HSA Administration and Recordkeeping Sample Clauses

HSA Administration and Recordkeeping i. Program Participant Accounts with the Trustee - Each employee participating in the HSA must establish his or her own HSA account with the Trustee. The Trustee will establish and maintain a Program Participant HSA account for each employee for whom it receives complete enrollment information. Claims Administrator is not responsible for determining if employees are eligible for HSA Accounts, but relies on data provided by Plan Sponsor. ii. Program Participant Files - Claims Administrator maintains physical or electronic files for all Program Participants for whom HSA accounts have been established. These files include enrollment forms and all other written correspondence and documents concerning each Program Participant's account, and if applicable, records of any such actions conducted through the Internet or electronic means. iii. Transfer of HSA funds - Plan Sponsor agrees to establish a payroll deduction for the HSA, if applicable. After each contribution cycle is processed, Claims Administrator will notify Plan Sponsor of the cumulative HSA funds processed for that cycle. Plan Sponsor will allow Claims Administrator to initiate transfer via Automated Clearing House (ACH) Electronic Funds Transfer (EFT) from Plan Sponsor's designated bank account the cumulative HSA funds processed for that cycle. Claims Administrator will remit the funds to the Trustee for deposit into each employee's HSA. iv. Reports - Claims Administrator will provide Plan Sponsor with the ability to produce program-level reports utilizing the information maintained on its recordkeeping system. Standard reports will summarize all transactions that occurred for each Program Participant and report new enrollees.