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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
CARES Act Passes Congress, Including Retirement Plan Relief
Plan sponsors who have faced regional natural disasters will be familiar with many of the relief provisions adopted by Congress, from the suspension of required minimum distributions to the doubling of loan limits.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Plan Sponsors Facing Difficult Decisions During Coronavirus Pandemic
Stopping employer matching contributions, laying off employees, adjusting DB plan contributions; plan sponsors need to understand the effects of each decision.
Employers Can Offer More Student Loan Repayment Help to Employees
The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.
DB Plan Relief Included in the CARES Act
The bill provides a delay for minimum annual required contributions and relief for plans that may have benefit restrictions triggered due to a drop in funding levels.
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