Commuter Choice accounts can help reduce your employee’s work-related transportation expenses by allowing them to use pre-tax dollars for eligible parking and mass transit expenses. Section 132 of the Internal Revenue Service (IRS) code allows pre-tax dollars, and defines a monthly maximum, for eligible mass transit and parking expenses.
Omega Benefit Strategies makes it easy to take advantage of this pre-tax benefit and start saving money! There are two types of Commuter Choice accounts and your employees can take advantage of the savings by enrolling in either one or both types of accounts.
A Parking Account allows employees to use pre-tax dollars to pay for work related parking expenses. A Transit Account allows employees to use pre-tax dollars to pay for expenses incurred traveling to and from work. Employees can use their Transit Account to purchase any pass, token, fare card, voucher or similar item used for mass transit transportation.
To enroll, employees calculate how much money they need for work related mass transit and/or parking expenses each month. The amount selected within the monthly pre-tax maximum will be deducted from their paycheck each pay period, prior to Federal, State and FICA taxes being calculated. Employees save money by reducing their taxable income. They will continue their monthly election amount throughout the plan year unless they decide to reduce, increase or stop their election.
Omega Benefit Strategies’ complete product package includes Direct Billing administration. While today’s benefit world has become increasingly complex, our technology gives you the tools to seamlessly meet the requirements of your changing work force. When employees temporarily leave your employment for medical or other approved reasons (LOA),
Omega Benefit Strategies will take over the ongoing administration and maintenance of that employee’s benefit programs, dealing directly with the appropriate carriers so you won’t have to. Let us take care of billing employees directly, providing them with a coupon billing letter and payment coupons through the end of the leave period. We will also handle the collection of premiums from the individuals. You won’t have to worry about unpaid premiums and your employees won’t need to worry about catch up deductions when they return form leave. Direct Billing administration – like our other health and welfare administration services – is fully supported by our knowledgeable, responsive customer service team who will answer any questions your employees may have regarding their LOA eligibility or resolve any issues in a timely fashion.
Please note that Omega Benefit Strategies, LLC does not determine LOA eligibility or length of leave.
Retiree Benefit Administration
Nearly 90% of today’s retiree benefit plans call for the retired employee to pay all or a significant portion of their premium. Omega Benefit Strategies will help you manage benefits administration for your retired employees.
We offer a complete retiree open enrollment process from start to finish, providing retirees with complete benefit packages, including:
- Customized Open Enrollment Letters
- Monthly Premium Collection and Customized Payment Schedules
- Notification of New Rates
- Election Form
- Benefit Change Information
Retirees also have the advantage of paying premiums by direct debit from their savings or checking accounts, so they’ll never have to write a check or worry about forgetting to make a payment!
Once the enrollment process is completed, Omega Benefit Strategies will coordinate any pension-based premium deductions of the retiree and communicate changes to the insurance carriers.
Omega Benefit Strategies provides full service Tuition Reimbursement services using software which automates interactive approvals between employees, their managers and Human Resources. Omega Benefit Strategies will customize the approval process based on the employer’s Tuition Reimbursement Policy.
Employee Tuition Reimbursement Benefits
Employee self-service makes the approval process more efficient by allowing employees access to their account any time. Employees can submit applications, track status and enter grades without the traditional paper forms and time-consuming phone calls, allowing more timely approvals.
Premium Conversion Plans (POP)
If you have employees that are currently paying a portion of their employer-sponsored medical, dental, or vision insurance plans on an after-tax basis through payroll reductions, Omega Benefit Strategies can assist by setting up a Premium Conversion Plan. Employees can elect to convert these contributions to a pre-tax basis, thus saving the Federal, FICA, and State (where applicable) taxes. There are savings for the employer too, as their employees’ gross earnings are decreased accordingly!
Omega Benefit Strategies performs annual Non-Discrimination testing upon request. Current Omega Benefit Strategies clients with FSA, HRA or POP plan(s) can find the testing fee in their Service Agreement and should request testing through their account manager or by indicating they want testing done on their implementation or renewal paperwork. All other clients and non-clients wishing to have testing done on FSA, HRA or POP plan(s) should contact our Sales department for a proposal at Benefits@Omegabfs.com or call us 508-986-9359.