Parking and Transportation Spending Accounts (TSAs), or “Transit” accounts, allow employees the opportunity to pay for certain work-related parking and transportation expenses with pre-tax funds. Qualified transportation expenses include payments for the use of mass transportation (train, subway, bus) and for parking.
Alerus Retirement and Benefits offers the administration and expertise of TSAs, helping employers design a plan that works for their company. With a TSA, employees elect to set aside a certain amount of pre-tax salary to cover qualified costs incurred in commuting to work. The employee will designate an amount for mass transit expenses and a separate amount for parking expenses. The separate reimbursement accounts are maintained for each category and funds cannot be commingled or transferred between accounts. If the employee does not use the full amount before the end of the plan year, the left over amount is carried forward to the next year.
We offer a full range of TSA administration services, including:
- Plan Design
- Plan Communication
- Claims Adjudication
- Payroll Integration
- Quarterly Participant Statements
- Year-end “Participant Reminder”
- Plan Summary Reports
- Participant Website
- Employer Website
Key Factors of TSA Administration
Establishing a successful acceptance of the TSA plan by your employees requires an easily understood communications package. Alerus will provide a custom designed package to meet the specific needs of your employees, including:
- Informational Brochure and Communication Materials
- Enrollment Forms
- Detailed Claim Submission Instructions
- Welcome Letter
Whether it is in print, audio visual, or Internet based, the application process is an integral part of an effective plan implementation.