Gina Alsdorf: Under the Hood of Pharmacy Benefit Managers (PBMs)

Gina Alsdorf has more than 15 years of experience in employee benefits, working on complex issues involving ERISA, employee benefit plans, and related laws.  Her past clients include trustees, plan committees, plan sponsors, consultants, registered investment advisors, broker-dealers, banks, insurance companies, third-party administrators, and recordkeepers for retirement plans and individual retirement accounts. Gina received her JD, cum laude from University of Georgia Law School and was awarded an LLM in Employee Benefits with honors, from the University of Illinois, Chicago Law School.In this episode, Eric and Gina Alsdorf discuss:Evaluating PBM contracts with expert oversightPrioritizing transparency in pricing modelsAlign PBM incentives with participant outcomes, if possibleInvest in education and oversight for long-term successKey Takeaways:Engage legal and consulting professionals to analyze contract terms, ensuring alignment with fiduciary responsibilities and plan objectives.Understand the financial structure of PBM arrangements, favoring models that clearly show how costs and profits are distributed.Select partners and structures that place plan participant benefit above corporate profit, especially in vertically integrated PBM organizations.Encourage continuous learning and mentorship among benefit managers to adapt to a complex and evolving pharmacy benefits landscape.“ERISA does not give you the duty to go for the cheapest price. You're supposed to get the best service for the money for your people.” - Gina AlsdorfConnect with Gina Alsdorf:Website: https://www.carltonfields.com/team/a/gina-alsdorf LinkedIn: https://www.linkedin.com/in/gina-alsdorf/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: [email protected] LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.