COVID-19 News

Expansion of Mid-Year Election Changes to §125 Cafeteria Plans

Posted on: 6/18/2020 10:32 AM

The IRS recently issued Notice 2020-29, in response to the COVID-19 pandemic. The notice offers employers greater flexibility with respect to mid-year election changes under a Section 125 cafeteria plan, including an election under a health flexible spending account, a limited purpose health flexible spending account (collectively referred to as “Health FSA”) and dependent care flexible spending account (“Dependent Care FSA”).… Read More

Regulatory Updates: FSA and HRA Extensions due to COVID-19

Posted on: 5/20/2020 11:26 AM

Reimbursement Account deadlines to file reimbursement claims for Flexible Spending Accounts and Health Reimbursement Accounts will be extended to 60 days after the COVID-19 National Emergency has been lifted. The changes apply to any plan that had a final filing date on or after 3/1/2020.… Read More

LBS is Monitoring COVID-19 Developments (Updated 05/18/2020)

Posted on: 5/18/2020 3:07 PM

LBS is monitoring developments involving novel coronavirus disease 2019 (COVID-19) and what it means for those we serve. The coronavirus COVID-19 pandemic is disrupting life for everyone as our communities battle this potentially deadly virus. The number of confirmed coronavirus cases continues to grow in New York state and across the country.… Read More

Department of Treasury and Department of Labor Regulatory Updates Due to COVID-19

Posted on: 5/14/2020 6:18 PM

On April 28, 2020, the Departments of Labor and Treasury jointly announced regulatory changes due to the impact of the COVID-19 (Coronavirus) pandemic. These regulations are meant to provide relief for members and plan administrators and are effective retroactively to March 1, 2020.  Below is additional detail regarding these changes and LBS’s response.… Read More

Can the CARES Act Help Your Business?

Posted on: 4/6/2020 8:00 AM

We’re all continuing to navigate these uncharted waters while striving to find our new normal. Last week, the Federal government signed a stimulus package to help businesses with 500 or fewer employees to stay afloat as the country continues to battle the COVID-19 pandemic.… Read More

COVID-19 (Coronavirus)-Related Information for Defined Contribution Plans

Posted on: 4/3/2020 12:00 PM

If you have been impacted by COVID-19 (Coronavirus), defined contribution plans may permit distributions from a member’s personal vested account balance without regard to the normal withdrawal restrictions.… Read More

Coronavirus (COVID-19) Small Business Guidance & Loan Resources

Posted on: 3/30/2020 4:16 PM

During these uncertain and challenging times, our Lifetime Benefit Solutions team is here to provide access to resources to help your business and employees. The Small Business Administration (SBA) has programs and initiatives in place as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act, passed on March 27, 2020 should your business need assistance.… Read More

LBS COVID-19 Website Resource Live

Posted on: 3/26/2020 3:30 PM

A message from Lori Florack, Lifetime Benefit Solutions President: We hope that you are doing well, and staying safe during these new and challenging times. While these are uncharted waters, we want you to know that we are here to support you and our health care community – and we are well prepared and equipped to do so. We have engaged in pandemic planning, testing and training for years.… Read More