Welfare Benefit Plan ERISA News
September 2015

 
DOL Targeting Health and Welfare Plans
"The Department of Labor (DOL or the Department) has made it clear, in no uncertain terms, that its sights are set on health and welfare plans for increased scrutiny going forward. At a recent International Foundation of Employee Benefit Plans (IFEBP) conference in San Francisco, the DOL reported that it is actively seeking out health and welfare plans across the country, examining Form 5500 filings, medical claims, prescription drug programs and plan documents." Read the full story
Few Health Savings Account Owners
Choose To Invest That Money, Study Finds
Only a tiny fraction of the growing number of people with health savings accounts invests the money in their accounts in the financial markets, according to a recent study. The vast majority leave their contributions in savings accounts instead, where the money may earn lower returns...
The EBRI study found that 6.4 percent of people with HSAs invested their health savings account contributions in mutual funds or other financial vehicles. The remainder left the contributions in savings accounts, where their money isn't at risk from market fluctuations. The study examined 2014 data from 2.9 million health savings accounts with $5 billion in assets, covering about 20 percent of the HSA market.
People with investment accounts didn't refrain from using their HSA for medical expenses, however. Average annual distributions for medical claims were $1,777 for HSAs with investments and $1,293 for those without.
Credit to Michelle Andrews, Kaiser Health News (KHN), a nonprofit national health policy news service. Click here for full story.
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© 2017 ERISAPros, LLC, All rights reserved. Information on ERISAPros' website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors - not those of ERISAPros. Transmission of this information does not create an attorney-client relationship. ERISAPros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals.

 

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