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A former podcast from Lockton’s ERISA Compliance Consulting team 

You’ve reached the home of ERISA is a Friend of Mine, an informal and informational podcast series that Lockton’s ERISA Compliance Consulting team produced from 2019 to 2022. Scroll down to view and listen to any of the podcast episodes. NOTE: These podcasts have not been updated since their publication dates.

For the latest information and content on ERISA and other employee benefits issues, click below to visit Lockton’s Compliance Consulting webpage, and to learn more about our services and Lockton People Solutions.

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Dec 6, 2021

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.