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. 

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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.

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• Employee Benefits & Executive Compensation Key Legal Developments Tracker
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  • 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.
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    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.
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  • Responding to IRS Letter 226J

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