What is the Transportation Benefits Program Act? The State of Illinois recently passed the “Transportation Benefits Program Act” that will go into effect January 1, 2024, and require employers with 50 or more employees located in specific areas to offer a pre-tax commuter benefit to “covered employees.” Employees who take advantage of the benefit can...
What you need to know about SPD WRAP A Summary Plan Description (SPD) is an ERISA requirement for most employers offering group benefits. It’s the document that outlines the details and terms of a group’s health plan in understandable language for all eligible plan participants. ERISA guidelines dictate what information is to be included, to...
It’s true that Health Savings Accounts can pay for medical expenses now, but the most powerful tax advantages and benefits come from saving the balance for later, even into retirement. With the growth in HSA popularity over the last few years, anyone looking for employee benefits has read about or heard of the triple-tax advantage...