James S. Gandolfo, the senior director and vice president in charge of the health savings accounts business at PFPC, a unit of PNC Financial Services Group, has been elected chairman of the American Bankers Association HSA Council.
Gandolfo has been a member of the council of banks, insurers, and technology companies since it was formed in 2005.
Health savings accounts, which are available to individuals enrolled in high-deductible health plans, let consumers build savings for future expenses by making tax-deductible contributions that earn tax-free interest. Withdrawals from the account are tax free when used to cover qualified medical expenses. PFPC is one of the nation's largest mutual fund transfer agents. It offers fund accounting and administration, transfer agency, custody, and sub-accounting services for 68 million shareholder accounts with $2.2 trillion of assets.