Beginning February 1, commuters in Chicago can expect to see their Metra fares rise by an average of 5.8 percent. The increase marks the third such change to fares in three years. Details of the pending increase, as well as Metra’s 2017 budget, can be found on their website. *To avoid insufficient funds – Commuter… Read More
2017 Pre-Tax Limits Announced
2017 pre-tax limits announced by the IRS. Tax-free limits effective for plan years that begin on/or after January 1, 2017 include: Maximum annual limit for a Medical FSA will increase to $2,600 Maximum annual amount for eligible Adoption Assistance expenses will increase to $13,570 Maximum tax-free monthly mass transit and parking amounts remain at $255… Read More
Changes to HRA Coverage Requirements
Regulatory changes are coming that will likely affect HRA reimbursements for your participants. For HRA plan years beginning on or after January 1, 2017, expenses for the HRA participant, spouse or eligible dependents can only be reimbursed if the individuals are also covered under an eligible group health plan. Individual Health Plans and plans purchased… Read More
A new “Summer Essential” — Identity Theft Protection
Last week I received a little alert “Review Your Identity: A match has been found to your monitored information”. A slight wave of panic sets in and the thought of financial ruin crosses my mind. I quickly login to my Mastercard ID Theft ProtectionTM service to check on the detail. As I log in, I learn that a personal… Read More
Are you covered?
It is here! June 28 brings us the widely celebrated and mysterious — National Insurance Awareness Day. With all “widely celebrated and mysterious” days of recognition, we likely need to explain. While the origins of National Insurance Awareness Day are not clear, the sentiment is important. The goal of National Insurance Awareness Day is to set aside… Read More
Benefit Resource to Attend NYSSCPA Employee Benefits Conference
Buried among all of the communications you receive, you likely heard about the New York City (NYC) Transit Law which took effect January 1, 2016, but it is now time to take action. In just under one month, the Department of Consumer Affairs is scheduled to begin enforcing the law. What is the NYC Transit Law?… Read More
MBTA Announces Fare Increases
The Massachusetts Bay Transit Authority (MBTA) has announced a fare increase effective July 1, 2016. While the overall system-wide average is approximately 9.3%, some of the changes will reduce fares and costs for certain services. The most common ticket services and changes are listed here. Bus ticket: Cash fare=$2.00 (down from $2.10) and CharlieCard fare=$1.70… Read More
2016 Limits Now Available
As a new year approaches, it is important to make sure you are aware of all of the limits that may affect your tax-free benefit accounts and other benefit programs. Please check with your employer regarding what plans are offered, any additional limits that may exist or to make changes to your election(s) as a result… Read More
Supporting NYC Efforts to Expand Pre-tax Commuter Benefits
Benefit Resource Inc. will host the “NYC Transit Law – Savings for All” webinar of Nov. 18, 2016. This is the third public webinar Benefit Resource has offered since the law was signed in October 2014. The New York City Transit law indicates employers with 20 or more full-time employees working in New York City (including all… Read More
Commuter Benefits Rules to Change in January
Claims reimbursement prohibited as a result of IRS Ruling The IRS released new rules for how Commuter Benefits Plans are managed which takes effect January 1, 2016. There are two important points regarding the changes: Benefits Cards, like the Beniversal Prepaid Mastercard and eTRAC Prepaid Mastercard, have gained mainstream attention with virtually all transit systems accepting… Read More
