A new year means new beginnings, and in 2015 ADP® will begin administering your worksite employee’s Health Savings Accounts (HSAs) in partnership with UMB as the preferred HSA vendor of ADP TotalSource. Through this partnership, worksite employees will have access to more enhanced features like:
· Convenience
· Better access
· Improved communications
· Easy access to funds
· Participant education
· Live people trained to help
Making the change
We are working behind the scenes to make this transition as easy as possible for you and your worksite employees. In order to ensure continued service and coverage, anyone participating in the current HSA administered through JPMorgan Chase, must make an active election between October 6 and November 14 to transfer their account to our new partner UMB. Transferring accounts is a two-step process that takes less than a minute.
Participants who don’t make an active election to open an HSA account with UMB can remain with JPMorgan Chase, but ADP TotalSource® will no longer process pretax contributions via payroll deduction, and participants will be responsible for forwarding their HSA contributions directly to JPMorgan Chase and will be responsible for any fees associated with their JPMorgan Chase accounts starting January 1, 2015. (Also no employer contributions will be forwarded through ADP TotalSource to any JPMorgan Chase HSA account.)
Two-step transfer process
Here’s how participants will transfer their accounts to UMB:
1. Log on to My TotalSource® and select Myself and then Health Savings Account (HSA).
2. Select both of the following:
a. Transfer my HSA balance from JPMorgan Chase to UMB.
b. Continue my current HSA contribution election with UMB as my new HSA provider.
Once a participant has made these elections, he or she will be presented with an Authorization of Trustee to Trustee Transfer to read and provide electronic consent.
Communicating the Change
We want to make sure your affected worksite employees are aware of the upcoming change and what they need to do to ensure they do not experience participation disruption. We’ve sent them a targeted email and a postcard via USPS detailing the benefits and actions required. Your worksite employees also have access to a detailed FAQ titled “HSA Provider Transition 2015 FAQ,” which they can find on the Health Savings Account page under the Myself tab on My TotalSource®.
If you have any questions about the transition, please contact your Human Resource Business Partner. Encourage your employees to make the election as soon as possible; the window is open!