap for the industry, offering actionable insights that reflect both immediate challenges and long-term opportunities.”

The full report, including detailed poll data and commentary, is available now to HVBA members and industry professionals.

For more information or to request the full Insights That Matter: HVBA DIR Poll Results report, visit https://vbassociation.com/discover-what-over-24000-professionals-think-about-2025s-top-benefits-trends/

Media Contact:
Sarah Hunt
Health & Voluntary Benefits Association®
Phone: (856) 200-8024
Email: info@vbassociation.com

About the Health & Voluntary Benefits Association® (HVBA)
The Health & Voluntary Benefits Association® (HVBA) and the Health and Voluntary Benefits Institute® (HVBI) are leading providers of comprehensive employee benefits solutions, compliance consulting, product development and industry certifications. With a commitment to innovation and excellence, HVBA & HBVI strives to empower employers and brokers with the tools they need to navigate the evolving landscape of healthcare and voluntary benefits. Through the Health & Voluntary Benefits Association® (HVBA) and the Health & Voluntary Benefits Institute® (HVBI), we are dedicated to advancing industry knowledge and promoting best practices for the benefit of all stakeholders.

About MassMutual (Massachusetts Mutual Life Insurance Company)
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. For more information, visit www.massmutual.com.