N.J. Admin. Code § 17:1-14.6

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:1-14.6 - Forfeiture of account balances

(a) In accordance with Section 132 of the Federal Internal Revenue Code of 1986, 26 U.S.C. § 132, refunds of unused election amounts to the employee are prohibited. If an employee terminates from the Commuter TaxSave Program and has an unused account balance on the effective termination date, such unclaimed balance shall be forfeited to the State.

(b) In the event the amount elected by an employee to fund a Commuter TaxSave Program Commuter Parking Reimbursement account in a given month exceeds the employee's total claims for Commuter Parking Reimbursement expenses incurred in that month and eligible for payment from the Commuter TaxSave Program Commuter Parking Reimbursement account, the unused balance will roll forward and shall be available to cover qualifying expenses incurred in a future benefit month.

(c) Cash reimbursement for qualified parking expenses through the plan's CashBack program must be requested within 180 days after the expense has been incurred by the employee. If an employee incurs qualifying expenses to cover the employee's benefit election in a given month but the employee fails to file a claim for reimbursement within 180 days of the incurred expense, it shall no longer qualify as an eligible reimbursable expense from a Commuter Parking Reimbursement Account. However, the funds not claimed timely shall roll forward and may be used for reimbursement of future eligible parking expenses that are submitted within 180 days of the date incurred.

N.J. Admin. Code § 17:1-14.6

Repeal and New Rule, R.2009 d.25, effective 1/5/2009.
See: 40 N.J.R. 4928(a), 41 N.J.R. 277(a).
Section was "Forfeiture of account balances".