VNA offers pre-tax Parking & Transit benefits to permanent employees (working more than 30 hours per week) through ConnectYourCare (CYC), a nationwide provider of simple, convenient and IRS-compliant transit solutions. CYC offers a self-service online portal, more than 500 participating transit authorities and over 9,000 parking locations. Please view this flyer for VNA employees.
The IRS allows employees to set aside pre-tax funds in an employer-sponsored program, up to certain monthly limits. Employees then order transit and parking passes or vouchers through their local transit authorities, paying with pre-tax dollars up to the limit, and after tax for anything beyond.
Effective January 1, 2020, the monthly pre-tax limit for parking and transit benefits will increase from $265 to $270 per month.
*Example: An employee “parks and rides,” paying $95 for a monthly train ticket and $175 for a monthly parking pass. The employee’s combined tax rate is 35%. This person saves over $33 per month on the train ticket PLUS another $61 per month on parking expenses…a savings of almost $100 every month!
A few things to keep in mind when deciding to enroll in Parking and Transit benefits:
Please contact ConnectYourCare at (844) 609-1806 or online at connectyourcare.com/veolianorthamerica.