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 additional information and click HERE to view some common FAQs regarding parking and transit benefits.
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.