Commuter Benefits Administration Summary
Qualified Transportation Plans (also called Commuter Benefit Plans) allow employers to offer a tax break to employees with qualified transportation expenses related to commuting to and from work. These expenses could be for either transportation or parking. Employees can choose to participate on a pre-tax basis to pay for qualified transportation or parking expenses. The employee’s contributions are payroll deducted and deposited to an account maintained by the employer. When the employee incurs an expense for one of the qualifying benefits, the employee is reimbursed from the money deposited in the account. These reimbursements are not subject to Federal income tax, Social Security tax and most state and local taxes; therefore, providing employees with tax-free benefits. The employer saves and reduces expenses because pretax dollars directed into flexible spending accounts are not subject to Social Security (FICA) or federal unemployment (FUTA) taxes.
Medcom Benefit Solutions offers a debit card solution for Transit and Parking benefit plans. The debit card is programmed to work up to the monthly statutory amount and is available for use of Transit and Parking expenses where MasterCard is accepted.
About Medcom Benefit Solutions
For 35 years, Medcom Benefit Solutions has been a leader in employee benefit administration, ERISA Compliance, and consulting services providing exceptional service. Medcom Benefit Solutions' expert consultative services provide a comprehensive approach to ERISA Compliance, in addition to, the administration of COBRA, Retiree Billing, Flexible Spending Accounts, Commuter Benefits, Health Savings Accounts, and Health Reimbursement Arrangements.
As regulatory compliance continues to increase in complexity, Medcom Benefit Solutions has designed a streamlined approach to our regulatory compliance services including but not limited to, Form 5500 Reporting, Wrap Documents, Nondiscrimination Testing, ERISA Compliance Reviews, and educational training sessions.
We have also expanded our services to include solutions to help employers meet the requirements of Health Care Reform, including a full-service ACA Employer Reporting solution, Full-Time Eligibility Tracking, consulting, and ACA Penalty Appeal Support services.
We are also a certified broker support partner with Employee Navigator, which allows us to assist brokers with plan setup for the benefits that we administer, such as FSA, HRA, HSA, DCAP, and Commuter Benefits, as well as COBRA administration. This access also allows Medcom Benefit Solutions to assist broker partners in collecting certain data from the Employee Navigator system in an effort to reduce the data collection process for brokers and employers.
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