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While you may no longer contribute to your employer sponsored 401(k) or 403(b) plan once you leave the company, your employer, in most cases, is still obligated to maintain it for your benefit. There are some exceptions. If your co...
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Last Updated: 04/03/2024
in FSA/HRA/HSA Dependent Care FSA
A Dependent Care FSA account is generally used to cover expenses for the care of a “qualified dependent” under the age of 13 while the you and your spouse are working or looking for work. Additional covered expenses include Eld...
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Last Updated: 03/28/2024
in Retirement Accounts Loans
The terms of your loan end the day you leave the company. Therefore, the remaining balance may be deemed in default and taxable in the year the payments cease. To avoid your loan being reported as taxable income (and having the 10% penalty t...
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Last Updated: 03/20/2024
in Parking/Transit FAQ's
For the year 2024 the maximum benefit for transit expenses is $315 per month. This amount resets each month but cannot be exceeded with pre-tax benefit. *some employers offer a post-tax account to add funds to Benny Card for use after monthly max...
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Last Updated: 03/20/2024
in Parking/Transit FAQ's
For the year 2024 the maximum benefit is $315 per month. This amount resets each month but cannot be exceeded with pre-tax benefit. *some employers offer a post-tax account to add funds to Benny Card for use after monthly maximum is exhausted. ...
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Getting your funds via direct deposit is easy and a much faster way to receive your reimbursement. 1. Once you are logged into your online account you will have a menu at the top of your account. Select Banking/Cards from the Accoun...
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Repaying ineligible expenses through your online account is the quickest and easiest way to reimburse your plan account. 1. Once you are logged into your online account you will see that you have a repayment pending in the Tasks secti...
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What is an automatic rollover IRA? An automatic rollover is a distribution of an account for terminated employees who have a balance below the plan's cash out threshold. Common cash out thresholds are $7,000 and $5,000. Please note that the e...
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Last Updated: 02/09/2024
in Retirement
What are catch-up contributions?Catch-up contributions are salary deferrals (also referred to as “elective deferrals”) that employees age 50 or older can make.
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Catch-up contributions are salary deferrals (also referred to as “elective deferrals”) that employees age 50 or older can make in addition to their regular retirement plan contributions. Like regular elective deferrals, catch-up contri...