A transit benefit plan offers an effective and efficient solution for both you and your employees’ commuting needs. Section 132 of the Internal Revenue Code is an attractive benefit in that it lets your employees pay the cost of public transportation using pre-tax dollars, cutting their commuting costs up to 40% while saving your company the 6.20% FICA contribution,
1.45% Medicare contribution, and federal unemployment insurance taxes on every participants’ payroll each month. It is a very flexible benefit, in that no annual commitments or “use it or lose it” rules apply.
The convenience and flexibility of the program takes full advantage of the monthly benefit, allowing employees easy online access to place orders or make changes to their order at any time. Additionally, no plan documents, discrimination testing, or regular filings are required by the IRS.
A third-party administrator can:
- Assist in establishing a plan designed to fit your company’s goals
- Provide enrollment meetings and materials
- Coordinate with your Human Resources department
For more information call Lesley Holgate @ 859-814-2137 or email email@example.com.