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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
New Financial Audit Rule Increases Requirements for Plan Sponsors
Plan sponsors will be required to provide much more data, as well as certifications about plan administration and governance, and limited-scope audits will no longer be so limited.
2021 Recordkeeping Survey
Data and Research
Participants Missing the Full Match Remains a Big Problem
A new survey shows there are several reasons employees decide not to contribute to their retirement plans.
Deemed Distributions Can Be Triggered by More Than Just Loan Nonpayment
The IRS reminds retirement plan sponsors of rules that, if broken, can result in loan amounts being deemed distributions.
Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement
A judge found the interests of a subclass of terminated, vested participants were adequately protected in a newly proposed settlement.
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