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Exciting Enhancements to Your Tax-Advantaged Accounts

7/24/14

Author: Shirley Johnson/Tuesday, July 22, 2014/Categories: Bulletin News

As part of our continued efforts to help you and your employees manage your tax-advantaged accounts, ADP TotalSource® is introducing a NEW website with IMPROVED account features and communication options.

New Product Features

·         Single sign-on access directly from My TotalSource® for all account options, including Health Care and                 Dependent Care Flexible Spending Accounts (FSAs), Limited Flexible Spending Accounts (LFSAs), Online   Commuter Benefits and a new Health Savings Account (HSA) option.

·         JPMorgan Chase, our current HSA administrator, has made a business decision to discontinue HSA   administration effective January 1, 2015. Stay tuned for details on our new HSA solution in the coming weeks.

·         User-friendly appearance and easy navigation.

·         Limited flexible spending account (LFSA) and HSA balances will both be available on the ADP Spending               Account debit card, giving participants access to all of their funds.

·         Account summaries and balances at your fingertips. Participants will easily see how much they elected, how   much has been paid, what’s pending, and how much is available.

·         Online commuter benefits will transition to a model that will not require the participant to build up a balance       prior to using their benefit. Participants will be able to access the website directly to order products as soon as   they are eligible for benefits.

·         Online claims processing and optional status alerts and notifications.

·         Ability to quickly search for all current and past claims, payments and contributions.

·         Access to all communications and forms.

·         Mobile phone claims processing.

Improved Communications

·         Email Notifications: Participants will receive an email when any account activity occurs.

·         Account Statement: Quarterly account statements now highlight important account information.

Next Steps

No action is required at this time. Over the next several weeks, your affected worksite employees will learn more about what these enhancements mean to them:

·         August: an email will be sent to all participants telling them about the changes to their tax-advantaged       account(s).

·         August: all affected participants will receive a postcard with details about the exciting changes to their tax-       advantaged account(s).

·         September: affected participants will receive a postcard with more specific details and actions required, if any.

Watch for more information about these upcoming changes in the Insights and Solutions client bulletin.

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