Transit/Parking Reimbursement Accounts (TRAs)
Make your employees’ commute less expensive with pre-tax savings on bus fares, train passes and parking expenses with FlexTRANSIT® Transportation/Parking Reimbursement Accounts. We offer the complete transportation and parking reimbursement experience for employees with two
plan options:
1. Mass Transportation Reimbursement Accounts
- Pre-tax up to $125/month or $1500/year
- Allows participants to order transportation cards or checks through FlexTRANSIT using these pre-tax dollars
2. Parking Reimbursement Accounts
- Pre-tax up to $240/month or $2880/year
- Accounts are set up for parking reimbursement administration where employees draw these funds out as needed
Transportation costs are consistently on the rise for employees that pay to park, or ride a commuter rail to work. FlexTRANSIT can help offset these costs through transportation reimbursement for employees offering tax-free options for mass transit and parking reimbursement administration. We offer administrative support to educate employers and employees on the added benefits this plan offers, including:
- Decreased payroll taxes
- Enhanced benefit package
- Reduced taxable income
- Increased spendable income
- Option to refund or rollover unused balances (taxes applied)
Contact your experts at Flex today for more information on FlexTRANSIT.