November 2008 -- Special Edition
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Tax Free Reimbursements For Bicycle Commuters
Bicycle Commuter Benefits Act Signed Into Law
 On October 3, 2008, President Bush signed the Bicycle Commuter Benefits Act into law as part of the economic stimulus package. This act was added to IRS Code Section 132(f) and will take effect on January 1, 2009. The Act allows employers to reimburse their employees up to $20 per month, tax free, for "reasonable" expenses related to their bike commute; this benefit is 100% employer subsidized.
To comply, employees must use their bike for a "substantial part" of their commute between their home and their place of employment. Employees may be reimbursed for expenses incurred during the calendar year such as the purchase of a bicycle, bicycle improvements, repair and storage. This benefit will not apply to commuters who are receiving other commuter related benefits already in the same month, or who use multimodal methods of transportation to get to work.
Crosby Benefit Systems is designing a service for the Bicycle Commuter Benefit which will be rolled out by January 1st. If you are already utilizing our Transit Program, this new benefit will be an optional add-on to your existing service. If you are not currently taking advantage of our Transit program, or to learn more about the new Bicycle Commuter Benefit, please email Darla Rosenfeld or call 800-462-2235 x168. |
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Boosting 2009 FSA Enrollment
Four Valuable Tools To Promote FSAs - At No Cost
Open enrollment season is here and we want to remind you that Crosby Benefit Systems is committed to helping you increase Flexible Spending Account participation. Due to the current economic environment, it is even more important that your employees understand how beneficial it can be to participate in your FSA plan. Four free tools are available to assist you in promoting your Flexible Spending Account plan for 2009:
Recorded FSA Webcast for Participants: Our new Webcast explains the benefits of participating in an FSA plan with a brief overview of how the plan works.
Informative FSA Poster: Our Boosting Enrollment Poster illustrates examples of what is reimbursable under the FSA plan.
FSA Savings Employee Email Template: This template can be used to communicate the benefits of an FSA plan to your eligible employees via email.
FSA Calculator: Participants can access our FSA Calculator via the web. This helpful tool will assist participants in estimating their eligible FSA expenses for the new plan year.
To take advantage of any of these tools free of charge, please email us and we’ll promptly send them your way.
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Increase For 2009 Transportation Benefits
IRS Announces Pre-Tax Limits For Transit and Parking
The IRS has issued the 2009 pre-tax limit increases for Parking and Transit benefits. The monthly parking pre-tax limit will increase to $230 for qualified parking benefits (a $10 increase from the 2008 limit) and $120 for transit and vanpooling expenses combined (a $5 increase from the 2008 limit).
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Nov. 27-28: Crosby's offices will be closed for the Thanksgiving holiday.
Dec. 25-26: Crosby's offices will be closed for the Christmas holiday.
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To request Crosby's participation in your Benefit Fair, please email Tina Crosby with the following:
- Date of Fair
- Time of Fair
- Estimated Attendance
- Location
- Parking Arrangements
- Raffle Information
To learn more about preparing for your renewal season, please contact your Crosby consultant.
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... Transit ridership is up nationwide? We offer a streamlined, easy-to-use web-based platform for the ordering and management of transit and parking orders. Serving all major metropolitan areas, this cost-effective benefit is designed to help employers run their commuter programs efficiently.
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... We can manage your HIRD Form process? Our process is designed to distribute, track and store Employee HIRD Forms so that you don't have to.
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Looking for a Team Roster?
Our organizational design utilizes a client-centered team approach to best meet your needs. If you're interested in receiving a team roster, please email us here to request a complete roster with contact information.
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