| Transportation
Management Accounts Terms and Conditions
One
of the most important features of our Plan is
that the benefit being offered is one that you
are already paying for, but normally with money
that has first been subject to income and social
security taxes. Under our Plan, these same expenses
will be paid for with a portion of your pay
before Federal income, social security, or most
state and local income taxes are withheld. This
means that you will pay less tax and have more
money to spend and save.
Read this Summary
Plan Description carefully so
that you understand the provisions of our Plan
and the benefits you will receive. We want you
to be fully informed before you enroll in the
Plan and while you are a participant. You should
direct any questions you have to the Plan Administrator.
PARKING
FRINGE BENEFIT
DEFINITIONS
Qualified parking means parking provided to
an employee on or near the business premises
of the employer or on or near a location from
which the employee commutes to work by transportation
described. Such term shall not include any parking
on or near property used by the employee for
residential purposes.
LIMITATION ON EMPLOYEE CONTRIBUTIONS
The amount any employee may contribute and use
is $190 per month for tax year 2003. Such amount
may increase as provided for in Internal Revenue
Code Section 132(f)(2)(B).
PAYMENT
OF CLAIMS
The
Plan Administrator shall direct that reimbursement
payments under this Plan shall be made directly
to the Participant's designated bank account
by electronic funds transfer after receipt of
reimbursement requests and supporting documentation.
Claim payments will be on the following Friday
after unpaid claims total $50 or more on any
Monday. Supporting documentation includes a
receipt from the parking service, or if no receipt
is available, a statement that the parking expenses
meets the qualifications. All supporting documents
and statements should include the date expense
was paid.
TRANSPORTATION
FRINGE BENEFIT
DEFINITIONS:
For purposes of this Plan, qualified transportation
is
(a) COMMUTER HIGHWAY VEHICLE :This term means
any highway vehicle:
(i) with seating capacity with at least
6 adults (not including the driver), and
(ii) at least 80 percent of the mileage
use of which can reasonably be expected
to be:
(I) for purposes of transporting employees
in connection with travel between their residences
and their place of employment, and
(II) on trips during which the number of employees
transported for such purposes is at least
_ of the adult seating capacity of such vehicle
(not including driver).
(b) TRANSIT PASS:The term transit pass means
any pass, token, farecard, voucher, or similar
item entitling a person to transportation if
such is transportation is:
(i) on mass transit facilities (whether
or not publicly owned), or
(ii) provided by any person in the business
of transporting persons for compensation
or hire if such transportation is provided
in a vehicle meeting the requirements of
(a)(i).
LIMITATION
ON EMPLOYEE CONTRIBUTIONS
The
amount any employee may contribute and use is
$100 per month for tax year 2003. Such amount
may increase as provided for in Internal Revenue
Code Section 132(f)(2)(B).
PAYMENT OF CLAIMS
The
Plan Administrator shall direct that reimbursement
payments under this Plan shall be made directly
to the Participant's designated bank account
by electronic funds transfer after receipt of
reimbursement requests and supporting documentation.
Claim payments will be on the following Friday
after unpaid claims total $50 or more on any
Monday. Supporting documentation includes a
receipt from the parking service, or if no receipt
is available, a statement that the parking expenses
meets the qualifications as outlined in above.
All supporting documents and statements should
include the date expense was paid.
PLAN ADMINISTRATION
The operation of the Plan shall be under the
supervision of the Plan Administrator. It shall
be a principal duty of the Plan Administrator
to see that the Plan is carried out in accordance
with its terms, and for the exclusive benefit
of Employees entitled to participate in the
Plan. The Plan Administrator shall have full
power to administer the Plan in all it's details,
subject, however, to the pertinent provisions
of the Code. The Plan Administrator's powers
shall include, but shall not be limited to the
following authority, in addition to all other
powers provided by this Plan:
(a) To make and enforce such rules and regulations
as the Plan Administrator deems necessary
or proper for the efficient administration
of the Plan;
(b) To interpret the Plan, the Plan Administrator's
interpretations thereof in good faith to be
final and conclusive on all persons claiming
benefits under the Plan;
(c) To decide all questions concerning the
Plan and the eligibility of any person to
participate in the Plan and to receive benefits
provided under the Plan;
(d) To provide Employees with a reasonable
notification of their benefits available under
the Plan;
(e) To approve payment of Request Vouchers
and to authorize the payment of benefits;
and
(f) To appoint such agents, counsel, accountants
and consultants as may be required to assist
in administering the Plan.
Any procedure, discretionary act, interpretation
or construction taken by the Plan Administrator
shall be done in a nondiscriminatory manner
based upon uniform principles consistently applied
and shall be consistent with the intent that
the Plan shall continue to comply with the terms
of the Treasury regulations thereunder.
EXAMINATION
OF RECORDS
The Plan Administrator shall make available
to each Participant, Eligible Employee and any
other Employee of the Employer such records
as pertain to their interest under the Plan
for examination at reasonable times during normal
business hours.
PAYMENT OF EXPENSES
All administrative expenses shall be paid by
the Employer. |
