New Jersey A5265 mandates fiduciary duty for members of health benefits committees.
New Jersey A5265 requires members of the State Health Benefits Plan Design Committee and the School Employees’ Health Benefits Plan Design Committee to act as fiduciaries. This means they must manage the health benefits plans with care, loyalty, and prudence, similar to how they would handle their own affairs. The committees oversee various health benefits, including medical, prescription, dental, and vision, and have the authority to create, modify, or terminate any plan component. The bill amends existing laws to explicitly state these fiduciary obligations.
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