TAX-FREE TRANSPORTATION PROGRAM
The Employer adopts this Amendment to the Tax-Free Transportation Program (“Plan”) to reflect changes to Internal Revenue Code (IRC) Section 132(f), as amended by the Internal Revenue Service (IRS) Notice 2022-38. The employer and Plan Sponsor intends this Amendment as good faith compliance with the requirements of this Notice. This Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this Amendment. This Amendment is entered into and shall be effective for the 2023 Plan year and subsequent Plan years.
The plan document is amended as follows:
ARTICLE IV. BENEFITS AND ELECTIONS
(a) Monthly Limitation for Qualified Parking Expenses: Reimbursements for Qualified Parking Expenses will not exceed the monthly value as set forth in Code Section 132(f), as adjusted for inflation. For 2023, the limitation on such value is $300.00 per month;
(b) Monthly Limitation for Transit Pass Expenses: Reimbursements for expenses for Transit Pass Expenses will not exceed the monthly value as set forth in Code § 132(f), as adjusted for inflation. For 2023, the limitation on such value is $300.00 per month; and