Buckle Up Your Contribution Seatbelt! ??

Got a lead foot? No judgement here. Like listening to Taylor Swift on your way to work? Or a personality test on how to fascinate? Or a self-help book on stop living on autopilot or don't fear the sharks? This pretax account is for you.

?Step 1: Set Your Financial GPS ??

Before you rev up the engine, it's time to set your monthly contribution. Think of it as choosing the perfect playlist for your commute. The monthly contribution amounts are $300 per month for 2023. 2024 limits are still under construction like most of your commute. ????

• ?Pro Tip: Set your contribution amount wisely and watch your savings grow faster than your speedometer when you have an 8 AM meeting!

?Step 2: Flex Those Tax Muscles ??

Pre-tax payroll deductions are like doing crunches for your wallet. They reduce your taxable income, so you keep more of your hard-earned cash. Picture it as a tax dance-off, and you're the winner every time! You can enroll in or change your Parking contribution amount at any time. Parking Account funds become available as payroll deductions are taken. Note to self: Double check that Summary Plan Description (SPD) in case your plan takes another route.

• Pro Tip: How much money can I save? You can contribute up to the IRS limits, saving hundreds. If you set aside $280 dollars pre-tax each month for eligible parking expenses. Assuming a tax rate of 30%, the average commuter saves $162 dollars per month in taxes. If that's your standard monthly spend, that adds up fast — up to $1,944 each year.

?Step 3: Unlimited Carryover – No lose or use it potholes ??♀?

?Unlimited carryover amount, so there is limited risk of contributions being forfeited. Again, check that SPD in case the rules of the road are applied a little differently.

• Pro Tip: The last day to incur expenses and get reimbursed is when you leave your job. Don't leave money on the table; spend it wisely.

?Step 4: Get that coveted workplace Parking Spot

Never lose your car in the sea of parking lot spaces. Or at least, get closer to the entrance or exit depending on your day. Eligible Parking Expenses include metered parking, parking at mass transit facilities, Park n' ride lots and daily/monthly fees for parking lots/garages. Ineligible Parking Expenses include non-work related expenses, residential parking fees, parking costs paid by your employer (sorry, they got this one) and expenses for dependents or spouses.

• Pro Tip: Can my spouse and dependents enroll in my Commuter benefits? No, spouses and dependent children are not eligible to utilize or participate in the Commuter benefit.

Now, rev up that financial engine, buckle up for tax savings, and enjoy your commute with pretax commuter benefits. Remember, the road to financial savings can be as entertaining as Taylor Swift's latest hit or as thrilling as a self-help book's plot twist! ???? So, why not hop in and enjoy the ride with your pretax commuter benefits? Enroll today and ask yourself: Are You Ready to Find that Coveted Parking Space? ????

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