Commuter Benefits Plans
As transit and parking costs rise, one way employers and employees can save money is with a Commuter Benefits Plan. This plan is an employee tax-savings program governed by IRS Code Section 132. Employees opt to put aside pre-tax dollars every month to pay for qualified, work-related parking and transit expenses. Essentially, you save money for commuter expenses that you’re already paying for.
If you have not yet considered an alternative method of commuting to work, now is the time to do so. Not only will you lessen your impact on the environment, you save money on your commute and keep more money in your paycheck.