What Is It, How Does It Work?
CONEXIS’ fully compliant Commuter Benefit Plan allows your benefit eligible employees to set aside pre-tax dollars each month to pay for qualified, work-related transit and parking expenses.
Employers Benefits
- Eliminates the hassle and potential financial risks of buying and distributing passes
- Easy to implement and administer through our intuitive Web-based system
- Save 7.65%* in payroll taxes for every participant dollar contributed
- Significant increase in plan participation due to our user-friendly, convenient Web-based system
- Calculate Your Company's Savings
Participant Benefits
- Participants can save up to 40% on qualified work-related commuting expenses
- No more waiting in line! Transit and parking products are ordered online and mailed to the participant’s home address
- Participation is a monthly, rather than annual choice
- Short order cycle – participants enrolled by the 10th of each month (NYC area the 4th) will receive their transit and parking pass/voucher in time for the following month
Eligible Commuter Expenses
- TRANSIT EXPENSES: Subway, Train, Bus, Van Pool, Street Car, Ferry
- PARKING EXPENSES: Parking at or near work, Park & Ride
- View Eligible Commuter Expenses
IRS Maximum Allowable Employee Contribution
- Transit: Effective March 1, 2009, transit limit is $230 per month
- Parking: 2009 parking limit is $230 per month
| Annual Commuter Benefit Plan FICA tax savings – example* | |
| Commuter Plan Participants | 250 |
| Qualified Commuting Expenses | |
| Transit/Month | $100 |
| Parking | $200 |
| Commuter Plan Contributions/Month | $300 |
| Total Monthly Contributions (250 Participants X $300) | $75,000 |
| Federal Payroll Tax (FICA) Rate | 7.65% |
| Monthly Federal Payroll Tax Savings | $5,737 |
| Annual FICA Tax Savings | $68,844 |