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Commonly referred to as a parking or commuter plan, $martCommuter is an IRS regulated, employer-sponsored benefit plan that allows participants to voluntarily convert part of their compensation into tax-free benefits.

Frequently Asked Questions

How do participants benefit from $martCommuter?
How does the plan work?
How do employees participate?
Can participants change elections during the plan period?
How do participants receive reimbursements?
What is an eligible expense?
Do funds carry over at the end of the plan period?
What happens if a participant terminates employment?
Do employees need to enroll each plan period?
Who do I contact for more information?

 

How do participants benefit from $martCommuter?
$martCommuter benefits participants by allowing them to pay for certain parking, mass transit and/or vanpooling expenses with pre-tax dollars. Each dollar that goes into the plan is free from federal, state and (in most cases) Social Security taxes.

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How does the plan work?
The employer identifies who is eligible to participate (within IRS discrimination requirements), what the maximum contributions are for the plan for 2009 $230.00 for parking expenses and $230.00 for mass transit/vanpooling expenses, according to IRS guidelines), and the duration of each plan period (typically month to month). Employees elect how much they want to contribute to each plan account and then receive pre-tax payroll deductions and submit claims for reimbursement of approved expenses as they are incurred.

How do employees participate?
Eligible employees complete and return an enrollment form prior to the beginning of the plan period. This "election" is divided into equal installments that are payroll deducted on a pre-tax basis each pay period. Participants then submit requests and receive reimbursements for approved expenses incurred throughout the plan period, as needed.

Can participants change elections during the plan period?
Participants are permitted to make election changes throughout the plan period. There is no justification required for making a change. An employer will usually limit the frequency for submitting election changes (i.e. once per month).

How do participants receive reimbursements?
Participants can fax, email or mail claims and supporting documentation directly to Chard Snyder. Supporting documentation can be a receipt, a bill, and/or a signed affidavit validating the submitted expense. After the claim has been reviewed and the expense approved, payment is then issued to the participant via direct deposit or a check. Claims are processed daily and payments are issued at least once per week.

What is an eligible expense?
Eligible expenses are parking, mass transit and/or vanpooling expenses incurred by a participant for the purpose of commuting to and from a place of work. Spouse and/or dependent commuter expenses are not eligible for reimbursement. Expenses submitted through this benefit cannot be resubmitted through an income tax return. Click here to view a copy of our eligible expense listing.

Parking must be on or near the premises of the participant's employer or on or near a location from which the participant commutes. Parking on or near property used by the participant for residential purposes is not permitted. Metered parking is permitted.

Mass transit/vanpooling expenses must be incurred through public transportation or by a carpool or vanpool service. Reimbursement for an unsubmittable fare medium (i.e. a bus token) is permitted.

Do funds carry over at the end of the plan period?
Any unused amounts left in the accounts at the end of the plan period are carried over into the next plan period. Participants have access to these funds from year to year as long as they remain eligible.

What happens if a participant terminates employment?

If a participant terminates employment, participation in the plan will also terminate. Any balance in the account is not forfeited unless the Plan Document specifies a grace period after termination.

Do employees need to enroll each plan period?
Participants' elections carry over from plan period to plan period. However, an employer may require employees to complete an enrollment form periodically to confirm the elections they have in place.

Who do I contact for more information?
If you require any assistance with $martCommuter, then please contact us.