Employer Responsibilities for HSA Plans
In the wake of the issuance of the new Department of Labor (DOL) regulations concerning fiduciary responsibilities, many employers were left confused about their new duties under the rules. The regulations apply not only to traditional retirement products such as 401(k)s, but also now to Health Savings Accounts (HSAs), which has contributed to the confusion and concerns of employers who offer HSA-based plans.
While ultimately the steps taken to ensure compliance with the rules will be unique to each employer group, there are some foundational components of the rules that hold true in all cases. This paper, a follow-up to our previous white paper entitled, "DOL Fiduciary Standards: Potential Impact on HSAs," written by Kevin Robertson, HSA Bank's Senior Vice President and Chief Revenue Officer, highlights some of these components, especially as they pertain to employers offering HSAs within their benefit structures.