Page 26 - Harvard Maintenance HSS 2022 Benefits Guide
P. 26
Calendar Year 2022
Benefits Enrollment
Transit and Parking Benefits Things to Keep in Mind
How Transit and Parking Benefits Work The monthly pretax
parking and transit
Employees are allowed to set aside pre-tax compensation in two limits are set by the
categories—transit and parking. In the transit category, qualiied Internal Revenue
commuter expenses generally include expenses for the use Service (IRS). View
of mass transportation—train, subway, bus, transportation in a the current limits on
commuter highway vehicle, transit passes, and qualiied bicycle the PayFlex member
reimbursement . website.
Transit and parking beneits are governed by IRS Code Section You can change your
election amount
132. The transit and parking beneit does not include a “use during any month
it or lose it” penalty, as is the case with Healthcare FSAs and within the plan year.
Dependent Care FSAs . Federal income tax and FICA taxes are
not imposed on amounts set aside . Depending on state law, Unused funds
employees may also avoid state and local income taxes . roll over into the
next month. Make
Transit and parking maximum contributions are set by the IRS sure to use your
and are generally adjusted annually for inflation. transportation and/
or parking account
Reminder: You must actively elect Transit and Parking beneits to pay for eligible
during open enrollment to be covered for the 2022 plan year . expenses up to the
IRS monthly limit.
Harvard Shared Services employees who elect Any unused funds
FSA Parking or Transit in your account
Eligible for a subsidy of up to $125 in parking or transit upon termination
expenses if elected . of employment are
During their irst month, employees who elect FSA parking forfeited.
or transit may submit the receipts with total expense For more
to be reimbursed to the Director, Total Rewards at information, visit
hrbeneits@harvardservices.com . paylex.com or call
FSA beneit, if elected, will be efective on the 1st of the 1.844.PAYFLEX
month following 30 days from hire and all reimbursement (1.844.729.3539).
and claims are administered via PayFlex
Employee can download the PayFlex app to manage their account and submit claims for
reimbursement
26
Benefits Enrollment
Transit and Parking Benefits Things to Keep in Mind
How Transit and Parking Benefits Work The monthly pretax
parking and transit
Employees are allowed to set aside pre-tax compensation in two limits are set by the
categories—transit and parking. In the transit category, qualiied Internal Revenue
commuter expenses generally include expenses for the use Service (IRS). View
of mass transportation—train, subway, bus, transportation in a the current limits on
commuter highway vehicle, transit passes, and qualiied bicycle the PayFlex member
reimbursement . website.
Transit and parking beneits are governed by IRS Code Section You can change your
election amount
132. The transit and parking beneit does not include a “use during any month
it or lose it” penalty, as is the case with Healthcare FSAs and within the plan year.
Dependent Care FSAs . Federal income tax and FICA taxes are
not imposed on amounts set aside . Depending on state law, Unused funds
employees may also avoid state and local income taxes . roll over into the
next month. Make
Transit and parking maximum contributions are set by the IRS sure to use your
and are generally adjusted annually for inflation. transportation and/
or parking account
Reminder: You must actively elect Transit and Parking beneits to pay for eligible
during open enrollment to be covered for the 2022 plan year . expenses up to the
IRS monthly limit.
Harvard Shared Services employees who elect Any unused funds
FSA Parking or Transit in your account
Eligible for a subsidy of up to $125 in parking or transit upon termination
expenses if elected . of employment are
During their irst month, employees who elect FSA parking forfeited.
or transit may submit the receipts with total expense For more
to be reimbursed to the Director, Total Rewards at information, visit
hrbeneits@harvardservices.com . paylex.com or call
FSA beneit, if elected, will be efective on the 1st of the 1.844.PAYFLEX
month following 30 days from hire and all reimbursement (1.844.729.3539).
and claims are administered via PayFlex
Employee can download the PayFlex app to manage their account and submit claims for
reimbursement
26
