Page 18 - KIPP NYC 2022 Benfits Summary

Commuter Benefits
Commuter Benefit Accounts
Financial Benefits
Which Costs are Covered
Qualified transportation benefits cover specific forms of transportation expenses, including the cost for “transit passes” and “qualified transportation expenses.”
• Transit Passes
• Including tokens, fare cards, vouchers, or similar
items that entitle you to use mass transit facilities or van pooling services offered by an outside vendor other than KIPP NYC.
• Qualified Parking
• Includes parking close to your work location or at a
location from which you commute to work.
• You are not permitted to use a paper claim form to
obtain reimbursement applicable to your qualified mass transit expenses. Paper forms are still permitted for reimbursement of qualified parking expenses.
How To Enroll
Visit the Benefits tab on the UKG portal.
The commuter benefit program, administered by Benefit Resource, Inc., allows you to set aside money, on a pre-tax basis via payroll deductions, to pay for eligible transit and parking expenses. This reduces your taxable income and increases your take home pay. You may elect to contribute up to $270 per month for transit expenses and/or $270 per month for parking expenses (or up to the IRS monthly maximums if they differ from what is noted above). The monthly amount you elect to contribute will be deducted on a pre-tax basis in per pay period increments (i.e, semi-
monthly).
How it Works
Qualified transportation expenses include the cost that you might incur in your regular commute to and from work (using mass transit, parking, vanpooling). Under IRC Section 132, KIPP NYC can redirect a portion of your salary to pay for such expenses on a pre-tax basis. You will receive a Beniversal debit card if you make a commuter benefit election (one card for transit, commuter and FSA elections). You can also set funds aside on a post-tax basis if your monthly commuter expenses exceed the pre-tax monthly maximum.
18 KIPP NYC PUBLIC SCHOOLS