How the Illinois Transportation Benefits Program Act Affects Employers and Employees

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In July of 2023, the Illinois General Assembly passed the Transportation Benefits Program Act , mandating that employers who meet certain criteria must offer tax-advantaged benefits to employees commuting via public transit.

Metadata

Provider:

GlobeNewswire, Inc.

Retrieved on:

Wednesday, November 22, 2023

Information

Tags:

First American Bank, Sale, HRA, Legislation, Health, Flexible, Health savings account, Currency strap, Cras, Commuting

Geotags:

MIAMI, FL, US, FLORIDA, WISCONSIN, ILLINOIS

Organisation:

FIRST AMERICAN BANK

Summary

Key Points:

In July of 2023, the Illinois General Assembly passed the Transportation Benefits Program Act , mandating that employers who meet certain criteria must offer tax-advantaged benefits to employees commuting via public transit.
Employers with at least 50 covered employees need to act quickly.
First American Bank’s Health Account Services team is dedicated to helping employers craft benefits offerings that support employee retention and seamless management.
The Transportation Benefits Program Act goes into effect January 1, 2024.

CHICAGO, Nov. 22, 2023 (GLOBE NEWSWIRE) -- New regulations in Illinois spell big changes for many in-state employers. In July of 2023, the Illinois General Assembly passed the Transportation Benefits Program Act, mandating that employers who meet certain criteria must offer tax-advantaged benefits to employees commuting via public transit.

The Program goes into effect January 1, 2024. Employers with at least 50 covered employees need to act quickly.

As businesses expand their benefits to meet new legislation and provide more attractive job offerings, First American Bank’s Health Account Services can ease the transition through products designed with employee benefits in mind. Including a stackable chip Mastercard® debit card that employers can split employee transactions across multiple plan designs—including Commuter Reimbursement Accounts (CRAs)—in real time and at the point of sale. CRAs can be customized and implemented as quickly as seven to ten business days. In addition, an accessible benefits platform is available to support employer compliance goals and provide positive employee experiences across all plan types.

With branches across Illinois, Wisconsin and Florida, First American Bank offers valuable business and personal banking solutions. First American Bank’s Health Account Services team is dedicated to helping employers craft benefits offerings that support employee retention and seamless management. Whether implementing Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Accounts (HRAs), or CRAs, our Health Account Services Team combines the knowledge of seasoned experts and modern technology to enable digital access, full plan oversight, and regulatory compliance.

The Transportation Benefits Program Act goes into effect January 1, 2024.

To contact First American Bank’s Health Services team, email us at [email protected].

About First American Bank

First American Bank is a privately held multi-state, full-service community bank. We started over 50 years ago as a combination of community banks serving the Chicago metropolitan area. Since then, we’ve become the largest privately held bank in Illinois—with 61 locations across Florida, Illinois, and Wisconsin and over $6 billion in assets. Our focus has consistently revolved around three core values: creating solutions, exceptional customer service, and unmatched expertise in commercial banking, wealth advisory, and personal finance solutions.

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COMPANY CONTACT
First American Bank
Email: [email protected]
Website: www.firstambank.com

First American Bank is a MemberFDIC.