Each year, the company funds an employee health reimbursement arrangement (HRA) that reimburses employees for their out-of-pocket medical expenses and health insurance premiums. Because Rudy’s completely funds its HRA, there is no employee contribution required. With the new tax initiatives, this year Rudy’s HRA will provide $1,500 for individual employees and $3,000 for families to use in paying their medical expenses.
“Even with the continually rising costs of healthcare, Rudy’s has been able to reduce our out-of-pocket healthcare expenses. Our health insurance premiums have been reduced while at the same time, our deductibles have been lowered, providing us with better and less expensive coverage,” according to Rudy’s employee, Katie DeFilippis. “I know it’s really helped me and my family and I’m sure it’s helped many others as well.”
Rudy’s Executive Transportation CEO Roy Spezzano credits the new tax plan and its reduction in the corporate tax rate for making this possible for his company. According to Spezzano, “We never could have done this without the initiatives provided in the new government tax plan. And this is exactly what the plan is supposed to do, what it is meant to do. It was designed not only to help businesses, but more importantly, to help businesses help their employees, their workers, the people who have to provide for their families.”
To further help its employees, Rudy’s handed out bonuses to each of its 120-plus chauffeurs, as well as to the 40 people who work in Rudy’s office. Bonuses average over a thousand dollars for each driver and an average of four thousand for the office employees.
Spezzano adds, “Rudy’s has been in business serving the tri-state area for over 60 years and it’s been our employees, our staff, and our chauffeurs who have been primarily responsible for our success. I’m happy to give something back to them and I appreciate the new tax initiatives making that possible.”
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Rudy’s Executive Transportation Shares Advantages of the New Tax Plan
- Category: Industry News