Commuter Benefit Plan: Transit & Parking
Commuter Transit & Parking is now available to benefits eligible employees only. Employees may enroll during any month of the year; they do not have to wait until Open Enrollment to do so. Commuter benefits can save you money on eligible parking and transportation expenses.
Highlights:
• Lets you pay for certain commuting expenses with pre-tax money on a monthly basis.
• A great way to LOWER your taxable income.
There are two accounts that you may participate in:
• Transit - used to pay for eligible mass transit or vanpool expenses associated with travel to and from work, including bus, train or subway.
• Parking - used to pay for eligible parking expenses either near your place of employment or at a location from which you commute to work via mass transit or vanpool.
The IRS pre-tax maximum for Transit is $300/month and Parking is $300/month for the 2023 plan year.