QTFB In-house

[Guest Mrilaomt]

Is it possible to do a QTFB program in-house? Here's the problem, we're a small company and want to institute a QTFB program, problem is, our payroll administrator wants to charge us an arm and a leg to just set up the plan - let alone administer it.

Is it common to do this in-house? And if so, how would you technically go about doing it if you have a payroll administrator (without incurring the charges from them for administering it). We know about the written instrument requirement and the limits, etc. Any help would be greatly appreciated

[MGB]

OK, I'll be the first one to proclaim my ignorance. What in the world is a QTFB program?

[david rigby]

Thanks for being the first MGB. I'll guess it means "qualified taxfree fringe benefit", but that probably does not make sense. Even then, I still don't know what it is.

[Guest Pensions in Paradise]

qualified transportation fringe benefit program?

[Guest Mrilaomt]

Sorry about that - it is a Qualified Transportation Fringe Benefit Program (pre-tax for parking, transit passes, etc.). I believe January 1, 1998 was the first year that this was allowed.

The idea is that employees are given the choice between cash and the QTFB - like a 125 plan, but it cannot be offered through a 125 plan.

[GBurns]

If you are in one of the major cities (with public transportation) there is a lot of help available from the Transportation Authority. Look at the DOT, the SE Pennsylvania, NJ, NYC and DC areas websites for some guidance. You can find them by using a Google search.