Page 98 - 2022 MLB Benefit Guide 08.2022

Commuter Benefi t Plan

savings for your workplace mass transit
and parking expenses

Enrolling in a commuter benefi t plan saves you money each month,
PLUS our convenient options and tools make it easy.

Are you paying more taxes than you need to?
By enrolling in a commuter benefi t plan, you can pay for Key Information
qualifi ed workplace mass transit and parking expenses
with tax-free contributions, meaning that you will not • A commuter benefi t plan is an
pay federal income taxes, social security (FICA) taxes, employee benefi t offered by your
or state income taxes (may vary by state) on these employer in accordance with
expenses. When you enroll in the plan, you will indicate Section 132(f) of the Internal
how much you want to contribute to your Mass Transit Revenue Code.
and/or Parking Account. • Plan funds must be used for
qualifi ed commuting expenses.
What are eligible commuting expenses? Improper use of funds could result
Qualifi ed workplace commuting expenses must be Tax Savings Example in plan restrictions or termination of
for mass transit and/or parking expenses incurred Monthly commuter expense $125.00 the plan.
between a residence and place of employment.
Qualifi ed mass transit expenses include: buses, Monthly tax savings $37.50 • Your election(s) will remain in
(Federal, State, FICA)
trains, subways, ferries and vanpools. Qualifi ed effect until an election change
parking expenses include parking expenses incurred Annual tax savings $450.00 is submitted. Check with your
employer on how and when
near your workplace or a location from which you The fi gures above are for illustration purposes only. changes must be submitted.
commute to work (e.g. park-and-ride). Actual savings and tax rates may vary.
How do I determine my election Calculate your personalized tax savings • Unused cash balances will be
carried forward to be used for future
amount? at www.Benefi tResource.com qualifi ed expenses for that account.
When enrolling in a commuter benefi t plan, you will Excess cash balances cannot be
need to make separate elections for your monthly refunded from an account and can
qualifi ed expenses for mass transit and/or parking. only be used for qualifi ed expenses.

The maximum tax-free amount you can contribute to each account is limited by the IRS, • If you build up a balance, you may
and is subject to change each year. For current tax-free maximums, please refer to your temporarily reduce your election
plan documentation or visit www.Benefi tResource.com. to $0 in order to spend down the
balance and remain active in the
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When using the Beniversal or eTRAC Prepaid MasterCard , your election should equal plan.
your total monthly expenses. This will ensure your card is fully funded for purchases. Any For additional details regarding
amount exceeding the tax-free limits will be taken on an after-tax basis.
your plan, contact your employer
g
Once your payroll deductions begin, they will be posted to the corresponding account and or see your plan documentation.
y
p y
will then be available to use for qualifi ed workplace
commuting expenses related to that account.
Learn more about commuter benefi t accounts or view
our video presentation at
www.Benefi tResource.com

www.BenefitResource.com