Benefits of an Transportation Management Plan
A Transportation Management Account (TMA) is a pre-tax benefit that allows employees to pay for work-related transportation and parking expenses. This account reimburses employees for expenses such as buses, vanpooling, and subway or commuter-train costs. Not only do TMAs help employees save money on a daily expense, but also promote ‘going green!’
Employees who participate in the TMA program have increased spending power and substantial tax savings because they are using tax-free dollars to pay for qualified expenses. Similarly, employers experience 7.65% FICA tax savings on every dollar contributed to the plan.
Paylocity is revolutionizing the TPA industry with technology that has simply never existed before—creating a truly convenient and unified employee experience. Navigating the complex world of third-party administrative (TPA) benefit services, such as FSAs, HSAs, TMAs, POPs, HRAs, and COBRA have never been easier.
For additional information, please contact our Client Support Team at (833) 423-8891 or email@example.com.
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