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AGENDA ITEM #3.7 <br /> City of <br /> Pequot <br /> Lakes = <br /> REPORT TO <br /> CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: September 1, 2015 <br /> Subject: Remove First National Bank Designation for <br /> Health Savings Accounts <br /> Report: In 2008, the City Council designated First <br /> National Bank (formerly known as Lakes State Bank) as <br /> the bank the City will use for all employee HSA accounts. <br /> I have received several requests from employees asking <br /> that this designation be removed to allow employees the <br /> flexibility to have their HSA accounts at whatever financial <br /> institution they choose. Our current payroll method of <br /> submitting semi-monthly HSA contributions will not be <br /> significantly impacted by this change. <br /> Council Action Requested: Council motion removing the <br /> First National Bank designation for employee health <br /> savings accounts. <br />