07 Jun 2022
What Have You Done for Me Lately? Getting Employee Attention with Lifestyle Spending Accounts
The purpose of a lifestyle spending account (LSA) is for employers to offer employees access to funds that reimburse the cost of common and beneficial expenses incurred during ordinary life. The LSA concept is flexible enough that there is no uniform definition of LSAs or what they offer.
Related Content
- Fringe Benefit Rules (IRC §132)
Learn more about the fringe benefit programs available to employees. Many fringe benefits are nontaxable or the amount of their value that’s included in the employee’s income is less than their fair market value.
Practical Guidance Updates
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- Employee Benefits & Executive Compensation Key Legal Developments Tracker
Stay informed on new developments.- ERISA
The Employee and Retiree Access to Justice Act of 2022 was introduced in the U.S. Senate. The bill would prohibit arbitration of ERISA claims challenging the administration and fiduciary management of ERISA employee benefit plans. The bill was referred to the Committee on Health, Education, Labor, and Pensions. S 4219
Treasury, IRS, jointly with the DOL and PBGC, publish a notice of final forms and instructions revising employee benefit plan annual reporting. Prepublication draft. - Retirement
IRS issues six-month extension, to Dec. 31, 2022, of temporary relief from the rule that retirement plan elections requiring the signature of an individual participant (including spousal consents under IRC § 417) must be witnessed in the physical presence of a plan representative or notary public. The notice extends guidance released previously under Notice 2020-42, Notice 2021-03 and Notice 2021-40. IRS Notice 2022-27.
- ERISA
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- The Practical Guidance Journal Spring 2022 Edition includes market trends on post-employment restrictive covenants.
- New Practical Guidance Content
- Balance Billing and Other No Surprises Act Rules
- Transparency Disclosure Rules for Group Health Plans
- Defined Contribution Plan Notices (Periodic Notices)
- Transparency in Coverage, No Surprises Act, and Consolidated Appropriations Act, 2021 Requirements Checklist
- Commuter Accounts When Expenses Dry Up
- The ACA Preventive Health Services Mandate
- Responding to IRS Letter 226J
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