All associate’s enrolled in a commuter benefit will pay for their commuter/transit/parking benefit through a debit card provided by benefitexpress. You have the ability to decide how much you would like to put on your debit card each month and use those funds to purchase or pay for your commuter or parking benefit.
The amount that you spend on transit or parking can be paid for with pre-tax money. When you order transit and parking online, the value of your order is automatically deducted from your paycheck. Your yearly taxable income is reduced by the amount of your purchase. For the 2020 tax year, the IRS allows up to $270 a month pre-tax for transportation costs and up to $270 a month pre-tax for parking costs. Any amount beyond that becomes a post-tax deduction. Benefit limits are subject to IRS regulations.
Assuming a combined tax rate of 30%, if you spend $270 on transportation and $270 on parking each month, you can save $1,944 per year. That's like getting more than four and a half months for free!
You can elect and make changes to your commuter benefit at any time throughout the year. Click HERE to access the Enrollment site.
Elections must be made by the 10th of the month in order to receive funds on your debit card for the following month. No need to cancel your recurring order through CYC. You can keep your metro card (or other transit pass) until it expires and use your new debit card to load/purchase your pass for the following month. If you pay for your transit out of pocket you can submit the expense to benefitexpress for a reimbursement.