Products May 14, 2018

TIAA Creates Mobile App for Plan Sponsors

The app is said to be a mobilized version of their PlanFocus platform, launched in 2014.

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To meet the needs of today’s technological-centered world, TIAA has launched a mobile app focused on supporting plan sponsors.

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Available on both Android and iOS products, the “mobile version of PlanFocus” offers administrative functions to encourage efficiency and productivity. According to TIAA, the app allows plan sponsors to stay up to date with deadlines, service request updates and contribution file alerts; review plan performance data; and correspond with any participant questions about contribution, allocations loan balances, YTD activity, and more, all through a mobile device.

Additionally, plan sponsors will have the ability to communicate with TIAA relationship and support teams and approve participant transactions on the app.

“With plan sponsors taking on more responsibility than ever before, we want to provide them with the digital tools they need to be attentive and responsive regardless of whether they are at their desks or having hallway conversations with participants,” says Doug Chittenden, executive vice president and president of Institutional Retirement at TIAA.

Since the announcement of its launch, the app has been made available to all clients on Apple or the Google App stores, according to TIAA.

Compliance May 14, 2018

IRS Announces 2019 HSA Contribution Limits

For an individual with family coverage, the 2019 health savings account (HSA) contribution limit is $7,000, up from the recently reset $6,900 limit for 2018.

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The Internal Revenue Service (IRS) issued Revenue Procedure 2018-30, which provides the 2019 inflation-adjusted amounts for health savings accounts (HSAs) as determined under Section 223 of the Internal Revenue Code.

For calendar year 2019, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan is $3,500. For calendar year 2019, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $7,000, up from the recently reset $6,900 limit for 2018.

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For calendar year 2019, the IRS defines a “high deductible health plan” as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,750 for self-only coverage or $13,500 for family coverage.

Text of Revenue Procedure 2017-37 is here.

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