Evolution Benefits Wins 2006 Gold Connecticut Quality Improvement Award Innovation Prize with the Benny(R) Prepaid Benefits Card.AVON, Conn. -- The Benny([R]) Prepaid Benefits Card from Evolution Benefits earned its second award recognition in as many months, this time a 2006 Gold Innovation Prize from the Connecticut Quality Improvement Award Partnership. Judges from the 18-member examiner panel cited "strong numerical results and accomplishments on the quality journey" in awarding the gold prize to Evolution Benefits. Company chairman and chief executive officer Robert E. Patricelli welcomed the award for the visibility it brings to the use of prepaid cards for tax-favored benefits such as Flexible Spending Accounts flexible spending account, n an employee reimbursement account primarily funded with employee-designated salary reductions. Funds are reimbursed to the employee for health care (medical and/or dental), dependent care, and/or legal expenses and are . "For 20 years there has been a tax benefit only a small percentage of Americans have utilized because of the paperwork and time it took to get reimbursed," Patricelli remarked. "Our prepaid card makes it easy for people to take advantage of these tax benefits." Benny is used for flexible spending, health reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , health savings and qualified transportation accounts. Employees pay for eligible out-of-pocket expenses out-of-pocket expenses n. moneys paid directly for necessary items by a contractor, trustee, executor, administrator or any person responsible to cover expenses not detailed by agreement. , such as prescription or doctor co-pays with Benny and the expenses are automatically deducted from the appropriate account. Evolution Benefits was the first prepaid benefits card company to administer "stacking" technology that allows multiple benefits accounts to be managed on one card. Evolution Benefits' auto-substantiation technology provides a hassle-free electronic way to verify the eligibility of a card transaction according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. guidelines. Evolution Benefits, Inc. headquartered in Avon, Connecticut Avon is a town in Hartford County, Connecticut, United States. As of 2005, the town has an estimated total population of 17,209.[1] Avon was settled in 1645 and was originally a part of Farmington but sold to the Puritans in a land charter granted by the Duke of , began operation in 2002. Its primary product, the Benny[R] prepaid benefits card, applies advanced payment technologies to FSAs, HSAs, HRAs, and Qualified Transportation Accounts. Evolution Benefits powers the programs of more than 80 administrative services organizations and covers more than 3,000 employers, including 40 of the nation's top-ranked Fortune companies. Visit www.EvolutionBenefits.com for more information. The Connecticut Quality Improvement Award Partnership, Inc. (CQIA CQIA Certified Quality Improvement Associate (ASQ) ) was founded in 1987 as an active partnership among the private sector, state and municipal government, and the educational community to annually sponsor a three-tiered awards program that recognizes organizations for their accomplishments. As America's first state-level quality award, CQIA uses the Malcolm Baldrige National Quality Award The Malcolm Baldrige National Quality Award is given by the United States National Institute of Standards and Technology. Through the actions of the National Productivity Advisory Committee chaired by Jack Grayson, it was established by the Malcolm Baldrige National Quality for Performance Excellence criteria to advance innovative programs that improve quality, performance excellence, and marketplace competitiveness. For more information, visit www.ctqualityaward.org. |
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