News

Lifetime Benefit Solutions in Expansion Mode

Posted on: 7/24/2023 12:00 PM

Syracuse, NY — July 19, 2023 — Lifetime Benefit Solutions (LBS), the upstate New York-based third-party administrator with offices in Syracuse, Rochester, and Buffalo, is increasing its presence in Virginia, North Carolina, South Carolina, and Tennessee with its purchase of a book of business from Virginia-based Towne Benefits. LBS acquired nearly 1,000 clients to provide COBRA, Reimbursement Accounts, and LBS’ full suite of ancillary benefits and specialty programs that help round out an employ… Read More

Update on LBS COVID-19 Tolling Periods Administration

Posted on: 5/18/2022 10:00 AM

Update on LBS COVID-19 Tolling Periods Administration: 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 were meant to provide relief for members and plan administrators and ensure access to active health benefits despite any hardship in paying monthly COBRA premiums. Further clarification of the regulation was announced early in 2021. You can review out communications related… Read More

IRS Announces 2023 Employee Benefit Plan Limits

Posted on: 11/4/2022 8:00 AM

The IRS and the Social Security Administration recently announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023. The link below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2022 and 2023. View 2023/2022 Plan Limits Table Please note that LBS will automatically increase the Medical FSA maximum salary reduct… Read More