To attract and retain employees, many companies offer the added value of commuter benefits through Transportation Reimbursement Accounts. These enable you to use pre-tax salary dollars towards work-related commuting costs like transit passes, van-pool commuting and qualified parking. In 2018, this allows you to save:
• Up to $260 per month for van pooling and transit passes
• Up to $260 per month for parking
Best of all, the balance in your Transportation Reimbursement Account can be rolled over from month to month and year to year while you are actively employed with your company so you won’t lose your unused funds.
It’s never too soon to see if your company offers a commuter benefit and determine how much pre-tax salary you should contribute. In most cases your election can change on a monthly basis during the plan year.
You can always change your contribution amounts on a quarterly basis during the plan year.
To learn more, email a Service Representative or call us at (888) 762-6088.
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