BENEFLEX
now
offers Transportation Management Accounts. With the
ever increasing energy costs, a Transportation/Parking
Benefit has become a very
welcome benefit. A Transportation/Parking benefit, like
a Flexible Spending Account, is a valued
benefit program that increases the purchasing
power of your employees’ income at
no cost to the employer. It is an effective
step in the promotion of active employee
participation within the benefits program
based on individual consumer needs.
This
process is designed for employers seeking
to successfully provide to their employees
the many advantages under Section 132 of
the Internal Revenue Code. It is designed
to meet your plan objectives, providing
a quality and flexible employee transit
and parking benefit plan on a cost-effective
basis.
The Transportation/Parking account is
yet another safe haven from taxes and IS
NOT subject to the "use it or lose it"
rules.
The
simplicity and flexibility of this benefit
is significant:
What
Is Allowable?
Specifically, expenses including Qualified
Parking, Vanpooling and Transit Passes can
be reimbursed from this account. The definition
of these items is as follows:
Parking
- On or near business premises up to $205.00 per month.
Amounts usually increase annually, so please call
for current qualified amounts.
Vanpooling
- To and from work; must use commuter highway vehicle capable of seating 6 or more adults (not including driver); 80% of usage must be to transport employee to and from work. Expenses up to $230.00 per month are allowable.
Transit
Passes - A pass, token, fare card, voucher or similar item that entitles the employee to transportation, provided that such transportation is on mass transit. Expenses up to $230.00 per month are allowable. Amounts usually increase annually, so please call for current qualified amounts.
Substantiation
of Expense - must include information
submitted by the payer sufficient to enable
the payer to identify the specific nature
of each expense and ensure that the expense
can be attributed to work / employment.
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