New York City Requires Employers to Offer Pretax Transit Benefits

Stay alert to regulatory changes affecting compensation and benefits, find out about industry trends, and review current surveys and statistics with Benefits & Compensation Management Update.

 

Effective Jan. 1, 2016, employers with at least 20 full-time employees in New York City must provide employees with a pretax qualified transportation benefit program, under a bill (Intro 295-A) signed Oct. 20 by Mayor Bill de Blasio (D). Employees are to be able to direct pretax wages towards certain types of tax-qualified transportation. Penalties for failure to comply with the law are to not be imposed until July 1, 2016. Employers are to have 90 days to address violations before employer penalties are imposed.

To contact the reporter responsible for this story: Howard Perlman at hperlman@bna.com

To contact the editor responsible for this story: Michael Baer at mbaer@bna.com