Insurance Trust 55th Annual Meeting & Silent Auction for Special Olympics Maine

Posted by on Mar 21, 2018 in News, Social Responsibility |

Insurance Trust is pleased to announce its 55th annual meeting that will take place at 2:00 pm on Friday, April 27, 2018, at the Italian Heritage Center in Portland, ME.  Join us as we celebrate more than half a century of service to the Maine credit union community. During our meeting, each Trust committee chair will report on their committee’s accomplishments during the previous year.  You will also be brought up-to-date on the financial condition of Insurance Trust.  There will be (1) Trustee-at-large and (3) Credit Union Chapter Trustee elections. Trustee elections are for three-year terms and we are currently accepting nominations. As part of our meeting each year, the Insurance Trust Social Responsibility Committee will be recognizing our credit union partners for their generous efforts and contributions to Special Olympics Maine.  We will also present the annual Sandra A. Doucette award to an individual for outstanding service, volunteerism and support of Special Olympics Maine. Join us for a reception directly following our meeting with complimentary fare and refreshments.   Silent Auction for Special Olympics Maine This year, Insurance Trust will be holding our Second Annual Silent Auction with all proceeds to support Special Olympics Maine.  If your credit union would like to donate an item for the auction, please let us know!   Contact Us for More Info To register as a delegate/alternate or guest at the Insurance Trust 55th Annual Meeting, please contact Barbara Christy at or complete the contact form below. Contact Form Name* First Last Email* PhoneWhat would you like to learn more...

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Benefits Update – IRS Lowers 2018 HSA Family Contribution Limit

Posted by on Mar 13, 2018 in Benefits Update, News |

As the result of a provision in H.R. 1 (“Tax Reform”), the IRS now adjusts for inflation using the Chain Weighted CPI method, believed to be a more accurate calculation, keeping in line with cost-of-living. This applies immediately and has impacted family HSA contributions for 2018. Typically, the IRS releases the following tax year’s HSA contribution limits in early May for the following tax year. However, the previously released maximum family contribution limit to a Health Savings Account (“HSA”) has been REDUCED from $6,900 to $6,850 in 2018. The self-only maximum remains $3,450. HSA Account holders who signed up to make the family maximum contribution for 2018 should be aware as pre-tax payroll deductions will need to be updated, reflecting this lower limit. Any family contribution to an HSA in 2018 over $6850 could be subject to taxes and penalties. Flexible Spending Accounts (“FSAs”) and Commuter or Transit Benefits are also subject to this change, though there does not appear to be an impact for 2018. Previously announced limits still apply. There are no changes to the statutory minimum annual deductible, out-of-pocket maximum or the age 55+ “catch up” contribution limit. Adoption Assistance Programs are impacted beginning in tax year 2018. See pages 396-397 in the IRS Bulletin No. 2018-10 (below) for more details. More information about any of these changes can be found in IRS Bulletin No. 2018-10. Enjoy! To see how your specific plan is affected or for further guidance, contact your ERISA attorney, tax expert or benefits broker. When you work with Insurance Trust, our partnership offers guidance every step of the way with on-going support from our expert...

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