Pub. 13 2018-2019 Issue 3

NEBRASKA BANKERS ASSOCIATION 27 Carrie Horn is a Consultant with the ERISA Compliance Department at Ascensus. In her position, Ms. Horn serves as an instructor for Ascensus seminars, workshops, conferences, and institutes, as well as seminars for specific associations and financial organizations upon request. Ms. Horn also performs compliance reviews of IRA trustees’ and custodians’ IRA departments, which include assessments of internal controls and procedures, and compliance reviews of IRA documentation, tax reporting, and tax withholding. Ms. Horn is also one of the primary drafters of IRA and qualified retirement plan forms and documents that Ascensus makes available to financial organizations. Ms. Horn is a graduate of Minnesota State University, Moorhead, with a Bachelor of Science degree in accounting. She has received the designation of Certified IRA Services Professional (CISP) from the Institute of Certified Bankers (ICB), and currently sits on the ICB’s CISP Advisory Board. Ms. Horn has also earned the designations of Qualified Pension Administrator (QPA) and Tax-Exempt and Governmental Plan Consultant (TGPC) from the American Society of Pension Professionals & Actuaries (ASPPA). She has been with Ascensus since 1994. Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through service and technology solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of banks, credit unions, states, governments, financial professionals, employers, and individuals. Ascensus supports over 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit www.ascensus.com . is perhaps the most disheartening statistic from the Alegeus survey is that 70 percent of the participants could not pass a basic HSA knowledge test. The New Challenge Those of us who assist employers and their employees through retirement and health care planning are facing a new challenge. A recent article published by the Journal of Financial Planning4 indicates that most employees are better off deferring to their HSA first in order to cover the current year’s potential expenses. Employees should then begin deferring in their 401(k) plan and work toward maximizing the employer match. The study emphasizes that deferred dollars used for qualified medical expenses are tax-exempt and can provide an immedi- ate benefit if needed. After the employer match is achieved, then employees should begin planning where the next dollars deferred are best served. Remaining Competitive Whether you work in a bank or credit union serving local em- ployers or employees, or you’re an advisor seeking to strengthen your role with an employer, it is critical to understand that the environment is requiring a stronger knowledge of the role in health care—both near- and long-term—when employees are seeking answers on where to place those precious deferral dollars. You and your teams will need to understand this new balance in order to remain competitive. 