News

Lifetime Benefit Solutions to Raise Minimum Wage to $18 an Hour

Posted on: 11/23/2021 2:30 PM

Lifetime Benefit Solutions (LBS) has raised the minimum wage for all employees at its company to $18 an hour. Previously, the minimum wage was $15 an hour. “I’m pleased to share that LBS has increased its minimum wage to $18 an hour,” said Lori Florack, President, LBS. “Our employees work hard every day to support our members, and we’re thrilled to do more to support them and their families.” Many of these employees work in customer service, claims processing and billing. “LBS is dedicated to… Read More

2022 Limits for Health Saving Accounts and High-Deductible Health Plans

Posted on: 5/21/2021 10:35 AM

On May 10, 2021, the Internal Revenue Service (IRS) announced (see Revenue Procedure 2021-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs).… Read More

IRS Announces 2022 Employee Benefit Plan Limits

Posted on: 11/22/2021 10:00 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 2022. The table below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2021 and 2022.* Please note that Lifetime Benefit Solutions will automatically increase the Health FSA maximum salary reduction limit for… Read More

Setting Every Community Up for Retirement Enhancement (SECURE) Act

Posted on: 2/20/2020 4:21 PM

On December 20th, 2019, the Secure Act was signed into Law, a bill to help employers implement retirement plans for their employees. Please find below some of the many changes, affecting qualified retirement plans, brought about with this bill:• Increase of tax credit limit for small employer pension plan start-up costs: Existing tax credit of $500 for a plan’s start-up costs has been increased to as much as $5,000 per year for the first three years, encouraging small employers to adopt plans.… Read More