Press Release: Fiduciary Standards Guidance: Employer Responsibilities for HSA Plans
HSA Bank provides next steps for employers to ensure compliance with DOL regulations
SHEBOYGAN, Wis., December 20, 2016 — HSA Bank, a division of Webster Bank, N.A., published a new white paper outlining how employers can ensure compliance with the Department of Labor’s regulatory fiduciary standards guidance. Entitled “DOL Fiduciary Standards: Employer Responsibilities for HSA Plans”, the paper highlights next steps to ensure compliance with DOL regulations, especially as they pertain to employers offering Health Savings Accounts (HSAs) within their benefit structures. The new white paper is intended to be a follow-up to a previous paper published by HSA Bank in July which provided an overview and initial impact of the proposed DOL rules.
“In the wake of the issuance of the new DOL regulations concerning fiduciary responsibilities, many employers were left confused about their new duties under the rules,” stated Kevin Robertson, Senior Vice President at HSA Bank, and author of both white papers. “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.”
The white paper outlines the new responsibilities employers will have and covers four main areas of concern in terms of compliance: account structures, their appropriate fees and disclosures, investments, and communication and educational materials. Additionally, the paper recommends who employers can turn to for help, including their HSA custodian, their vendors, and their legal counsel.
Download a copy of the DOL Fiduciary Standard white paper today on HSA Bank’s website at: hsabank.com/FiduciaryStandardsGuidance
About HSA Bank
At HSA Bank, we’re working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of September 30, 2020, HSA Bank had $9.4 billion in total footings comprising $7.0 billion in deposit balances and $2.4 billion in assets under administration through linked investment accounts.