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The DOL?ÇÖs Expanded Fiduciary Rule Applies to Health Savings Accounts

The DOL?ÇÖs final fiduciary rule (the ?Ç£Final Rule?Ç¥) went into effect on June 9, 2017 after several delays. The Final Rule clarifies when a person who provides investment advice becomes a fiduciary to a plan for purposes of ERISA and the Internal Revenue Code. Under the Final Rule, the term ?Ç£plan?Ç¥ explicitly includes health savings accounts (?Ç£HSAs?Ç¥). While employers typically have little direct HSA involvement beyond engaging an HSA service provider (e.g., a trustee or custodian) and forwarding payroll contributions, the Final Rule does raise issues for employers to consider: Employers should review the products and services offered by their HSA service provider to HSA participants and determine if the service provider is a fiduciary as defined in the Final Rule. If applicable, the employer should consider including an affirmative acknowledgement in its HSA provider services agreement to the effect that such provider is a fiduciary under the Final Rule… Continue Reading

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