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ThinkHR – Plan Amendment – TMA Increase 2024

ThinkHR – Plan Amendment – TMA Increase 2024

ThinkHR Plan Amendment TMA Increase 2024

TRANSPORTATION BENEFIT PLAN

PLAN AMENDMENT

The Employer adopts this Amendment to the Transportation Benefit Plan (“Plan”) to reflect changes to Internal Revenue Code (IRC) Section 132(f), as amended by the Internal Revenue Service (IRS) Revenue Procedure 2023-34. The employer and Plan sponsor intends this Amendment as good faith compliance with the requirements of this Notice. This Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this Amendment. This Amendment is entered into and shall be effective for the 2024 Plan year and beyond.

The plan document is amended as follows:

III. ARTICLE – BENEFITS AND ELECTIONS

  1. Transportation Benefit Plan Account
  2. Monthly Limitation for Qualified Parking Expenses: Notwithstanding any provision contained in this Transportation Benefit Plan to the contrary, the maximum amount that may be allocated for Qualified Parking Expenses for any month within the Plan Year is $315.00;

 

  1. Monthly Limitation for Transit Pass Expenses and Commuter Highway

Vehicle Expenses: Notwithstanding any provision contained in this Transportation Benefit Plan to the contrary, the maximum amount that may be allocated for Transit Pass Expenses and Commuter Highway Vehicle Expenses for any month within the Plan Year is $315.00.

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ThinkHR – Plan Amendment – Health FSA Increase 2024

ThinkHR – Plan Amendment – Health FSA Increase 2024

ThinkHR Plan Amendment Health FSA Increase 2024

FLEXIBLE SPENDING ACCOUNT

PLAN AMENDMENT

The Employer adopts this Amendment to the Flexible Spending Account (“Plan”) to reflect changes to Internal Revenue Code (IRC) Section 125(i), as adjusted by the Internal Revenue Service (IRS) Revenue Procedure 2023-34. The employer and Plan sponsor intends this Amendment as good faith compliance with the requirements of this Notice. This Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this Amendment. This Amendment is entered into and shall be effective for the 2023 Plan year and beyond.

The plan document is amended as follows:

ARTICLE VI

HEALTH FLEXIBLE SPENDING ACCOUNT

  1. Limitations on Allocations.

Notwithstanding any provision contained in this Health Flexible Spending Account to the contrary, the maximum amount of salary redirections that may be allocated to the Health Flexible Spending Account by a Participant in any Plan Year is $3,200.00. The maximum limit may increase from year-to-year pursuant to Section 125(i)(2) of the Internal Revenue Code. This limit also applies to the Limited Purpose Flexible Spending Account, if applicable.

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BeneFLEX has been acquired by Paylocity!

After months of planning, we can finally announce an exciting change here at BeneFLEX. Effective March 7, we are part of Paylocity!

Who is Paylocity?
Paylocity is a provider of cloud-based payroll and human capital management (HCM) software solutions, used by thousands of companies (of all sizes) across the country. Through its solutions, Paylocity elevates payroll and HR across the backroom and into the boardroom, and helps to drive automation and strategy within the profession. A three-time recipient of Glassdoor’s Best Places to Work award, they just celebrated their 20th anniversary of being in business, and, went public in 2014 (NASDAQ: PCTY). We’re excited to share with the world how our complementary offerings will bring value to you!

“Acquiring BeneFLEX HR Resources allows us to expand our core product offerings around benefits administration to better serve our clients, prospective clients, and insurance broker community by unifying BeneFLEX’s expertise in this growing market with our intuitive technology,” said Steve Beauchamp, chief executive officer of Paylocity “BeneFLEX and Paylocity are a natural fit, as both have developed a strong presence in the broker community, and this acquisition strengthens our ability to provide added value to both brokers and clients. We are excited to welcome BeneFLEX employees, clients, and referring brokers to the Paylocity family.”

What’s happening to BeneFLEX?
BeneFLEX headquarters in St. Louis will remain open, and we will continue providing the same great service to our clients and broker community. It will be business as usual, meaning our TPA services will remain as is for our clients. Paylocity is committed to preserving the things about BeneFLEX that have made us who we are, and a big reason why we decided to join forces is because they are just as excited as we are to see this offering flourish!

If you’re interested in learning more about Paylocity’s payroll and HCM software services, click here.