Flexible Benefit Administrators, Inc. (FBA) first began offering the Commuter Transit/Parking plan in 2000. Since then, our operations have expanded to include hundreds of clients from coast to coast. This account is an employer-sponsored benefit program that allows participants to set aside pre-tax dollars into separate accounts to pay for qualified mass transit, van pooling and parking expenses associated with their commute to work. By offering this plan, employers are able to attract and recruit employees while also obtaining savings on FICA taxes. On average, employees saved 30 percent and employers saved 7.5 percent when this plan was implemented.
According to IRS regulations, a participant may contribute up to a maximum amount of $265 per month to their Commuter Transit/Parking plan, unless a different limit applies according to the benefit plan design. As one of the nation’s first third-party administrators (TPAs), FBA has all the experience and qualifications you need to design and implement this plan to fit your company’s needs. Our Benefits Team will assist you with compliance according to Section 132(f) of the IRS code and answer any questions you may have in the process. By choosing our company, you alleviate the administrative burden of administering a Commuter Transit/Parking plan to your employees.