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Press Release: Fiduciary Standards Guidance: Employer Responsibilities for HSA Plans

 

FOR IMMEDIATE RELEASE
Media Contact: Brenda F. Greene, (401) 228-2083
bgreene@websterbank.com

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

HSA Bank is a trusted leader in consumer-directed healthcare focusing on Health Savings Accounts (HSAs) since the beginning, serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions such as HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits. We offer one platform and one portal for all consumer-directed accounts with a reputation for outstanding service. HSA Bank empowers 2 million members to own their health. HSA Bank, with nearly $5 billion in total assets, is a division of Webster Bank, N.A., Member FDIC.