12/1/2023 0 Comments Linkedin employer login![]() ![]() Bank of America acts solely as claims administrator performing administrative The programs are sponsored and maintained solely by the employer offering the plan, or by an individual establishing an independent plan. We recommend that applicants and employers contact qualified tax or legal counsel before establishing a HSA.īank of America does not sponsor or maintain the Flexible Spending Accounts (FSA) / Health Reimbursement Accounts (HRA) that you establish. HSA of an ineligible individual may also be subject to tax consequences. In addition, an employer making contributions to the If an individual/employee establishes a HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223. The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223. makes available The HSA for Life® Health Savings Account as aĬustodian only. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.īank of America, N.A. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA. You may be able to claim a tax deduction for contributions you, or someone other tahn your employer, make to your HSA. Any interest or earnings on the assets in the account are tax free. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. Last year, she took home £5.25 million over the year, as she received an annual bonus for the first time since the bank’s bailout by the Government during the 2008 financial crisis.About Triple Tax Advantages: You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. ![]() She was made a Dame in the New Year Honours List and has been an advocate for equality in the workplace, co-authoring a review on female entrepreneurship. On the same day of her speech, the bank ended new loans for oil and gas extraction. “Put simply,” she said, “tackling the climate emergency is one of, if not the biggest issue of our time – and banks have a massive role to play in mobilising the power of finance to meet the net zero ambition.” Just months after she was appointed, Dame Alison announced that “tackling climate change would be a central pillar” of her leadership and earlier this year called on banks to finance net zero. Tackling climate change a ‘central pillar’ ![]() However, rather than focus solely on the financials of the lender, still a third owned by the taxpayer, she decided that the bank must involve itself in debates over climate change and LGBT rights. In 2019, she was appointed the first female chief executive of RBS, which later became NatWest, in what was widely seen as a watershed moment for the banking industry. She joined NatWest as a graduate a year later and spent three decades climbing up the ranks and later going on to lead the Royal Bank of Scotland’s (RBS) corporate and banking division. Its transformation appears to have come from the top.ĭame Alison grew up overseas with a military family, before returning home when she was 15 and later graduating from Durham University in 1991. Since taking the helm at NatWest, which owns Coutts, the 53-year-old had overseen their pivot towards saving the planet and putting diversity at the heart of the business.Ĭoutts, which only accepts wealthy clients, has in recent years focused less on maintaining its image as the bank of the late Queen and more on championing initiatives on climate change. In a statement confirming her departure Mr Davies said Dame Alison had dedicated her “working life so far” to NatWest and leaves with the respect and admiration of her colleagues. On Tuesday, Dame Alison admitted to leaking private banking information about Mr Farage to the BBC’s business editor Simon Jack, yet she retained the confidence of NatWest board members.īut in the face of political pressure, Dame Alison stepped down effective immediately in what was described as a sad moment by Howard Davies, chairman of the NatWest Group Board. The ensuing scandal preceded her eventual downfall in the early hours of Wednesday morning as she resigned after Downing Street expressed “significant concerns” about plans for her to remain in her post. As the former trainee who worked her way up to become the first female boss of a major British lender, it was Dame Alison Rose who was held ultimately responsible for Nigel Farage’s Coutts account closure. ![]()
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