Transit and Parking Administration
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1.
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Allows employees to pay vanpooling, transit passes and parking costs tax free
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2.
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Expenses must be incurred to enable the employee to be gainfully employed
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3.
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Definitions for vanpooling, transit passes and parking are:
- Van-pooling – Transportation to and from work and an employee’s residence, but only if in “a commuter highway vehicle”. A commuter highway vehicle is any highway vehicle that has a seating capacity of at least six adults (excluding the driver) and at least 80 percent of the vehicle’s mileage use which can reasonably be expected to be (a) for transporting employees in connection with travel between their residences and their place of employment, and (b) on trips during which the number of employees transported for commuting is, on average, at least one-half of the adult seating capacity of the vehicle (excluding the driver).
- Transit passes – A transit pass is any pass, token, fare card, voucher, or similar item entitling a person to transportation (a) on mass transit facilities (whether or not publicly owned), or (b) provided by any person in the business of transporting persons for compensation or hire in a highway vehicle with a seating capacity of at least six adults (excluding the driver).
- Qualified parking – Qualified parking means parking provided to an employee at or near the business premises of the employer. It also means parking provided at or near a location from which the employee commutes to work by van-pooling, in a commuter highway vehicle, or by carpool. It does not include parking at or near an employee’s residence. A car pool means two or more individuals who commute together in a motor vehicle on a regular basis.
- The contribution limits are: Parking maximum per month is $220 pre-tax and Public transportation and vanpool maximum per month is $115
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4.
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Debit card available for instant claim reimbursement
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5.
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Non-debit card claims processed weekly and paid by direct deposit or check to the employee participant
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6.
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Account is generally funded by the employee only but the employer may also make contributions
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7.
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Unused balances at the end of the year cannot be rolled over to the next year
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8.
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Employee’s my change their election monthly
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