Benefits June 13, 2011
DTCC Offers New Benefit for Employees with Same-Sex Partners
June 13, 2011 (PLANSPONSOR.com) - The Depository Trust & Clearing Corporation (DTCC) announced it will reimburse all U.S.-based employees for the federal tax paid on same-sex domestic partner health coverage.
Reported by Rebecca Moore
The reimbursement is effective immediately and will cover the 2011 tax year.
DTCC explained that it offers its employees the opportunity to enroll eligible domestic partners in its medical, dental and vision health plans, but under current federal law, this benefit for domestic partners is subject to tax.
“This reimbursement will mirror the favorable tax treatment for same-sex domestic partners that the law now provides for married couples recognized by the federal government,” said Donald F. Donahue, president and chief executive officer of DTCC, in a press release. He said the reimbursement decision was reached by senior management in partnership with DTCC’s LGBT (Lesbian, Gay, Bisexual and Transgender) Business Professional Network.
According to the announcement, DTCC also has joined a coalition of businesses supporting a bill that would amend the Internal Revenue Code to end taxation of health insurance benefits for domestic partners and treat them the same as health benefits for federally recognized spouses and dependents. The bill is called The Tax Equity for Health Plan Beneficiaries Act.