MILWAUKEE--(BUSINESS WIRE)--HSA Bank, a division of Webster Bank, N.A., announced today that it will offer a Tuition Reimbursement Account (TRA) solution, an employer-provided benefit that can help employees pay for their degree, tuition, specialized training, and other costs associated with ongoing education.
The employer-funded tax savings program will allow employers to determine what expenses are eligible for reimbursement and the annual reimbursement limits. This may include tuition, books and other required learning materials, registration fees, lab fees, exam fees and more. Once eligible expenses are approved, employees may get reimbursed on a tax-free basis up to the IRS annual limit of $5,250.
TRAs provide value for benefit providers and participants by helping employees advance in their career by attending school or specialized training programs, and providing multiple options on how to use the funds, while supporting employers’ recruitment and retention strategies. Additionally, TRAs have flexibility as participants can sign up for the program at any time during the year, based on the employer’s plan, rather than waiting for the next Open Enrollment period.
“Tuition Reimbursement Accounts are an excellent addition to our comprehensive benefits offerings,” said Chad Wilkins, President of HSA Bank. “It’s a unique time for employees and employers. We’re seeing record-high student loan debt, and an ongoing talent and retention challenge for employers. TRAs will help make education more affordable, while helping employers show their dedication to professional development.”
More information on TRAs is available here.
About HSA Bank:
At HSA Bank, we’re working toward a world where everyone is confidently engaged with their health and wealth. By delivering personalized insights, experiences and solutions, we make it simple for our over 3 million members nationwide to drive value and tangible outcomes. As a leader in health accounts for over two decades, we have the depth and breadth of expertise that matters most. We are devoted to delivering an outstanding user experience and our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for individuals, employers and partners. As of March 31, 2023, HSA Bank had $12.1 billion in total footings comprising $8.3 billion in deposit balances and $3.8 billion in assets under administration through linked investment accounts and is a division of Webster Bank, N.A., Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC. To learn more, visit hsabank.com.