Transportation Plans as a Fringe Benefit
(This question came to me from an HR practitioner anonymously. - Steve)
I have a series of questions regarding qualified transportation plans and appreciate any feedback you can give me.
- How does your company handle transportation plans using pre-tax dollars under IRS Section 132?
- How often should a Summary Plan Description for this fringe benefit be updated?
- What does this process look like?
Thanks for your help.
Most spending account (FSA/HSA) providers also offer administration for transportation benefits. Here is a link to the IRS website outlining Sec. 132 benefits. https://www.irs.gov/government-entities/federal-state-local-governments/qualified-parking-fringe-benefit