TRANSPORTATION FREQUENTLY ASKED QUESTIONS
Participants
They are employer-sponsored benefits that allow you to set aside money from your paycheck on a PRE-TAX basis
to pay work-related transportation expenses.
You will need to estimate your monthly out-of-pocket transportation and/or parking expenses that allow you to get to and from work. Then you authorize your employer to make a pre-tax deduction from each paycheck and have it credited to your parking and/or mass-transit account(s). It is from these funds that you can be reimbursed, on a tax-free basis, for qualified transportation expenses.
The 2008 monthly Mass Transit FSA maximum is $115.00. The 2008 monthly Parking FSA maximum is $220.00.*
*Rates are subject to change consistent with IRS Section 132(f) guidelines.
*Rates are subject to change consistent with IRS Section 132(f) guidelines.
Your share of expenses* for parking on or near your employer's premises or at a location for which the employee commutes to work are reimbursable under a parking plan.
Your share of expenses* for mass transit (subway, train, bus or ferry) or vanpool costs for commuting to and from work are reimbursable under a mass transit plan. This includes passes, vouchers and tokens.
*Reimbursable up to the monthly statutory or plan limit.
Your share of expenses* for mass transit (subway, train, bus or ferry) or vanpool costs for commuting to and from work are reimbursable under a mass transit plan. This includes passes, vouchers and tokens.
*Reimbursable up to the monthly statutory or plan limit.
The following expenses are not reimbursable:
- Non-work related expenses
- Expenses reimbursed by your employer
- Bridge and road tolls
- Carpool expenses
- Parking and transportation expenses for your spouse or dependents
Yes. If your expenses fluctuate throughout the year, you are allowed
to change your election amount. You will need to complete a
Transportation_Changes
form and submit it to your employer. Please check with your
employer on how often a change can be made.
Don't worry, the IRS allows you to rollover your balance into the next plan year. Please read your employer's Summary Plan Description for further details on the plan, including information on how rollover balances are handled.
You can submit your request for reimbursement either online or using
a hard copy form. Visit our
Filing Claims
page for specific details.
Although not needed by PBS to process your claim, you should attempt to acquire and retain a third-party receipt reflecting payment of a qualified expense.
If your employer offers this option, you can have your claim
reimbursement(s) automatically deposited to your checking or
savings account by completing a
Direct_Deposit_Auth
form and submitting it to Planned Benefit Systems, Inc.
Direct deposit is a quicker and safer means of reimbursement.
