Risk & Business Magazine Hardenbergh Summer 2019 Magazine | Page 29

TRANSIT BENEFITS Joe Madera is a Group Benefits Consultant and Partner with the Hardenbergh Insurance Group. Joe uses his 20+ years of insurance experience and product knowledge to help find customized solutions to fit his clients' needs. He believes in the value of long term relationships and in helping to support the local community. Joe is also currently on the Board of Directors with the Voorhees Business Association.   NOT JUST INSURANCE. RISK MANAGEMENT SOLUTIONS. FOR YOUR HOME, YOUR CAR, YOUR VALUABLES — YOUR PEACE OF MIND. call 856-489-9100 or visit www.hig.net ©2019 Selective Ins. Group, Inc., Branchville, NJ. Products vary by jurisdiction, terms, and conditions and are provided by Selective Ins. Co. of America and its insurer affiliates. Details at selective.com/who- we-are/selectives-affiliated-insurers. INST-19-015 WHAT NEW JERSEY EMPLOYERS SHOULD DO NOW Federal Income and Social Security taxes. For 2019, the maximum benefit levels allowable are $265/month for commuter highway vehicle benefits and transit passes (combined) and $265/month for qualified parking. • Start taking steps to establish a Transit Benefits program (begin exploring options with payroll and third-party vendors) as soon as possible. WHAT IS THE DEADLINE TO COMPLY WITH THE NJ TRANSIT BENEFITS LAW? • If you are subject to the Law and employ workers currently covered by collective bargaining agreements and/ or represented by a union, be prepared to address Transit Benefits when bargaining new contracts or renewal contracts to avoid applicable civil penalties. The Law became effective immediately upon signature on March 1, 2019, but it sets forth that it is not a fineable offense until the earlier of March 1, 2020, or the effective date of the implementing rules and regulations, which will be issued by the New Jersey Commissioner of Labor and Workplace Development (“Labor Commissioner”). • Prepare to respond to employee inquiries about the Law since the Law requires the New Jersey Transit Corporation—in conjunction with the New Jersey Turnpike Authority and the South Jersey Transportation Authority—to conduct a public awareness campaign encouraging the public to contact their employers about Transit Benefits. • Watch for the implementing rules and regulations regarding the administration and enforcement of the Law to be aware of, and meet, any additional requirements. If you have any questions or if you would like to further discuss this information, please contact Joe Madera at: [email protected] or 856-890-7120. 29