FlexTRANSIT
Transit Reimbursement Accounts (TRAs), enabled through IRS Tax Code Section 132(f), are employer-sponsored, pre-tax accounts that employees can use to pay transportation and parking expenses for the purpose of commuting to and from work. Employees are allowed to pay up to $230/month for mass transportation and $230/month for parking (totaling $5,520 annually as of 2009) with pre-tax dollars.
The parking portion of these accounts are set up as reimbursements, which require employees to voluntarily set funds aside and then draw them out as needed. The transportation portion allows participants to attain tax savings by ordering the transportation cards or checks through FlexTRANSIT.