Commuter Benefits enable employees to pay for certain workplace mass transit and parking expenses on a tax-free basis through payroll deductions. The limits are set by the IRS each year. Employees set aside funds on a tax-free basis to pay for eligible workplace mass transit or parking expenses. Transit expenses can be the price of tickets, vouchers, and passes to ride a subway, train, city bus, or vanpool. Parking expenses can be workspace parking or parking costs to access transportation to work.
Commuter Benefits are not tied to a benefit year, so the funds remain in the employee’s account until exhausted or the employee leaves the company. Election changes are not limited by a plan year and can be increased, decreased or stopped as employees' needs change.
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