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SECTION 132, TRANSPORTATION
ASSISTANCE PROGRAM
INTRODUCTORY CONCEPTS |
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GOVERNING RULES AND
REGULATIONS FOUND IN SECTION 132(F) OF IRS CODE |
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EMPLOYEES WILL SAVE
FEDERAL AND SOCIAL SECURITY TAXES |
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PROGRAM IS TAX
EXEMPT. EMPLOYEE NEVER PAYS
TAXES ON ANY CONTRIBUTION TO THE PLAN. |
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MOST 125 RULES AND
REGULATIONS DO NOT APPLY TO SECTION 132 PLANS |
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| QUALIFIED
TRANSPORTATION BENEFITS |
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PARKING ($200.00 PER MONTH)
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COMBINED
MASS TRANSIT/VANPOOLING ($105.00 PER MONTH) |
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| PLAN
REQUIREMENTS |
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NO DOCUMENTATION |
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NO LOSE IT OR USE
IT |
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NO REPORTING
REQUIREMENTS |
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| ADMINISTRATIVE
PROCEDURES GERMANE TO EMPLOYEES |
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ESTIMATE EXPENSES
ON A MONTHLY BASIS—SUGGEST ON A QUARTERLY BASIS; DIVIDE ESTIMATE BY
NUMBER OF ANNUAL PAY PERIODS FOR PAY PERIOD DEDUCTION (SUGGEST MINIMUM OF
$30.00 PER MONTH.) |
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FOR REIMBURSEMENT,
EMPLOYEE NEEDS TO PROVIDE SUBSTANTIATION |
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| RECOMMENDED
FORMS |
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ELECTION FORM |
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REQUEST FOR
REIMBURSEMENT |
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SUMMARY PLAN
DESCRIPTION |
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| FEES |
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THERE
ARE TWO FEES APPLICABLE: |
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a)
ONE TIME SET-UP FEE. |
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b)
$5.00
PER MONTH FEE, PER PARTICIPANT |
