Press Release: HSA Bank sponsors Fi360 webinar shining light on questions retirement plan advisors have on HSAs and ERISA
Milwaukee, April 16, 2020 — HSA Bank, a division of Webster Bank, N.A. announced today it will sponsor a webinar with Fi360 on Health Savings Accounts (HSAs) and the duties and obligations for advisors under the Employee Retirement Income Security Act (ERISA), the federal law governing how employers provide benefit plans to employees.
The webinar titled "Advisor Considerations for HSAs and ERISA" will take place on Wednesday, April 22 at 2:00 p.m. ET, and will feature a panel of ERISA attorneys. This is the third in a three-part series jointly presented by HSA Bank and Fi360. The series aspires to help retirement plan advisors better understand how to offer HSAs as part of their practice.
While HSAs and high deductible healthcare plans have become more popular in recent years, many employers and employees may not understand how to use HSAs as a way to prepare for medical expenses in retirement. For example, while 75% of employers view HSAs as part of their retirement benefits, unfortunately, 40% of employees never save for future healthcare expenses—whether that future is next year, or in retirement.*
"Retirement plan advisors are in a unique position to educate employers on how to offer an HSA alongside their retirement benefits, as well as help employees understand the full value and investment opportunities of an HSA," said Chad Wilkins, President of HSA Bank. "Our hope is that through this series, we can help advisors, so they can help plan sponsors prepare their employees for medical expenses in retirement, as well as today."
The panel will go into detail on what makes an HSA program exempt from ERISA and consequences if an HSA does become subject to ERISA. Additionally, they will discuss how the advisor can work with employers when selecting investment line-ups and important compliance considerations that advisors should understand.
The first two webinars, "The Advisor Perspective on HSAs" and "HSAs- How Advisors Can Help Connect Health and Wealth" can be viewed on the Fi360 website at https://www.fi360.com/resources/webinars/.
For more information on how advisors can offer HSAs with custom investment solutions, visit hsabank.com.
*A survey of 2,000 randomly selected U.S. adults ages 18+ was conducted in order to gauge physical and financial health across the country. It was designed to provide participants with an overall health and wealth consumer index score. The survey was commissioned by HSA Bank and executed by a third-party organization. The margin of error for this sample size is +/- 2.18% at the 95% confidence level. Smaller subgroups have larger margins of error. The report is available online at hsabank.com/index2019.
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 HSA investment solutions such as HSAdvisor+. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires 3 million members and more than 35,000 employer groups to "own your health" by making it easy to access, understand, and afford healthcare. As of December 31, 2019, HSA Bank has $8.5 billion in total footings (assets) comprising $6.4 billion in deposit balances and $2.1 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.
Fi360 helps financial intermediaries use prudent fiduciary practices to profitably gather, grow and protect investors’ assets. As part of this goal, Fi360 ensures advisors are equipped with the knowledge and tools they need to implement a prudent, scalable investment process so they may grow their business and delight their clients. Every Fi360 solution starts and ends with enabling advisors to put their clients’ best interests first. Fi360 maintains a base of 12,000 advisors that attend their continuing education classes and conferences. Their educational webinars address recent industry developments or specific topics related to fiduciary responsibility.