News

LBS Named to WEX Circle of Excellence

Posted on: 5/23/2022 9:00 AM

Lifetime Benefit Solutions is proud to be inducted in the 2021 Circle of Excellence by WEX at its 2021 Partner Awards Ceremony during WEX Spark 2022.  The Circle of Excellence recognizes the top echelon of its partner community. The annual Partner Awards underscore the accomplishments and extraordinary efforts of the division’s partners in 2021. Read the press release below: Syracuse, NY — June 8, 2022 — Lifetime Benefit Solutions has been named a 2021 Circle of Excellence Partner by the He… 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 Releases 2023 Limits for HSAs

Posted on: 5/23/2022 9:00 AM

IRS Releases 2023 Limits for HSAs On April 29, 2022 the Internal Revenue Service released Revenue Procedure 2022-24 which provides the 2023 inflation adjusted amounts for high deductible health plans (HPHPs) and Health Savings Accounts. The amounts for HSAs for 2023 as compared to 2022 are as follows: HSA Limits 2023 Limits Rev. Proc. 2022-24 2022 Limits Rev. Proc. 2021-25 Annual limitation on deductions to an HSA -- Self-only coverage $3,850 $3,650 Annual limitation on deductions to … 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