Commuter Benefit Accounts
Commuter Benefit Accounts are also a Flexible Spending Account (FSA), but provide benefits for mass transit (traveling to and from work) and work-related parking expenses for employees. They are an employee-driven account in which employees can contribute pre-tax dollars into an account to help pay for their commuting expenses.
ASi Commuter Benefit Account Plans
Commuter Benefit Accounts are split into two separate benefits accounts – Transportation Flexible Spending Accounts and Parking Spending Accounts. The Commuter Benefit Accounts allow your employees to use pre-tax funds to pay for their work-related parking and mass transit expenses. These benefits are on a month-to-month basis, meaning they can opt-in or out and/or change the elected amount of funding each month, depending on their mass transit/parking needs for the upcoming month.
For 2019, both the Transportation FSA and Parking FSA have a monthly maximum contribution allowance of $265. If you offer both FSAs and an employee is enrolled in both plans, they could elect $265 for transportation and $265 for parking per month.
With the Commuter Benefit Accounts, your employees can only spend the amount they have already contributed to the plan. For example, if they elect to set aside $200 per month but have only contributed $100 so far, $100 is the most they can spend toward commuting/parking expenses at that time.
You can choose to utilize the ASi Visa® card, which allows your employee’s funds to be deposited onto a Visa® debit card. They will use this card to purchase their work-related mass transit and parking expenses.
If you choose to not utilize the ASi Visa® card, your employees will pay for their expenses out of pocket, then they will submit a claim for their expenses to ASi for reimbursement. Reimbursements can be made via check and/or direct deposit.
How Does the Plan Work?
You choose the best Commuter Benefit Account option(s) for your employees.
Employees select a monthly election amount to set aside into their Transportation FSA or Parking FSA. This election amount will be deducted evenly out of each pay check.
Employees swipe their ASi Visa® card for qualified expenses or they pay out-of-pocket and file a claim for reimbursement.
*Please note, if you choose not to offer your employee’s the ASi Visa® Card option, this flow chart will change. Please contact our office for more information.
What Expenses Are Eligible?
The Transportation FSA benefit covers your employee’s work-related mass transit expenses including, but not limited to:
- Subways, streetcars, and commuter trains
- Rideshare, including UberPOOL and Lyft Line
Ineligible expenses include non-work-related expenses and individual transportation services like a taxi or a driving service.
The Parking FSA benefit covers your employee’s work-related parking expenses including:
- Parking lots/garages near work
- Parking lots/garages near mass transit stations
As our client, we provide you with the best features available in the industry at no additional cost to you or your employees.
- Cost Savings on payroll tax for every dollar employees contribute to their FSAs.
- Customizable Benefit Plans and Materials
- Online and Mobile App Account Access
- Eligibility Reporting
- Dedicated ASi Teams Who Provide Personalized Customer Service
- Plan Document and Summary Plan Preparation
We realize your employees are your most valuable assets, which is why we offer them great tools and resources to help them manage their benefits.
- Monthly Savings & Larger Take-Home Pay
- Online Employee Portal
- Mobile App
- Online and Mobile Claim Submission
- ASi Visa® Card
- Easy to Understand Benefits Breakdown
We can provide an Excel census template (for onboarding and open enrollments), as well as, enrollment forms for you or your Human Resources department to complete. We can also help in-person during your open enrollment event if requested.
What Can I Expect from ASi?
- Personalized Customer Service
- Assist in Plan Design, Including Plan Design Options and Features
- Draft Plan Documents, Including the Basic Plan Document, Adoption Agreement, and Summary Plan Description
- Assist Broker in Plan Presentation
- Assist in Group Enrollment
- Marketing Materials for Your Employees
- Timely Claims Processing
- Provide Standard Reports Upon Request