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Illinois Passed the Transportation Benefits Program Act
Illinois passed the Transportation Benefits Program Act on July 28, 2023, which requires all covered employers to provide a commuter benefit whereby an employee can elect to exclude the purchase of transit passes from taxable income, up to the maximum level allowed by federal law under IRS Section 132. This is effective 1/1/2024.
ABGs Solution
We know that accessibility drives engagement and account satisfaction. The ABG WealthCare benefits platform makes it possible for participants to easily access and manage all their pre-tax benefits with one online account, one mobile app, and one debit card.
ONE Debit Card
Our technology can pull from the right benefits account when participants make a purchase, so they only need one debit card, no matter what benefits they are enrolled in (for example, health and commuter).
ONE Online Account
Thanks to the WealthCare benefits platform, participants only need one online account to manage their health (HSA, FSA, HRA) and Commuter benefits, making it easy to see every contribution, transaction, notification, and more in one place.
ONE Mobile App
We live in a mobile-first world, and our ABG Smart Mobile App was built with that in mind. Our app’s consistent, simple, and modern experience makes it easy for participants to manage their benefits on-the-go. Employers load employee’s pre-tax deductions on a per pay period basis (up to $300 for Transit and $300 for Parking expenses monthly) onto their ABG Benefits Card which can then be used to pay for Transit or Parking passes (or to load metropolitan transit cards).
About the Illinois Transportation Benefits Program Act.
Covered Employers
Employs 50 or more covered employees in a geographic area specified in paragraph (1) of the Transportation Benefits Program Act at an address that is located within one mile of fixed-route transit service.
Covered Employees
This benefit must be offered to all employees starting on the employees' first full pay period after 120 days of employment. All transit agencies shall market the existence of this program and this Act to their riders in order to inform affected employees and their employers. "Transit pass" means any pass, token, fare card, voucher, or similar item entitling a person to transportation on public transit.
Please follow these links from more information about our Commuter benefits:
www.amben.com/commuter-services.html
Please reach out to ABG implementation@amben.com for further information or to set-up a call. To request a proposal, go to www.amben.com/proposal.
Tel: 800-499-3539
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American Benefits Group Wins APEX Award for Exceptional Achievement
The APEX (Alegeus Performance Excellence) Awards honor partners that have demonstrated leadership and achieved exceptional business results using the Alegeus platform. Partners received recognition at the recently held 2023 Alegeus Partner Success Summit./p>
American Benefits Group won in the category of Operational Efficiency, which recognizes outstanding results in driving to the highest levels of automation and efficiency to delight their customers.
“We are excited to recognize the achievements of great partners like American Benefits Group,” said Mark Waterstraat, chief customer and operations officer, Alegeus. “As a channel-first organization, our partners are our singular priority and it is so gratifying to honor them for the tremendous work they do to create better lives for consumers. Congratulations to American Benefits Group on this well-deserved recognition!”
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American Benefits Group (ABG) Navigating the Road to Consumer Directed Healthcare 2.0
American Benefits Group (ABG) Navigating the Road to Consumer Directed Healthcare 2.0
The rapid adoption of consumer-directed health plans and accounts is a megatrend. In 2021 over 80 percent of U.S. employers offer a High Deductible Health Plan (HDHP) with a pre-tax consumer spending account or an HSA. According to Employee Benefit Research Institute (EBRI), the average industry-wide Health Savings Account (HSA) balance is about $2,100, while an average couple will require more than $285,000 in savings at retirement age to cover their likely out-of-pocket healthcare costs. Moreover, only 30 percent of health savings account holders fall in the ‘saver’ category, carrying account balances from year to year. These statistics highlight the need for better education, tools, and resources to help consumers better manage the financial responsibility for their current and future healthcare costs.
Read more … American Benefits Group (ABG) Navigating the Road to Consumer Directed Healthcare 2.0