What are the Company administrator responsibilities and required actions associated with the WealthCare Saver transition?
- Update bank filters (penny test will be applied)
- Notify employees of:
- Custodian change and 5-day blackout period and investment liquidation
- Change in the sending name and email address of periodic account alerts to WealthCare Saver
- Updated account support through WealthCare Saver
- Whitelist hsaalerts@wealthcaresaver. com as employee communications will begin to be sent from this email address post-conversion
Where can we find the standard WealthCare Saver account disclosures?
The standard account terms and conditions for WealthCare can be found here: https://www.wealthcaresaver.com/disclosures/wcsp
Can I Permanently Inactivate or Temporarily Inactivate plans after transition?
No, plans need to stay active so Avidia can process trailing activity and any POS refunds that may post. If the plan or employer is Temporarily Inactive or Permanently Inactive then Avidia is unable to process trailing activity and refunds.