Parking and Transportation Fringe Benefit Plans

How do they work?

Estimate your parking and/or transportation expenses for the plan year and enroll in the plan for that amount. The money is deducted pre-tax from each paycheck and is deposited into an account. Claims for expenses are submitted to the account and the reimbursement is issued to you accordingly.

You will have a period before the start of each plan year to enroll for these benefits – this is the Open Enrollment period. In some cases you may be allowed to join the plan mid year depending on your employers plan design.

1. Enroll in the plan for the amount that you plan to use during the plan year. Your election amount will be deducted evenly out of each paycheck throughout the year.
2. Once enrolled, we will send you a confirmation letter with general plan information, instructions on accessing online account features and a claim form.
3. Your plan may allow you to make changes during the plan year. Please consult with your employer to see if your plan allows for mid-year changes.
4. There will be a claims run out period after the end of the plan year in which to submit old claims. The account will be closed at the end of the run out period and no further claims will be processed and unused dollars will be forfeited to the plan.

Rollover

A special feature of Section 132 benefits is the ability to have funds rollover from one plan year to the next. The rollover of funds would not occur until after the end of the claims run out period. Not all plans have a rollover, consult with the employer to see if your plan offers this feature.