Effective January 1, 2012, the IRS increased the pre-tax monthly limits for the qualified parking benefit from $230 to $240, up $10 from the limit in 2011. However, the temporary increase in the monthly pre-tax limit on the value of qualified transportation benefits for the Unrestricted Commuter and Transit Pass Plan has expired and reverted to $125 for 2012.
Changes to the pre-tax amounts will affect all Transit Benefit plans as follows:
- The pre-tax limit for the Commuter Card Unrestricted and the Transit Pass (including Access-A-Ride) plans will be reduced from $230.00/month to $125.00/month.
- The pre-tax limit for the Park-N-Ride Plan will be increased from $230.00/month to $240.00/month.
Please note: If you are currently enrolled in the Transit Benefit Program through WageWorks and your deduction amount is affected by the change, no action is needed on your part. However, if you wish to change your monthly deduction amount, please complete a Transit Benefit Enrollment/Change Form and return it to your HR Office for processing.