Regulatory News

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

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

NACHA Micro-Deposit Process Expectation

Posted on: 3/1/2022 12:00 PM

Enforcement of the National Automated Clearing House Association (NACHA) new WEB Debit Account Validation rule will commence on March 19, 2022. In advance, we're sharing with you more details on what participants can expect when setting up direct deposit with Lifetime Benefit Solutions to be reimbursed from either their Flexible Savings Account (FSA), Health Reimbursement Arrangement (HRA) and/or Health Savings Account (HSA). As of March 1, 2022, LBS will begin instructing participants to log … 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

American Rescue Plan Act of 2021: AEI 2021 Premium Assistance Credit Report is Now Available

Posted on: 7/26/2021 2:30 PM

Reporting is now available for employer groups that need to file for a tax credit against their share of the Medicare payroll taxes for the subsidized premium amounts paid for any Assistance Eligible Individual (AEI) from April 1, 2021 to September 30, 2021. If you have access to the Employer Portal, please see the step-by-step directions on how to generate and download the report. For those without access to the Employer Portal, if you have not received your report before filing, please reach… Read More