Lawrence Livermore National Laboratory


Anthem Health Savings Account (HSA) Announcement

As of January 1, 2020, the Health Savings Account (HSA) administrator for the Anthem Blue Cross HDHP and Anthem Blue Cross Core Value plan will change from HealthEquity to PNC ActWise. The LLNS contribution to your HSA and your employee contributions will be deposited into the PNC ActWise account starting with the first paycheck in January.

If you have a HealthEquity account, you can continue to use your HealthEquity debit card. In January, you will be given the opportunity to participate in a bulk transfer of your money from HealthEquity to PNC ActWise at no cost to you. Should you choose not to participate in the bulk transfer, you will be responsible for the monthly HealthEquity fee of $3.95 if your balance is below $2,500 . If you later decide to transfer your money to PNC ActWise and close your account with HealthEquity, you will be responsible for an account closure fee of $25 and all transfer fees will be charged to you. To participate in the bulk transfer, log onto your Anthem Blue Cross account after January 1, 2020. A banner will be present announcing the opportunity to participate in the bulk transfer. Click on the banner and follow the instructions to opt in. You have until February 2, 2020 to elect to participate.

401(k) Plan 2020 IRS Limits Announced

The general contribution limit in 2020 for 401(k) plans will increase to $19,500 (combined for pre-tax and Roth) which is an increase of $500 from 2019. In addition, employees age 50 or older as of December 31, 2020 are able to contribute an extra $6,500 (an increase of $500 from 2019) by making a separate catch-up contribution election.

The maximum annual total 401(k) contribution in 2020 will increase to $57,000 in 2020 (an increase of $1,000 from 2019); this limit includes all employee contributions (including mandatory employee contributions to the LLNS Defined Benefit Plan, if applicable) and employer matching and service based contributions (excluding catch-up contributions).

The employee compensation that is eligible to be considered in calculating contributions to defined contribution plans (e.g., 401(k) plans), will increase to $285,000. This compensation limit also applies to the eligible compensation that can be recognized in determining Defined Benefit Pension plan benefits.

FINANCIAL EDUCATION WORKSHOPS

The Benefits Office has scheduled a series of workshops to provide information intended to increase your awareness of programs available to enhance your future financial security.

Upcoming Sessions:

Basic Guidance to Optimize 401(k) Plan Benefit Potential
12 p.m. to 1 p.m., Thursday, January 16th, Building 543, Grand Canyon Rm. 1258.
This workshop will provide a basic overview of contribution limits and available investment options to maximize your investment potential in the 401(k) plan as well as how to enroll.

Attendance is open, and no pre-registration is required. Bring your lunch and your questions.

The Basics of Social Security
12 p.m. to 1 p.m., Monday, January 27th, Building 361, Auditorium.
This workshop will help employees better understand their options for Social Security so they can determine when and how to claim their benefit.

Attendance is open, and no pre-registration is required. Bring your lunch and your questions.


For a complete list of the 2020 financial education workshops, click here.