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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
Cybersecurity Risks Still Lurking for Retirement Plan Sponsors
A recent federal court decision does not let plan sponsors off the hook, and various state laws may be applied to cases against them.
Rules for Retaining Benefit Plan Records
Electronic filing is popular, but benefit plan sponsors need to know the rules about what documents can be stored digitally and how.
The Difference Between Fee-Based and Fee-Only Advisers
It’s important to know how advisers get paid, as well as whether those sources of income could cause a problem for retirement plan sponsors or participants.
House Committee Introduces ‘Securing a Strong Retirement Act of 2020’
The legislation proposes expanding automatic enrollment in retirement plans, and expanding retirement savings options for nonprofit employees, among other things.
2020 Recordkeeping Survey
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