SAN MATEO, CA (Monday, June 22, 2009)
WageWorks, the nation's leading provider of consumer-directed health care, wellness, commuter, and employer-sponsored benefits for FORTUNE 1,000 companies, announced today that its Compliance Officer Jody Dietel has been named president and chair of the Special Interest Group for IIAS Standards (SIGIS).
SIGIS is the industry group responsible for the establishment and maintenance of an industry standard for operating an inventory information approval system (IIAS) solution, which is required by the IRS for flexible spending account (FSA) and health reimbursement arrangements (HRA) cards to continue to be used at non-health care merchants. The group's members include more than 5,000 retailers, acquirer processors, payment card networks, issuer processors, and third-party administrators.
"Jody has played a significant part in the tremendous accomplishments SIGIS has achieved to date, and brings great perspective to her new position as president and chair for the organization," said Stacy Pourfallah, SIGIS secretary. "Her expertise, effectiveness and enthusiasm will be key to this frontline role, helping to expand usability of employee benefits card programs across the United States."
As president and chair, Jody will leverage her expertise and experience while working with the board of directors to guide the group's ongoing efforts in managing the SIGIS standard approach to IRS requirements, for the use of health care payment cards. Prior to being named president, Jody served as SIGIS' vice president. In her new role, Jody will continue to chair the SIGIS List Review Working Group, which is responsible for determining which items and services are and are not eligible for purchase using a health care debit card under the IRS rules. Jody also sits on the board of directors for the Employers' Council on Flexible Compensation (ECFC), a non-profit organization dedicated to the maintenance and expansion of private employer benefit programs on a tax-advantaged basis.
"My interest is really for the millions of Americans who use these accounts. I got into this business because I really believe in these benefits, but if they're going to work as intended, we need to have a broadly deployed approach; this is where SIGIS comes in," commented Dietel, compliance officer at WageWorks and newly appointed SIGIS president.
With health care reform at the top of the government's agenda, Jody hopes to use her industry cachet and influence at WageWorks to help shape the debate in Washington D.C., to ensure concerns of Americans - especially those with FSAs or HRAs - and their employers, are heard.
Dietel continued, 'several of the options proposed by the Senate Finance Committee for funding Health Care Reform would remove much of the behavioral changes that have occurred as a result of account-based plans. Eliminating or limiting account-based plans is really counter to the goal of health care reform, which is to lower costs and make coverage more universally affordable."
SIGIS was formed shortly after the release of IRS regulation and guidance governing the use of health care payment cards for employer-sponsored tax-based accounts such as FSAs and HRAs. Because of the group's work, a broad range of companies and consumers enjoy the convenience and security that comes with having consistent systems in place for transaction processing and data retention.
WageWorks (NYSE: WAGE) is a leader in administering Consumer-Directed Benefits (CDBs), which empower employees to save money on taxes while also providing corporate tax advantages for employers. WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for 58,000 employers and approximately 4.5 million people. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.