15 min
Lifestyle accounts for the not-so rich and famous: Nice perk, but watch your step ERISA is a friend of mine
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- Business
Lifestyle spending accounts, or LSAs, might be the new darling of employee benefit offerings, but this recent innovation is not without risk. Specifically, these employer-funded notional accounts, that can pay for everything from yoga classes to emergency car repairs, shouldn’t get too cozy with ERISA.
In this episode, Ed and Scott welcome the newest member of the Lockton Compliance Services team, Ruhe Wadud, to explain the ins and outs of LSAs and why ERISA is no friend of these new spending accounts.
Why didn’t Scott invite Ed to episode 5, and just who is Robin Leach? What are LSAs, and what are they typically used for? Why “let the buyer beware” is the savvy employer’s watch phrase when listening to LSA vendor pitches. How LSAs pose ERISA risks, and how to avoid them.
Lifestyle spending accounts, or LSAs, might be the new darling of employee benefit offerings, but this recent innovation is not without risk. Specifically, these employer-funded notional accounts, that can pay for everything from yoga classes to emergency car repairs, shouldn’t get too cozy with ERISA.
In this episode, Ed and Scott welcome the newest member of the Lockton Compliance Services team, Ruhe Wadud, to explain the ins and outs of LSAs and why ERISA is no friend of these new spending accounts.
Why didn’t Scott invite Ed to episode 5, and just who is Robin Leach? What are LSAs, and what are they typically used for? Why “let the buyer beware” is the savvy employer’s watch phrase when listening to LSA vendor pitches. How LSAs pose ERISA risks, and how to avoid them.
15 min
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