A fringe benefit plan, which is authorized under the I.R.S. code Section 132.
It is a tax reduction plan, not an insurance plan. The Transportation Benefit Plan allows employees to pay for their transit passes, commuter and qualified parking costs on a before-tax basis.
All employees that you, the employer, declare eligible. If you allow part time employees to participate, you must allow all part time employees to participate.
Employees can set aside costs for Parking and Transportation on a pretax basis. What this means is that LESS taxes are taken out of the employee’s paycheck. Less taxes means MORE MONEY in the employee’s paycheck.
No. Only those employees who have transit/commuting or qualified parking expenses for which they would like to save on taxes should consider participation.
Advanced Benefit Strategies, Inc. Recognized by WEX for Outstanding Achievements
Earns Marketing Innovator Award
Unionville, CT — May 17, 2022 — Advanced Benefit Strategies, Inc. has been honored by WEX (NYSE: WEX) with a 2021 Partner Award for outstanding business achievements. Advanced benefit Strategies, Inc. recently received the Partner Award for Marketing Innovator from WEX, the global commerce platform that simplifies the business of running a business.
Advanced Benefit Strategies, Inc. was selected for this award because of its efforts in working with WEX to reach — and surpass — new heights in the consumer-driven healthcare market. Advanced Benefit Strategies, Inc. utilizes innovation and creativity to increase plan adoption and revenue generation.
The Partner Awards, established in 2008, are presented yearly and recognize WEX partner organizations that have achieved extraordinary notable accomplishments. Award recipients were recognized for reaching significant milestones in 2021 across several areas including growth, advocacy, leadership, innovation, and customer service as well as overall outstanding partner successes.
The 2021 Partner Awards were presented in nine categories: Sales Innovator, Service Innovator, Marketing Innovator, Visionary, Leadership, COBRA Partner of the Year, CDH Platform Partner of the Year, New Partner of the Year, and Partner of the Year.