Press Release: DOL Fiduciary Standards and the Potential Impact on HSAs
HSA Bank provides insights for employers, advisors, and administrators
SHEBOYGAN, Wis., July 28, 2016 — HSA Bank, a division of Webster Bank, N.A., published a new white paper simplifying the Department of Labor’s (DOL) 600 pages of regulatory fiduciary standards guidance that were issued in April. Entitled “DOL Fiduciary Standards: Potential Impact on HSAs”, the paper details what employers, advisors, and HSA administrators should know since the changes significantly impact many aspects of retirement plans and some aspects of health benefits like Health Savings Accounts (HSAs).
“Like all regulations such as this, the rules say that you must comply but don’t necessarily identify how to comply,” stated Kevin Robertson, senior vice president at HSA Bank, and author of the white paper. “The reality is that employers’ relationships with both providers and participants fundamentally changes under the new regulations. Employers are going to have new responsibilities that they have not previously had, and are going to be responsible for greater levels of oversight.”
The white paper discusses those new responsibilities for employers and their partners. Within the DOL guidance, key definitions are established with a major focus on the definition and scope of “investment advice.” As it pertains to employers, the paper outlines several aspects of potential oversight responsibilities to employers to ensure that the vendors and providers they use in the administration of these plans meet the requirements. The timeline for these regulations to be implemented, as well as the potential for delay, are also highlighted.
Download a copy of the DOL Fiduciary Standard white paper today on HSA Bank’s website at: hsabank.com/DOL-Fiduciary-Standards
About HSA Bank
HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Commuter Benefits, COBRA Administration, and HSAdvisor+SM. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all our members. HSA Bank inspires 3 million members and 35,000 employer groups to "own your health" by making it easy to access, understand, and afford healthcare. As of June 30, 2020, HSA Bank has $9.0 billion in total footings (assets) comprising $6.8 billion in deposit balances and $2.2 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.