Commuter Benefit Plan
Commuter Benefit Plan Information for: Full-Time Employees and eligible* Part-Time
Upon your date of hire, you are eligible to enroll in FIT's Commuter Benefit Plan administered by HealthEquity/WageWorks. This plan enables you to save money on qualified mass transit and parking expenses by making tax-free (pre-tax) contributions from your paycheck.
You will find many mass transit and parking options available for purchase through HealthEquity/WageWorks. You may contribute up to the following IRS limits in 2021 to pay for qualified commuter benefits:
- $270 a month in pre-tax dollars towards mass transit expenses, and
- $270 a month in pre-tax dollars towards parking related expenses
You may also contribute post-tax dollars through payroll deductions for qualified commuter purchases. Payroll deductions associated with commuter benefit elections are taken from each semi-monthly paycheck.
If you select a commuter benefit option that has an associated cash value, (e.g. a commuter card with funds allocated to either transit expenses or parking expenses) funds associated with one commuting option (e.g. parking) cannot be commingled with the other commuter option (e.g. transit) and vice versa.
Once you register your account in the HealthEquity/WageWorks platform, you will be able to make an election(s) and make changes to your election(s). Please view the commuter quick start guide (.pdf) for registration, enrollment and general information about the commuter benefit plan. You may make election changes at any time, however, keep in mind that the cutoff date to make an election for a benefit month is the 1st of the month prior, e.g. September 1 for the October benefit month. For questions, or assistance call (877) 924-3967.
It is strongly encouraged that you review and manage your account balance(s), if any, on an ongoing basis to ensure you are not overfunding a cash value election such as a commuter card. Adjustments to elections should be made via the HealthEquity/WageWorks platform in order to manage your account balance appropriately. If you leave FIT, transit funds are available on the commuter card for 90 days from your separation date and then forfeited. Parking funds are lost immediately on your separation date.
Special note for adjunct faculty
If you participated in the Commuter Benefit Program, payroll contributions made in June will fund a July benefit (if elected). Participation and payroll contributions are automatically suspended for adjuncts in July and August. If you want to resume commuter benefits again for the fall you may do so in the HealthEquity/WageWorks platform between August 2 and September 1, which will result in payroll contributions in September to fund an October benefit.
*Contingent part-time employees (temporary, assignment/project-based, seasonal) including but not limited to models, tutors, monitors/tech navigators, and installers are not eligible for FIT's Commuter Benefit Plan.