Lawrence Livermore National Laboratory


IRS Revises Contributions Limits to Health Savings Account

If you are currently enrolled in either the Anthem Blue Cross HDHP, Anthem Blue Cross Core Value, or Kaiser HDHP medical plan there is a provision in the Tax Cuts and Jobs Bill enacted by Congress at the end of last year that may impact you. The Internal Revenue Service is required to change the way cost of living increases are applied to certain benefits. We have just been informed that the IRS has revised the 2018 limits for contributions to Health Savings Accounts (HSA) effective immediately. The new 2018 HSA limit, including both employee and employer contributions, for those with family coverage was reduced from $6,900 to $6,850. Employees age 55 or older are permitted to contribute an additional $1,000. There is no change in the contribution limit for employees with self-only coverage.

No action is required by you to comply with the newly published HSA limit. Adjustments will be made in LAPIS to reduce your annual election to the new IRS maximum if your 2018 contribution is more than $6,850. Your per-paycheck contribution will change accordingly.

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:

Comprehensive Retirement Education Workshop
8 a.m. to 4:30 p.m., Thursday, April 19, Building 123 Auditorium.
This full-day workshop is designed especially for those within 10 years of retirement. It will provide attendees with a complete overview of the retirement benefits available to Laboratory employees, including the LLNS 401(k) retirement plan, LLNS Defined Benefit Plan and eligibility requirements for continuing health and welfare benefits after retirement. Participants will receive information to assist in evaluating the financial impact of electing various payment options and discover methods to minimize possible taxes and/or penalties on distributions. In addition, this workshop will provide participants with a comprehensive look at Social Security and Medicare, long-term care, investment options after retirement, estate planning techniques and a host of other retirement planning tips. The workshop is a "How To" primer for those who want the facts on retirement as participants will be given the opportunity to present their questions to subject matter experts.

Pre-registration is required for this workshop and seating is limited. Employees may register a guest to accompany them. Badging for a guest is the responsibility of the employee. There is no cost to register. To register click here.

Basic Guidance to Optimize 401(k) Plan Benefit Potential
12 p.m. to 1 p.m., Thursday, April 26, Building 543, Grand Canyon Room 1258.
This workshop will provide a basic overview of contribution limits and available investment options of 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.

Quarterly Market Update
12 p.m. to 1 p.m., Tuesday, May 15, in Building 543, Auditorium.
This workshop will be presented by Fidelity Investment and will identify the driving forces of recent developments in financial markets. It will provide an understanding of how to develop various investment strategies to help participants plan to stay on course in any market.

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


For a complete list of the 2018 financial education workshops, click here.