HSA Bank said it’s launching a new company benefit, tuition reimbursement accounts, that help employees pay for tuition, specialized training and other education costs
According to the announcement, employers fund the accounts and decide which education costs can be reimbursed; such expenses could include tuition, books and fees. Once expenses are approved, employees are reimbursed on a tax-free basis.
“We’re seeing record-high student loan debt, and an ongoing talent and retention challenge for employers,” Chad Wilkins, president of HSA Bank, said in the statement. “TRAs will help make education more affordable, while helping employers show their dedication to professional development.”
HSA Bank is a unit of Webster Bank that provides health savings accounts.
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