Kane County Metra Riders Can Save as Much as $1,000 on Commuting Costs
On the heels of a fare increase that kicked in this month, Metra is saying “all aboard” for a new plan that can save Kane County residents hundreds of dollars to more than $1,000 a year on commuting costs.
Those savings come when train commuters participate in a pre-tax transit benefit plan at work. The only catch is that your employer has to offer that benefit — but Metra is making it very attractive for employers to do so and is asking commuters to lobby their employers to offer the benefit.
“You’ll save money while enjoying a stress-free commute,” Metra says in a news release and on its website. “For customers who use a monthly pass, participating in a pre-tax transit benefit plan is like getting three months of free Metra tickets each year!”
Metra’s Message to Commuters
How to Join
Contact your Human Resources Department to learn if your employer participates in a pre-tax transit benefit plan. If your employer does not offer transit benefits, encourage them to visit www.metrarail.com/transitbenefits for more information about offering this benefit.
How to Increase Your Monthly Benefit
Already enrolled? To increase your benefit up to the maximum of $255 per month, simply contact your Human Resources Department for the necessary authorization form for your company’s plan.
Calculate Your Savings
To learn just how much you’ll save by enrolling in a pre-tax Transit Benefit plan where you work, use the handy tax savings calculator at www.metrarail.com/calculator.
Another Way to Save on Tickets: The Venta App
Metra customers who purchase Metra tickets here and through the new Ventra mobile app can also split their payments among credit and debit cards, including pre-tax transit benefit debit cards.
Metra’s Message to Employers
Employees Will Save, and So Will you
Transit benefits — an IRS approved program (Section 132f) — reduces costs of commuting by allowing employees to set aside up to $255 in 2016 per month for their Metra, bus, vanpool or other public transit costs.
Similar to health savings accounts, yet far more flexible, transit benefit programs allow employees to opt in/out according to your plan specifications. There’s no use it or lose it penalty and no cumbersome records to maintain by you or your employees.
Administrating a program is a simple process, often contracted to a third party administrator.
“These agencies charge fees, but the employer’s savings covers these fees in whole or part, making this the lowest cost or no-cost benefit you can offer!” the release says.
Transit Benefits Are a Ticket to Savings
The bottom line is your company’s pre-tax transit benefit program can reduce your employees’ commuting costs by up to 40% while saving your company hundreds, maybe thousands of dollars in payroll taxes.
You may also benefit with:
- Recruiting and retention
- Employees arrive rested, ready to work
- Reduced employee stress
- Reduced traffic and parking congestion
Metra suggests employers check with their current benefits providers or look into the plan offered by RTA, or other qualified providers such as WageWorks, Benefit Resources, ADP and WiredCommute.
Many Employers Already On Board
Join the more than 50 percent of companies of all sizes that offer their employees a qualified pre-tax transit benefit program. It’s like giving your employees a raise without costing you! Some companies even share the benefit cost with their employees. Our goal is to reach 100% participation to help everyone in our region save on their commuting costs! Help us achieve that goal. Help your employees save. And, in doing this, you’ll help your company save too!
For more information about pre-tax transit benefits, referrals to qualified plans or other transit support, call 312.322.6326 or email TransitBenefits@Metrarr.com.
Links to Transit Benefit Providers
Metra recommends RTA as a preferred regional provider for transit benefits. But Metra officials also recommend each company evaluate and select a benefits provider based on their particular needs.
SOURCE: Metra news release, website
