TRANSPORTATION BENEFIT PLAN
PLAN AMENDMENT
The Employer adopts this Amendment to the Transportation Benefit Plan (“Plan”) to reflect changes to Internal Revenue Code (IRC) Section 132(f), as amended by the Internal Revenue Service (IRS) Revenue Procedure 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 beyond.
The plan document is amended as follows:
III. ARTICLE – BENEFITS AND ELECTIONS
02. Transportation Benefit Plan Account
1. Monthly Limitation for Qualified Parking Expenses: Notwithstanding any provision contained in this Transportation Benefit Plan to the contrary, the maximum amount that may be allocated for Qualified Parking Expenses for any month within the Plan Year is $300.00;
2. Monthly Limitation for Transit Pass Expenses and Commuter Highway Vehicle Expenses: Notwithstanding any provision contained in this Transportation Benefit Plan to the contrary, the maximum amount that may be allocated for Transit Pass Expenses and Commuter Highway Vehicle Expenses for any month within the Plan Year is $300.00.