full text:
Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has begun providing its customers with access to health savings accounts (HSAs) through two industry- leading HSA custodians.
Pershing's introducing broker-dealer customers can now open health savings accounts and select either HSA Bank or Millennium Trust Company, LLC to administer their HSAs. Pershing will custody the investment assets that are tied to the health savings account, affording seamless management of clients' accounts.
Created by the Medicare Act of 2003, health savings accounts are designed to help individuals and families covered by high deductible health plans save for future qualified medical and retiree health expenses on a tax-free basis. Contributions can be made on an annual basis and can be used for out-of-pocket medical expenses in the current year, or rolled over to pay for future health care costs.
Ron Fiske, managing director of the product management and development group at Pershing, said, "With healthcare costs continuing to increase, health savings accounts can be an effective way to strategically manage current and future medical expenses. The addition of our health savings account offering illustrates our commitment to provide introducing broker-dealers and investment professionals with access to cutting-edge retirement planning solutions."
The Bank of New York Company, Inc. (NYSE:BK)
Web site:
http://www.bankofny.com/
http://www.pershing.com/

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