COMMUTER TRANSIT AND PARKING
Please read the below information and fill out the Enrollment/Waiver form at the bottom of the page.
A Qualified Transportation Fringe Benefit Plan allows you to set aside “pre-tax” dollars to pay for qualified employment-related transportation and commuter parking expenses.
There are two qualified transportation benefits:
Qualified Parking — Expenses for parking at or near the employer’s business premises or parking at or near a location from which an employee commutes to work by mass transit, vanpooling, carpool, etc.
Transit Passes and Vanpooling — Expenses for any pass, fare card or similar
item (examples: train, subway, light rail, bus, ferry, and vanpool) that entitles the employee to transportation on a mass transit system to and from work or for the cost of transportation between the employee’s place of residence and place of employment in a commuter vehicle that has a seating capacity of 6 persons or more (not including the driver) where at least 80% of the mileage used for the year is for the purpose of transporting employees to their place of employment.
Using the Transportation Benefit
To participate in the plan, you simply estimate your qualified transportation expenses for the year, complete an Election Form indicating your estimated monthly expense(s) and submit it to your employer. Each pay period, your employer will deduct the appropriate pre-tax amount from your paycheck and credit your Parking and/or Transit Reimbursement account.
The IRS has placed monthly pre-tax contribution and reimbursements limits on Parking and Transit Expenses. The monthly limits are: $300 for parking and $300 for transit/van pooling.
The Importance of Planning
Your Parking and Transit contribution amounts can be modified from month to month as your needs change. Unused contributions in your Parking and Transit accounts carry forward indefinitely to be used for future expenses as long as you remain with your current employer. Upon termination, balances in your account may only be used to reimburse expenses incurred prior to your termination.
Nothing in this document states or implies that participation in the Plan is a guarantee of continued employment. Taxability of Benefits The Employer makes no guarantee as to the excludability of benefits under this Plan from federal, state, or local taxes, and it shall be the employee's sole responsibility to pay any taxes due as a result of the payment of benefits hereunder.