Parking and Transportation
This is the policy for employees in the US.
Employees can pay for parking and transit expenses using pre-tax money taken out of their paycheck via payroll deductions. thoughtbot does not pay for these expenses but does cover the monthly WageWorks administrative fee, allowing employees to receive the full savings of using their pre-tax money for these expenses. The parking and transit accounts are two separate accounts, each with a monthly pretax maximum of $260. Per the IRS, commuter benefits are only available to the employee making the deductions for the purpose of moving to and from work or for parking that is necessary for the commute to work. Spouses and other dependents are unable to take part in this benefit.
Our parking and transit pretax benefits are managed by WageWorks. Your election options may include transit passes and vouchers, reloadable VISA debit cards, direct to parking payments and parking reimbursements in your local area. For example in NYC, you can order your Metro card directly through WageWorks and in Boston, you can order your Charlie Card directly through WageWorks. If you elect the debit card, any unused funds will roll over to the following month. All passes and debit cards are mailed to your home address.
Changes must be submitted by the 10th of the month preceding the month in which you would like the change to take effect.
If your recurring monthly cost is over the monthly limit, the amount under the limit will be deducted pre-tax, with the remainder deducted post-tax. The limits are currently $260/month for parking and $260/month for mass transit.
Funds can only be used for expenses incurred while you are employed at thoughtbot. You cannot take unused funds with you when your employment ends.