Health Savings Account (HSA):

A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.

While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan (including a Marketplace plan) that only covers preventive services before the deductible. For plan year 2019, the minimum deductible is $1,350 for an individual and $2,700 for a family. For plan year 2020, the minimum deductible for an HDHP is $1,400 for an individual and $2,800 for a family. When you view plans in the Marketplace, you can see if they’re "HSA-eligible."

For 2019, if you have an HDHP, you can contribute up to $3,500 for self-only coverage and up to $7,000 for family coverage into an HSA. For 2020, if you have an HDHP, you can contribute up to $3,550 for self-only coverage and up to $7,100 for family coverage into an HSA. HSA funds roll over year to year if you don't spend them. An HSA may earn interest or other earnings, which are not taxable.

Executive Benefits:

Premier Wealth’ s Executive Benefits practice specializes in the design, implementation, and administration of executive benefit plans. Our consultants and technical specialists analyze and create plans and financing programs to meet the needs of private practices, businesses, and corporations of every size and description. Benefit programs are strategically crafted to align with overall compensation philosophies and financial objectives.

Our Value

Premier’s Executive Benefits team designs and administers executive benefits programs to address your specific needs and objectives. Our customized services include:

Consulting

• Analyze whether existing plans provide executives with sufficient retirement income.
• Help clients understand a wide range of potential executive benefit program options, including deferred compensation plans, supplemental executive retirement plans (SERPs), executive life insurance plans, and supplemental disability income programs
• Examine whether existing programs may be allowing clients to effectively attract and retain executive talent – Suggest possible plan improvements when applicable.
• Analyze whether programs are competitive with those offered by our clients' peers.
• Navigate alternatives and examine cost of terminating nonqualified retirement plans
• Seek to provide cost-effective tools to enhance the life insurance and disability income benefits offered to highly- compensated employees.

Implementation and Administration

• Focus to provide turn-key administrative outsourcing, allowing client staff to focus on other issues
• Navigate complex issues to focus that plans are compliant with all applicable regulations
• Deliver professional communications to inform participants of important plan features and next steps
• Provide accountable, professional, and knowledgeable front-line personnel to assist participants and client staff with benefit plan-related questions.

Funding

• Provide objective advice regarding how and whether to fund benefit plan costs
• Offer comprehensive analysis of available funding vehicles and security devices
• Analyze the efficiency of existing plan funding

For more information about Premier Wealth’s executive benefits solutions, please contact us.

Employer-sponsored 529 plans:

If you're lucky enough to work for a company that provides a 529 savings plan, don't miss out! There are a number of advantages to participating in a company-sponsored 529 plan:

• Convenience—just like with your 401(k) savings, it couldn't be simpler to invest in a 529 plan since your employer deducts money right from your paycheck. Unlike many of your 401(k) contributions, your 529 contributions will be after taxes, but the convenience of payroll deduction means you have no excuse for not saving.
• Tax savings—while the money you contribute to your 529 plan is already taxed, you'll be investing your funds in accounts that (hopefully!) will grow over the years. As long as you spend that money on qualified college expenses when you withdraw the funds, you will not pay federal tax on growth of your money. Also, some states that normally charge a state income tax waive taxes on 529 plan withdrawals; check your own state's guidelines for details.
• Possible matching funds—as with employee 401(k) accounts, some employers match employees' 529 plan contributions, up to a certain limit. If your employer provides a match, that's free money you could collect and accumulate! Note: while the federal government does not tax growth on employee contributions to a 529 account, employer-matching contributions are subject to taxes.
• Savings on fees—since your employer sets up the 529 plan and chooses a single plan administrator for all employees, you're likely to save on administration fees you would pay on your own if you set up an individual 529 plan.
• Flexibility—as with any 529 college savings plan, when you contribute to an employer's 529 plan, you're able to set aside money for any beneficiary you desire, including yourself. You can change and add beneficiaries, directing the plan administrator in how to divide your contributions if you have multiple accounts.
• Complete ownership—regardless of what happens with your employer or your job, your 529 account is yours to keep.

Especially with high-ticket items like college education, you can never have too much help saving. Make sure you take advantage of all the tax and other savings available in your employer's 529 plan when considering how to pay for college!

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treattent at the state level may vary. Please consult with your tax advisor before investing.?

Employee Stock Ownership Plans (ESOP):

How an Employee Stock Ownership Plan (ESOP) Works

ESOPs Provide a Variety of Significant Tax Benefits for Companies and Their Owners. ESOP Rules Are Designed to Assure the Plans Benefit Employees Fairly and Broadly

Employee ownership can be accomplished in a variety of ways. Employees can buy stock directly, be given it as a bonus, can receive stock options, or obtain stock through a profit-sharing plan. Some employees become owners through worker cooperatives where everyone has an equal vote. But by far the most common form of employee ownership in the U.S. is the ESOP, or employee stock ownership plan. Almost unknown until 1974, ESOPs are now widespread; as of the most recent data, 6,460 plans exist, covering 14.2 million people.

Companies can use ESOPs for a variety of purposes. Contrary to the impression one can get from media accounts, ESOPs are almost never used to save troubled companies—only at most a handful of such plans are set up each year. Instead, ESOPs are most commonly used to provide a market for the shares of departing owners of successful closely held companies, to motivate and reward employees, or to take advantage of incentives to borrow money for acquiring new assets in pretax dollars. In almost every case, ESOPs are a contribution to the employee, not an employee purchase.

Financial Wellness Programs:

Employees facing fewer financial worries and distractions; employers benefitting from a more focused, engaged, and productive workforce — employee financial wellness programs can help employees find balance and control over their finances, now and throughout their lifetime. Improving employees’ financial wellness can lead to heathier employees, reduce absenteeism and lower turnover rates while raising employee satisfaction and improving the employer brand. However, for financial wellness programs to be successful they need to do more than just provide education they need to result in employees taking appropriate actions that lead to financial success.