For employees welcoming new family members through adoption, the Firm reimburses certain eligible adoption-related expenses up to your previously unused $75,000 family-building lifetime maximum.
Employees who have completed a qualifying adoption may submit a claim through Maven’s reimbursement program, Maven Wallet, within six months following the date the adoption is finalized (and before an employment termination date, if applicable). After submission of eligible expenses, employees will receive a lump-sum reimbursement to cover the cost of certain adoption-related expenses. Qualified adoption-related expenses include, but are not limited to:
- Adoption fees
- Attorney fees and court costs
- Travel expenses, including lodging and meals while away from home to adopt the child
Note that per IRS guidelines, adoption assistance can be excluded from taxable income up to a maximum of $15,590 per child in 2023. This amount varies by income level and may increase on an annual basis. Any per child reimbursement above this amount will be taxable. Taxes applicable to adoption expenses paid under this Program are the responsibility of the employee.
For more information, see the Adoption and Surrogacy Assistance Benefits Summary Plan Description.