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The New Wellesley College Pre-tax Transportation Benefit
Wellesley College is pleased to announce a new pre-tax commuter benefit effective for transit and parking this August. This program is available to all benefits eligible faculty and staff. The program saves you money by paying for transit and parking with pre-tax dollars through payroll deductions, and supports the College's commitment to sustainability. WageWorks, through Crosby Benefit Systems, is our new commuter service provider.
You can enroll starting today, June 16th. The portal website on p. 2 takes you through the enrollment. The portal closes on July 10th for August cards and passes. Set you enrollment up each month, or select recurring enrollment.
Deductions are taken from your paycheck to pay for the train, subway, bus, ferry, trolley or vanpool before taxes are deducted.
Funds are automatically deducted from your paycheck
Funds are taken before Federal, state and FICA taxes, up to the IRS allowed monthly limits for 2014. Any funds above the IRS limits are deducted from pay post-tax. The 2014 IRS limits for transit are $130/mo. and $250/mo. for parking.
Balances in your Account can be rolled to the next year
Use the same tickets, vouchers, and passes you normally use with fast and free home delivery
Pay for transit and parking with a pre-loaded debit card or make automatic online payments
Managing your Account is easy—online or from your mobile device
- Pause or cancel contributions to your Account without penalty
Tax Savings EXAMPLE of the Pre-tax Benefit
Without the program
$45,000 gross annual pay
With the program
$45,000 gross annual pay
Take home pay is $1,008 more with the program.
Check out potential savings with the online calculator at www.wageworks.com/mycommute
Easy to Use, Easy to Save
ESTIMATE how much you spend on public transportation and parking each month and make monthly pre-tax contributions up to $130 for transit expenses and $250 for parking expenses to your commuter Account.
PAY for eligible transit and parking expenses using the WageWorks Commuter Card, which works like a debit card. Choose from several reimbursement options:
- Access your Account on-line and fill out a form to make direct payments to your transit agency or parking provider.
- Arrange for commuter funds to be transferred to your checking account, or a check to be mailed to you for reimbursement of expenses you’ve already paid.
LEARN MORE & ENROLL
Sign up for a WageWorks Commuter Account at any time – Go to www.commuterworks4me.com to view how much you could potentially save and sign up for the program. You can also visit www.wageworks.com for more online resources.
**To sign up use the last 4 digits of your Banner ID number as the ID Code on the WageWorks site.
View the introductory video for added details here http://vimeo.com/wageworks/review/75860180/8dcd8e07af
Questions? Call 877-924-3967 (8:00am - 8:00pm EST Monday-Friday) or Marymichele Delaney at 781-283-2215
AVP for Human Resources