The Federal Transit Benefit Plan allows for savings up to 30% the cost of transportation for your employees.
Transit Benefit Plan
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 a benefit that allows your employees to 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 participant’s payroll each month. 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 small change can make a big difference in your bottom line. Use a third-party administrator to handle all pre-tax deductions and administration to save you and your employees’ time and money.
A third-party administrator can:
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Assist in establishing a plan designed to fit your company’s goals
The United States Department of Transportation (USDOT or DOT) is a federal Cabinet department of the United States government concerned with transportation.
The Federal Transit Administration (FTA) is an agency within the United States Department of Transportation (DOT) that provides financial and technical assistance to local public transit systems.
The Ohio Department of Transportation (ODOT) is the organization of state government responsible for developing and maintaining all state and federal roadways in the state of Ohio with exception of the Ohio Turnpike. In addition to highways, the department also helps develop public transportation and public aviation programs.
The American Public Transportation Association(APTA) is a non-profit organization which serves as an advocate for the advancement of public transportation programs and initiatives in the United States. Since its founding in 1882, APTA has educated the public about the benefits of public transportation through organized bus, paratransit, light rail, commuter rail, subways, waterborne services and intercity and passenger rail programs. It lobbies the U.S. Congress and local government bodies in favor of public transportation improvements and new developments.
The Transit Cooperative Research Program (TCRP) provides transportation-related information for service providers, consultants and suppliers to innovate and solve problems in the transportation industry.
Founded in 1971, the Conference of Minority Transportation Officials (COMTO) was created to provide a forum for minority professionals in the transportation industry. COMTO’s mission is to ensure opportunities and maximum participation in the transportation industry for minority individuals, businesses, and communities of color, through advocacy, information sharing, training, education, and professional development.
