Products January 25, 2019

Voya Introduces Suite of Health Savings and Spending Accounts

For the Voya health savings account (HSA), Voya Investment Management is providing manager selection and oversight and has constructed the HSA investment menu that includes a mix of funds managed by Voya Investment Management as well as other well-regarded managers.

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Voya Financial, Inc. launched a new suite of health savings and spending account solutions as benefits for employers to offer their employees.

The suite of solutions will initially include the following tax-advantaged accounts: a health savings account (HSA) to be used in combination with high deductible health plans (HDHPs); a health flexible spending account (health FSA); a limited purpose FSA; a dependent care FSA; and a commuter benefit account.

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Key features of Voya’s solutions include:

  • Easy access to accounts: Employees can access and manage all of their Voya health savings and spending accounts—when, where and how they need to—through one user-friendly web portal or mobile app;
  • One debit card to manage all accounts: Account holders only need one debit card to access funds from any of their accounts to pay qualified expenses; and
  • Employer flexibility: Access one administration portal to review reports and activity on all of their Voya health savings and spending accounts.

In addition, HSA account holders with $2,000 or more in their HSA may choose to actively manage their account and select their investment options within their HSA. For the Voya HSA, Voya Investment Management is providing manager selection and oversight and has constructed the HSA investment menu that includes a mix of funds managed by Voya Investment Management as well as other well-regarded managers.

“Our new suite of savings and spending accounts will give employees even more tools to help them realize their financial goals, offering options for handling unexpected health care costs without dipping into their retirement savings,” says Rob Grubka, president, Voya Employee Benefits. “And we are giving employers the flexibility to choose what best fits their benefits portfolios and the ability to meet the needs of their employees.”
Compliance January 25, 2019

Plan Fiduciaries Pay $538,248 for Failure to Timely Remit Contributions

The Department of Labor's Employee Benefit Security Administration (EBSA) also alleged in a lawsuit that fiduciaries to two retirement plans failed to administer the plans, leaving participants unable to gain information about their funds or gain access to their plan accounts.

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The U.S. District Court for the Southern District of Florida entered a consent judgment and order between the Department of Labor (DOL) and Kevin F. Kirkeide, a former chief financial officer for IOTC Financial Services LLC and Global Oil Financial Services LLC permanently enjoining him from violating the provisions of Title I of the Employee Retirement Income Security Act (ERISA) and from acting as a fiduciary, trustee, agent or representative in any capacity to any employee benefit plan as defined by ERISA.

The DOL’s Employee Benefits Security Administration (EBSA) determined that from January 2011 through December 2014, Kirkeide—serving as a trustee and fiduciary to the IOTC Financial Services LLC 401(k) Profit Sharing Plan and the Global Oil Financial Services LLC 401(k) Profit Sharing Plan—worked with IOTC and Global Oil owner Harry Sargeant to withhold tens of thousands of dollars from employees’ paychecks, but did not forward these employee contributions to the plans, or did not forward them in a timely manner. Kirkeide and Sargeant also failed to collect and remit required employer contributions to the plans.

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The complaint also alleged both individuals failed to administer the plans, leaving participants unable to gain information about their funds or gain access to their plan accounts.

Sargeant has agreed not to violate Title I of ERISA, and not to serve as a fiduciary to any employee benefit plan as defined by ERISA in the future. In addition, Kirkeide and Sargeant have paid $538,248 in restitution to the plans’ affected participants, which includes delinquent and unremitted employee and employer contributions from January 2011 through December 2014 and associated lost earnings. Both individuals agreed to terminate the plans using AMI Benefit Administrators Inc. as a successor fiduciary.

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