Note: University of Wisconsin System employees may enroll in parking and transit accounts for plan year 2021. Elections will be effective January 1, 2021.
What are the benefits?
- Pre-tax contributions reduce your taxable income.
- Easiest way to pay for eligible transit expenses with tax-free money.
- Your Transit Account funds become available to you as payroll deductions are taken.
- Eligible for unlimited carryover, so there is minimal “use-it-or-lose-it” risk.
- You can enroll or make changes to your account at any time during the plan year.
How does it work?
- Your annual contribution is deducted pre-tax from your paycheck in equal amounts throughout the plan year and deposited into your Transit Account.
- Manage your account 24/7 via the myCYC mobile app or CYC Online account.
- Note: You are only be able to access your Transit funds through manual claim submission to CYC. Manual claims may be submitted to CYC via paper form, through the online employee portal and/or through CYC’s mobile app.
- For 2020 benefit period, you must incur all eligible expenses by December 31, 2020.
- For 2021 benefit period, you must incur all eligible expenses by December 31, 2021.
- For 2020 benefit period, you must submit all reimbursement requests by March 31, 2021.
- For 2021 benefit period, you must submit all reimbursement requests by March 31, 2022.
Review all claims and provide any required substantiation by December 31 each year.
An eligible expense is a work-related transportation fee for mass transit the IRS states can be paid for without taxes. Eligible expenses include:
- Bus passes
- Subway vouchers, passes or tokens
- Train vouchers, passes or tokens
- Vanpooling fees
Above is a partial list of eligible expenses that are reimbursable through a Transit Account. For more information, see Transit and Parking Eligible Expenses. For the complete list of eligible and ineligible expenses, visit www.IRS.gov and see IRS Publication 5137.
How should I keep track of my eligible expenses?
You should keep all your receipts and pertinent documentation to prove your Transit Account was used for eligible parking expenses.
Learn how to enroll in an a pre-tax savings/employee reimbursement account, whether you are enrolling during open enrollment, as a new hire or when you have experienced a qualifying life event.Read More about Enrollment Information
You will receive a welcome brochure in the mail from ConnectYourCare.