What are commuter benefits in Chicago?

What are commuter benefits in Chicago?

A Commuter Benefit Plan allows employees to pay for certain workplace commuting expenses, including mass transit and parking, on a pre-tax basis. Beniversal Commute combines convenient access to funds through the Beniversal® Prepaid Mastercard® with compliant, streamlined administration.

What does transit benefit mean?

Commuters can save up to 40 percent of the costs for subways, buses, rideshares, ferries, parking and other means of commuting. Employees are allowed to save up to $265 per month for transit benefit programs. The savings come because employees save money from their paychecks tax-free.

Can I use commuter benefits for Uber?

To have your commuter benefits savings pay for Uber, you must use it for the rideshare UberPOOL. You can’t use for rides like Comfort, Uber XL and Uber X rides. It’s the same deal if you use another ride-hailing service like Lyft, where only the Lyft Shared carpool is available for commuter benefits.

What can I do with unused commuter benefits?

Any unused commuter benefits funds will be returned to the company’s bank account. Per IRS regulations, your employer can’t refund your unused commuter benefits funds back to you. However, you can submit claims for eligible expenses incurred during employment for up to 90 days.

Does Chicago Transit Authority have a benefits program?

HR Benefits Services Share on TwitterShare on FacebookShare via emailClick to print Human Resources / Benefit Services At the Chicago Transit Authority, we offer a very competitive benefits program. The program provides a variety of benefits for an employee’s family, now and in the future.

How do I contact transit Chicago about employee benefits?

The outcome is a reduction of taxes for employees and employers, regardless of the level of subsidization by the employer. For more information contact us at [email protected] or (312) 681-4005. Q: How many employees do I need to sign up for transit benefit?

How much does an employer pay for public transit?

Employee Benefits. The Transit Benefit Program is an employee benefit program administered by employers. It allows employees to pay for their transit rides using pre-tax dollars – up to $260 per month ($3,120/year). The program is based on a federal tax law designed to encourage the use of public transit.

How much can I save with transit benefits?

The Transit Benefit program allows employees to pay for transit through pretax dollars. Savings from Transit Benefits can be significant, and participating is easy for everyone. Would you like to save up to $1,000 a year? Using Ventra’s pre-tax transit benefit program can save you up to 40% on your commuting!