Learn About Pre-tax Commuter Benefits for Trustmark Companies Associates
Use Tax-Free Money to Pay for Mass Transit and Parking
Do you know you can use pretax money to pay the costs of commuting to work via mass transit and to pay parking fees at work? With Commuter Benefits through HSA Bank, you can make tax-free payroll deductions, up to the IRS limits, to cover various modes of mass transit and parking expenses. Contributions are deducted from your pay before taxes, which can mean substantial tax savings. This program is open to all regular full-time and part-time associates in any location (as well as on-call workers in San Francisco, New York and DC) who commute to work for the Trustmark Companies. Enrollees must also receive a regular paycheck allowing for this deduction.
Use Commuter Benefits to pay for:
Mass Transit
Mass Transit accounts cover eligible workplace mass transit expenses such as tickets, vouchers and passes to ride a subway, train, bus, vanpool or ferry.
Parking
Parking accounts enable you to pay for eligible workspace parking expenses, parking costs at or near your primary work site, as well as parking costs at the place where you access transportation to work, such as a train station or vanpool stop.
How Commuter Benefits Work
The IRS sets the maximum monthly pre-tax deductions. These limits reflect the maximum allowed pre-tax contribution and reimbursement amounts per calendar month in 2018:
Mass Transit maximum: $260 per month
Parking maximum: $260 per month
How to Enroll
Determine how much you want to contribute to your Commuter Benefits accounts and then follow these steps to enroll through Workday.
- You must enter enrollment in Workday by the 10th of the month for coverage in the following month. This allows time for processing and, if necessary, distribution of an HSA Bank card to use for transit purchases.
- Click on the Benefits icon and then Change Benefits. Select the Change Commuter Benefits event reason and enter the 1st of the following month so deductions begin on the 1st check of the following month. (For example, if you enroll by Feb. 10 using an effective date of Mar. 1, your election would be available for use on Mar. 1 via your HSA Bank card.) Deductions will be taken 2x per month starting on the first check in March.
- Once your event is created, click on Open box to enter your election. Select Elect to enroll in Mass Transit and/or Parking. Divide your monthly election in half and enter this amount in the Amount box. Your election must be between $0 and $130.00.
- You can change your monthly election as needed as long as you enter your new election by the 10th of the month for coverage in the following month. The effective date will always be the 1st of the month. Contact Benefits if you have questions about entering your enrollment in Workday.
Paying for your Commuter Expenses
Mass Transit – You must use your HSA Bank card to pay for your transit pass. Reimbursement from your Commuter Benefits account is not available if you use another form of payment. You may not use your pre-tax benefit for expenses incurred prior to enrollment in the plan. It is recommended that you contribute only what is needed to pay for transit expenses each month but unused balances will carry over to the following year.
Parking – You can use your HSA Bank card for eligible parking expenses, or you can use another form of payment to pay for parking and seek reimbursement within 180 days with a paper claim form.
If you already have an HSA Bank card, you can use the card you already have. If you do not, you will be issued an HSA Bank card after your enrollment in Workday.
View your account information online at https://myaccounts.hsabank.com or download the HSA Bank Mobile App.
Questions?
Contact Julie.Pierce@trustmarkins.com or Melody.Canak@trustmarkins.com
