This generates an estimated $188.55 million for New Yorkers and $21.15 million for New York businesses to invest in their companies and staff.
New York, NY (PRWEB) March 25, 2015
Benefit Resource, Inc. announced the "NYC transit Law - Savings for All" webinar to be held on April 9, 2015 at 2:00 p.m., Eastern Time. The webinar focuses on the recently passed New York City Transit Law which will require all entities with 20 or more employees to offer a qualified commuter benefit program.
The 30-minute webinar presentation will cover:
- What is the New York City Transit Law?
- Who is required to comply (and by when)?
- What are the penalties for non-compliance?
- What options exist for becoming compliant?
Following the presentation, there will be an opportunity for attendees to submit questions regarding the ordinance and commuter benefits.
While it is expected many people will be impacted by the new law, the following are specifically encouraged to attend:
- Employers with 20 or more employees in NYC
- Benefits brokers, consultants or advisors with clients in NYC
- Accountants or tax advisors
"Commuter Benefits are an underutilized benefit program that saves both employees and employers money. With the recent increases to the cost of transit, everyone can afford to save. When the law was passed, it was estimated as many as 450,000 New Yorkers will have access to more affordable transit due to the passage of this law. If you assume the average individual tax liability of 30% and the cost of a monthly metro pass now at $116.50, the typical employee can expect to save $419 per year. Additionally, employers are set to save an average of $47 per employee (based on 7.65% savings in FICA obligations less administrative fees). This generates an estimated $188.55 million for New Yorkers and $21.15 million for New York businesses to invest in their companies and staff," explained Andrew Musolino, Executive and Partner, Benefit Resource.
To register for the "NYC Transit Law - Savings for all" webinar, please visit:
About Benefit Resource, Inc.
Benefit Resource has been committed to providing pre-tax mass transit and parking benefits in New York City since it introduced one of the first commuter benefit payment cards in 2001, known as the eTRAC Prepaid MasterCard. Benefit Resource continues to expand its commitment to advancing the industry and innovations in commuter benefits with the introduction of mobile applications and contactless payment technology.
Benefit Resource provides innovative and dedicated administration of pre-tax benefit programs including: Commuter Benefit Plans, Flexible Spending Accounts, Health Reimbursement Accounts and Health Savings Accounts. Benefit Resource is an independent company founded and headquartered in 1993 in Rochester, NY with a secondary location in New York, NY.