TRANSPORTATION BENEFITS
CAFETERIA PLAN SECTION 132(f)
Section 132 (f) and Transportation Equity Act for the 21st Century (TEA-21) allows employee to set aside a portion of their salary to pay for certain transportation expenses.
CBS can ease the pain of paying for your commute! Take advantage of the tax savings of the recently implemented Employee Transportation Program Tax Benefit.
As an employee you can save approximately 40% of your commuting costs with the enrollment of Transportation Benefit Program. Imagine relaxing on your commute and saving money all at once!
The savings come from State and Federal Income Taxes plus your Social Security (FICA) taxes.
MONTHLY SAVINGS: $??? ANNUAL SAVINGS: $???
Click here to go to the Question and Answer section "What tax savings would I gain by participating in the Plan?" for an example of the savings.
Section 132(f) Maximum benefits:
- Up to $220 a month, $2640 annually for parking
- Up to $115 a month, $1380 annually for transit and vanpools
Commuter Vouchers can be used just like cash to purchase Mass Transit Services and eligible Vanpools. Vouchers are issued in $20, $21, $25, $30, $35, $45, $50, and $60 denominations and are valid for your Transportation tickets, passes, and vouchers. There is also a SPECIAL $63 denomination for use to purchase your monthly BART parking pass.
For further infomration about this special voucher, or other specific questions that are not answered in the Questions and Answers section, please click here to contact a specialist.
If you are already a member of the 132 Transportation Program and you wish to make an address change or a change in the value of your contributions please click here and remember to submit the form to your HR department or your Payroll department first.
If you feel that this program would be advantageous to you and your fellow employees please pass on our website address to your Human Resources Department for their review.
