The Principal Direct Connect Health Savings Account service will eliminate the need for employers to send checks to Principal Bank for HSA contributions, simplifying HSA administration, according to the announcement.
The new service will also allow employers to:
- Forward HSA contributions, deducted from employee’s payroll, electronically to Principal Bank using the Automated Clearing House (ACH),
- Pay fees and make contributions to Principal Bank for health savings account participants,
- Move money, through automation, into each participant’s checking account with Principal Bank, and
- Review HSA News for additional information and updates through the alerts provided on the employer page.
Jerry Ripperger, director for consumer health for the Principal Financial Group, said in the announcement, “For years The Principal has been helping employers manage retirement accounts with this same technology. It’s natural then for us to provide the same capabilities for our health plans.”
More information can be found at www.principal.com .