Benefit Limits for 2022

Lake Effect HR & Law

Each year, the IRS sets new limits for employee benefits plans and retirement plans. Please see below for Lake Effect’s ready reference chart setting forth the Benefits Limits for the 2022 tax year. A PDF of this information can be downloaded here.   2021 2022 Flexible Spending Accounts (FSAs) Healthcare FSA max election (per year) […]

DOL and HSA Updates

Over the past several months, most businesses and organizations have been focused on the ever-changing landscape created by the COVID-19 pandemic. In the meantime, the Department of Labor (DOL) and other federal agencies have been busy implementing new and amended regulations affecting employers. Here are the recent HR and employment law updates you really need […]

IRS Increases Flexibility for Employer Health Plans, FSAs and Dependent Care Programs

On May 13, 2020, the IRS released new guidance giving employers greater flexibility in the administration of sponsored Sec. 125 cafeteria plans (including health insurance, flexible spending and dependent care plans), whether insured or self-insured. Under the new rules, an employer may amend plan documents to permit employees to make new health care elections or […]