Page 16 - Harvard Maintenance Field Ops 2022 Benefits Guide
P. 16
Calendar Year 2022
Benefits Enrollment
Transit and Parking Benefits What Transit and
How Transit and Parking Benefits Work Parking Expenses are
Eligible?
Employees are allowed to set aside pre-tax compensation in two Only parking and mass transit
categories—transit and parking. In the transit category, qualiied expenses incurred by the
commuter expenses generally include expenses for the use employee in connection with
of mass transportation—train, subway, bus, transportation in a travel between their residence
commuter highway vehicle, transit passes, and qualiied bicycle and work place are eligible .
reimbursement . Examples of eligible expenses
include:
Transit and parking beneits are governed by IRS Code Section
132. The transit and parking beneit does not include a “use Bus and commuter
it or lose it” penalty, as is the case with Healthcare FSAs and highway vehicles,
Dependent Care FSAs . Federal income tax and FICA taxes are including vanpools
not imposed on amounts set aside. Depending on state law, Mass transit vehicles
employees may also avoid state and local income taxes . Metro and transit
Transit and parking maximum contributions are set by the IRS passes, token fare cards,
and are generally adjusted annually for inlation. vouchers, and similar
items for transportation
Reminder: You must actively elect Transit and Parking beneits by bus, train, subway,
during open enrollment to be covered for the 2022 plan year . and ferry
How to Use Your Commuter Funds Things to Keep in Mind
Once your funds are available, it’s simple to pay for your eligible The monthly pretax parking
expenses up to the IRS monthly limit . and transit limits are set by
the Internal Revenue Service
®
Use the PayFlex Card , your account debit card. It’s a (IRS). View the current limits
on the PayFlex member
convenient way to pay for eligible transit expenses . website.
Pay yourself back for parking: Pay for eligible parking You can change your
election amount during any
expenses with cash, check, or your personal credit card. month within the plan year.
Then, submit a claim to pay yourself back. Unused funds roll over into
Note the following if you purchase a transit pass with the PayFlex debit card: The the next month. Make sure
to use your transportation
provider must sell transit products exclusively in order for the card to work. and/or parking account to
pay for eligible expenses up
PayFlex Mobile App! to the IRS monthly limit.
Any unused funds in your
To login, use the same username and password you account upon termination of
use for the PayFlex member website. If you haven’t employment are forfeited.
set up an online account, get started today by visiting For more information, visit
www.mypaylex.com and clicking “Create Proile.” paylex.com or call 1.844.
PAYFLEX (1.844.729.3539).
16
Benefits Enrollment
Transit and Parking Benefits What Transit and
How Transit and Parking Benefits Work Parking Expenses are
Eligible?
Employees are allowed to set aside pre-tax compensation in two Only parking and mass transit
categories—transit and parking. In the transit category, qualiied expenses incurred by the
commuter expenses generally include expenses for the use employee in connection with
of mass transportation—train, subway, bus, transportation in a travel between their residence
commuter highway vehicle, transit passes, and qualiied bicycle and work place are eligible .
reimbursement . Examples of eligible expenses
include:
Transit and parking beneits are governed by IRS Code Section
132. The transit and parking beneit does not include a “use Bus and commuter
it or lose it” penalty, as is the case with Healthcare FSAs and highway vehicles,
Dependent Care FSAs . Federal income tax and FICA taxes are including vanpools
not imposed on amounts set aside. Depending on state law, Mass transit vehicles
employees may also avoid state and local income taxes . Metro and transit
Transit and parking maximum contributions are set by the IRS passes, token fare cards,
and are generally adjusted annually for inlation. vouchers, and similar
items for transportation
Reminder: You must actively elect Transit and Parking beneits by bus, train, subway,
during open enrollment to be covered for the 2022 plan year . and ferry
How to Use Your Commuter Funds Things to Keep in Mind
Once your funds are available, it’s simple to pay for your eligible The monthly pretax parking
expenses up to the IRS monthly limit . and transit limits are set by
the Internal Revenue Service
®
Use the PayFlex Card , your account debit card. It’s a (IRS). View the current limits
on the PayFlex member
convenient way to pay for eligible transit expenses . website.
Pay yourself back for parking: Pay for eligible parking You can change your
election amount during any
expenses with cash, check, or your personal credit card. month within the plan year.
Then, submit a claim to pay yourself back. Unused funds roll over into
Note the following if you purchase a transit pass with the PayFlex debit card: The the next month. Make sure
to use your transportation
provider must sell transit products exclusively in order for the card to work. and/or parking account to
pay for eligible expenses up
PayFlex Mobile App! to the IRS monthly limit.
Any unused funds in your
To login, use the same username and password you account upon termination of
use for the PayFlex member website. If you haven’t employment are forfeited.
set up an online account, get started today by visiting For more information, visit
www.mypaylex.com and clicking “Create Proile.” paylex.com or call 1.844.
PAYFLEX (1.844.729.3539).
16
