$martCommuter Accounts
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.
The Parking Reimbursement Account allows for certain commuter-related parking expenses to be paid for on a pre-tax basis. Participant elections are payroll deducted and placed into a special account for reimbursements. Participants may receive reimbursements up to the total amount contributed through payroll deductions. Participants are permitted to make election changes throughout the plan period. The frequency for making changes is determined by the employer. There is no income tax reporting required when participating in this account. The payroll deductionsare free of federal, state and (in most cases) Social Security taxes and do not even appear on a W-2 as reported income.
Reimbursements are received by faxing, emailing or mailing 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. Services must be incurred while the participant is an eligible employee and participating in the plan. After the claim has beenreviewed 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.
Reimbursements are only issued for eligible expenses incurred by the participant. Funds remaining in the account at the end of the plan period carry over into the next plan period.
The employer determines eligibility for this benefit (within discrimination requirements) and the maximum and minimum contributions as allowed by IRS regulations.
Mass Transit Reimbursement Account
The Mass Transit Reimbursement Account allows for certain commuter-related mass transit and/or vanpooling expenses to be paid for on a pre-tax basis. Participant elections are payroll deducted and placed into a special account for reimbursements. Participants may receive reimbursements up to the total amount contributed through payroll deductions. Participants are permitted to make election changes throughout the plan period. The frequency for making changes is determined by the employer. There is no income tax reporting required when participating in this account. The payroll deductions are free of federal, state and (in most cases) Social Security taxes and do not even appear on a W-2 as reported income.
Reimbursements are received by faxing, emailing or mailing 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. Services must be incurred while the participant is an eligible employee and participating in the plan. 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.
Reimbursements are only issued for eligible expenses incurred by the participant. Funds remaining in the account at the end of the plan period carry over into the next plan period.
The employer determines eligibility for this benefit (within discrimination requirements) and the maximum and minimum contributions as allowed by IRS regulations.
