As fuel costs continue to be high, your employees are looking for ways to save on their commute to work. Transit and Parking reimbursement accounts are a valuable employee benefit as they help employees save time and money when they use public transit for their work commute.
Commuter benefits allow employees to set aside pre-tax funds used for eligible transit and parking expenses related to their work commute, governed by IRC Section 132. By allowing participants to contribute post-tax funds, you can add further convenience by ensuring that participants can use one payment method even when their expenses exceed the monthly IRS maximum limit.
Card convenience is critical to the success of a commuter benefit program. Stacked on our card, the separate accounts or “purses” of pre- (and post-) tax money are maintained so that the card identifies the merchant and draws funds from the appropriate account.
The program offers these great advantages to your participants: