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week ending February 28th, 2020
James Denison, director of marketing for HealthSavings, says an investment-focused health savings account (HSA) can relieve employees’ stress about future finances, as well as help them save for future medical expenses. However, a study showed that for employers to have an investment-focused HSA, they’ll likely have to ask for programs that allow for investing. And to get employees to maximize their HSA benefit, employers should follow up with education after open enrollment and on an ongoing basis. HSAs are just one of the many ways employees are asked to save, and a survey of PLANSPONSOR NewsDash readers found nearly 45% indicated they do not think it is feasible to expect employees to save in HSAs for the long term. Just how should employees prioritize competing financial goals? Enjoy this edition of PLANSPONSOR Weekend!
Editor's Choice
How HSAs Can Help Boost Employee Productivity and Retirement Readiness
James Denison, HealthSavings, discusses how an investment-focused HSA can relieve employees’ stress about future finances, as well as help them save for future medical expenses.
Employers May Have to Ask for HSAs That Allow Investing
Benefit consultants, benefit brokers and financial advisers are generally not counseling HSA participants to invest their funds, a survey found.
Following Up on HSAs After Open Enrollment
Educating employees about health savings accounts can help them maximize their benefit.
Survey Says
HSAs for Retirement Saving
Forty-seven percent of plan sponsors that responded to the 2018 PLANSPONSOR Defined Contribution (DC) Survey offer their employees access to a health savings account (HSA). With the triple-tax savings opportunity, HSAs can provide clear advantages to those who save in them, yet it is unclear whether employees know how to best prioritize their savings across...
The Savings Hierarchy
Participants must take stock of their options, to maximize savings.
Popular Reads
Lawsuit Says Plan Fiduciaries Should Have Chosen Less Expensive CITs
Though the majority of investment options for Estee Lauder’s 401(k) are CITs, the lawsuit argues the TDFs are more expensive private label CITs.
DOL ESG Proposal Throws a Cloud Over Prior Guidance
The proposed regulation seems to create stricter limits for ESG investing in retirement plans, but experts say it is not all doom and gloom for plan sponsors and participants who want these investments.
Another Risk for Retirement Savings: Divorce
Divorced women are especially vulnerable, but targeted messages not just focused on retirement can help.
COVID-19 Compliance Corner: IRS Expands CRD Eligibility and Clarifies Loan Rules
Each week, Carol Buckmann, with Cohen & Buckmann P.C., will explain legislative provisions or official guidance related to the COVID-19 pandemic that affect retirement and health plan sponsors.
Heroes Act Now In the Hands of a Skeptical Senate
The Heroes Act, passed by a narrow majority in the House, includes union pension partition relief and a waiver for the reinvestment of 2019 and 2020 RMDs.
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