FAQs about Parking and Transit Plans
What is the maximum monthly amount that I may contribute pre-tax to a parking plan?
The monthly maximum is $270 for 2020.
What is the maximum monthly amount that I may contribute pre-tax for a transit pass?
The monthly maximum is $270.00 for 2020.
Should I be concerned about "Use It Or Lose It" with a parking or transit Plan?
No, there is not a “Use It Or Lose It” provision in a parking or transit plan. Balances in your account at the end of the Plan Year may be carried forward to the next Plan Year, as long as you remain an employee.
Is it possible to have the maximum deducted for parking and the maximum deducted for transit expenses each month?
Yes, if you have qualified parking and qualified transit expenses, you may elect the maximum for each account every month.
What is a qualified parking expense?
A qualified parking expense means parking provided to an employee at or near the business premises of the employer. It may also include parking provided at or near a location from which you commute to work by mass transit, vanpooling or carpooling. It does NOT include parking at or near an employee’s residence, even if your residence is also at or near your employer.
What happens if I terminate my participation in the Commuter Plan and have a balance remaining on my account?
If you terminate the plan, you may have the ability to ‘spend down’ your account balance. Please contact our Customer Service Department for further details.
When may I make an election change to my parking or transit plan?
Each Plan is different. Some Plans allow for changes as often as monthly, while other Plans allow changes only 2 times per year. Regardless of how often you may make an election change under your employer’s parking or transit plan, it is important that you must make the election change PRIOR TO the beginning of the the month to which the election relates (remember that parking and transit plans are offered separately and each require their own election).
How do I file a claim?
If you pay a parking garage or lot, you will need to obtain a receipt from the garage. If you pay a monthly fee, you may submit your receipt at any time during the month. However, your receipt cannot be entered into our system until the first of the month for which you have paid. For example, if you pay for December parking in the month of November, you may submit the claim in November, but it will not be entered into our system until December 1st. Your receipt may be in the form of a canceled check, credit card receipt or statement from the garage that the expense has been incurred. Transit plans are designated as debit card use only (no claim forms).
My Employer pays our building for a set number of parking spaces and then charges me each month for the cost of my space. How can I take advantage of this expense on a pre-tax basis?
The arrangement described above may be handled in two ways. If your Employer deducts the cost of your monthly parking directly from your pay each pay period, then you may ask your Employer to start taking that deduction out on a pre-tax basis. If you have to write your Employer a check each month to pay for the space, you may submit that canceled check as your receipt.