Bicycle Reimbursement Made Easy
Crosby to Offer Bike Benefit This Summer
 We are excited to introduce that Crosby’s Bicycle Benefit, an optional service, will be rolled out this summer. After a review of the recently passed Bicycle Commuter Benefits Act which has been well-received by the biking community, Crosby has developed an administrative process designed to be attractive and easy-to-use for employees and cost effective for employers. Here is a closer look at the proposed service:
>> Eligible employees will complete a Bicycle Benefit Reimbursement Request Form certifying the months for which their commute met the requirements and they did not participate in qualified pre-tax transit or pre-tax parking. Bills or receipts substantiating the expense will be required.
>> Crosby will adjudicate reimbursement requests which includes verifying eligibility, reviewing employee certification for number of eligible months and reviewing bills/receipts to ensure compliance with plan rules.
>> Crosby will issue reimbursements by check after the close of the calendar year.
>> Fees will be charged for the initial set up and "per reimbursement" issued.
IRS Code Section 132(f) allows Employers to offer certain tax-free commuting benefits. This plan allows for tax-free reimbursement of certain bicycle commuting expenses to qualified employees. Reimbursements will be issued from Employer funds, not employee deductions. The rules set a limit of $20 reimbursement for each "eligible month" to a maximum of $240 per year per employee. Expenses for months in which the employee participated in either pre-tax transit or pre-tax parking are not eligible for reimbursement.
Reimbursable expenses include the cost of purchasing a bicycle, bicycle improvements, repair, and storage for bicycles regularly used for commuting to and from work.
If you are interested in implementing this service, please contact Darla Rosenfeld via email or by calling 617-630-0468. |
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A Busy Time of Year
Working Overtime To Handle Increased Volume
While we generally find that benefits work always moves at a fast pace, January through April is our busiest time of year. During this time, we receive a significant increase in calls, emails and claims as many participants have moved into new plans or want to get claims submitted before a deadline. This cyclical increase in volume may result in you and your employees experiencing longer than average turn around times. We add staff during these times and are in the process of adding even more staff to accommodate the high volume.
We are committed to maintaining our service excellence. As part of our commitment to you, we will be working many weekends during this busy time. We will be responding to inquiries, processing claims and doing everything possible to ensure that you and your employees continue to receive the high quality of service that you expect. We appreciate your patience and confidence. If you have any specific questions or concerns, please contact your service consultant or Harvey Crosby at 617-630-0423.
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Crosby Receives SAS 70 Certification
Two Year SAS 70 Audit Completed
We are happy to report that Crosby has officially received its SAS 70 certification. Crosby's pursuit of its SAS 70 certification comes as part of a larger quality initiative that began in 2006. The SAS 70, or Statement on Auditing Standard 70, is a set of standards developed by the American Institute of Certified Public Accountants (AICPA) for service organizations. These standards are used by auditors to evaluate and report on the internal controls of those organizations.
To receive a copy of our SAS 70 certification by email or mail, please contact your client consultant or Benjamin Crosby via email or by calling 617-630-0444.
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Roll Call
Employees Change Teams
Crosby Benefit Systems is always committed to providing top notch service. We’re pleased to announce that Rodiane Geneus has taken a position on our Reimbursement Accounts team. Rodiane has been with Crosby since November of 2007 and brings a wealth of knowledge regarding benefit administration to the team.
Normajoy Hutchinson has take a position with our Participant Service Group and will be working with the team responsible for responding to calls and emails from participants on a variety of matters. Normajoy was formerly working on the Reimbursement Accounts team where she assisted many of our clients and participants.
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The Crosby Connection Newsletter is intended for Crosby Client Contacts. © 2009 Crosby Benefit Systems
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... A commuter program can make your company money?
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... We can manage your HIRD Form process?
Are you complying with your 30-day deadlines?
> After Open Enrollment
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Our process is designed to distribute, track and store Employee HIRD Forms so that you don't have to.
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For more information about any of our services, please contact Darla Rosenfeld via email or call 617-630-0468.
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