SERVING THE PROFESSIONAL NEEDS OF ORGANIZATIONS AND INDIVIDUALS With a staff of trust officers ready to serve your fiduciary needs, you can be sure that you will be dealing with professionals who have the technical background and experience to serve your needs and keep your plan or trust in compliance with the current regulations. Health Care Reform Notice: Thank you for considering our services. We invite you to find out how First Trust can help you meet your personal or organizational objectives. The United States Senate and House of Representatives recently passed two separate healthcare reform bills. President Obama signed the second and final version of the healthcare legislation into law on 3/30/2010. This legislation will make changes to flexible spending accounts (FSAs), health reimbursement accounts (HRAs) and health savings accounts (HSAs). Elimination of Over the Counter Medication with the exception of insulin for taxable plan years beginning on January 1, 2011. This change applies to FSAs, HRAs and HSAs. Prescription Drugs will still be allowed for reimbursement. Creation of a medical account limit on flexible spending accounts. The limit will start at $2500 and will be indexed for inflation each year. This change will be for taxable plan years beginning on January 1, 2013. If your flexible spending account plan currently has a medical limit over $2500, you still can maintain that higher limit for the remainder of 2010, all of 2011 and all of 2012. Increase of the tax from 10 % to 20 % for any nonqualified distribution from an HSA account. This change applies to taxable plan years beginning on January 1, 2011.
Trust investments are not insured by the FDIC Trust investments are not deposits or obligations of the institution and are not guaranteed by the institution Trust investments are subject to investment risks, including possible loss of the principal amount invested Copyright © 2007 First Trust of MidAmerica Revised: May 3, 2010