HSA BANK - Commuter (Mass Transit, Parking)
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Service level for processing is 7-10 days from receipt.
Commuter Benefits enable employees to pay for certain workplace mass transit and parking expenses on a tax-free basis through payroll deductions up to the limits set by the IRS. Employees set aside funds on a tax-free basis to pay for eligible workplace mass transit expenses, such as the price of tickets, vouchers, and passes to ride a subway, train, city bus, or vanpool. Commuter Benefits are not tied to a benefit year, so the funds remain in the employee’s account until exhausted. Election changes are not limited by a plan year and can be updated or stopped as employees' needs change.
Plan Design Options for Commuter Benefits
• Mass Transit Account – Expenses for a bus, train, subway, or vanpool if the transportation is in connection with travel between an employee’s home and employer, up to the monthly IRS limit.
• Parking Account – Expenses for eligible workspace parking expenses, parking costs at or near their primary work location, or parking costs at the place to access transportation to work, such as a train station or vanpool stop, up to the monthly IRS limit.
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