News

New Employee Education Benefit: Student Loan Repayment Benefit

Posted on: 10/20/2022 8:00 AM

Lifetime Benefit Solutions Introduces Student Loan Repayment Benefit SYRACUSE, NY – Lifetime Benefit Solutions, Inc. (LBS), with offices in Syracuse, Rochester, and Buffalo, will offer a new Student Loan Repayment Benefit product beginning October 17, 2022. “Student loan debt is a major concern for millions of employees around the country,” says LBS President Trish Mooney. “Student loan repayment programs give employers a way to help employees reduce their student loan burden and reach their f… 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

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