a device, or accepts financial responsibility for the losses they cause. Whether it is done in-house, or through the use of partners, every time a class action is filed, recall is announced, or drug is linked to a risk, we as fiduciaries must audit our claims, confirm whether our plan participants were exposed to the damaging product or drug, determine whether the damages linked to that item were suffered by the participant and resulted in payments by the benefit plan. If that is the case, we must act to recoup those funds – no different than how we react when injuries arise from a car accident.
Ron obtained his Juris Doctorate from Rutgers University School of Law and earned his Bachelor of Science degree in Policy Analysis and Management from Cornell University. Ron is also a Certified Subrogation Recovery Professional (“CSRP”).
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Not only is cherry picking the “easy-to-spot” opportunities possibly a violation of our duty, it is also a financial injustice. I say this because the sheer amount of funds available, to be recouped by the benefit plans, if and when these opportunities are pursued, is substantial. This money – that we are presently leaving on the table – can be used to pay for future claims and keep the cost of providing benefits low. Indeed, statistics indicate that there is a lot of capital at stake and I see no reason – fiduciary duty or not – to avoid having those who cause the loss, pay for the consequences! ■ Ron Peck, Sr. Vice President and General Counsel, has been a member of The Phia Group’s team since 2006. As an attorney with The Phia Group, Ron has been an innovative force in the drafting of improved benefit plan provisions, handled complex subrogation and third party recovery disputes and spearheaded efforts to combat the steadily increasing costs of healthcare. In addition to his duties as counsel for The Phia Group, Ron leads the company’s consulting, marketing and legal departments. Ron is also frequently called upon to educate plan administrators and stop-loss carriers regarding changing laws and strategies. Ron’s theories regarding benefit plan administration and healthcare have been published in many industry periodicals and have received much acclaim. Prior to joining The Phia Group, Ron was a member of a major pharmaceutical company’s in-house legal team, a general practitioner’s law office and served as a judicial clerk. Ron is also currently of-counsel with The Law Offices of Russo & Minchoff. November 2015 | The Self-Insurer
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