city of new york · 2017. 6. 5. · *estimate based on the maximum pre-tax contribution of...

City of New York

Paul Carlo

Agenda

© 2017 WageWorks Inc. All rights reserved. 2

1 Commuter Parity

2 Commuting Options

3 Account Funding

4 WageWorks Site

5 Helping to Spread the Word


Commuter Parity

Commuter Parity


With the passing of The Protecting Americans from Tax Hikes (Path) Act of 2015, transit and parking achieved permanent parity.

Savings Increases for Commuters

Pre-tax Transit Limit(prior to bill passage)

Pre-tax Transit Limit(after bill passage)

Commuter Parity Change

2015$130 per month

2016 & 2017$255 per month

$125 additional per month$1,500 additional per year

Incremental tax savings* = $600

*Assumes tax rate of 40% on the incremental transit expenses.

Help City of New York employees save money on their commute.

PresenterPresentation Noteshttps://www.benefitresource.com/blog/mass-transit-parity/

How much can you save on Transit?


Without WageWorks With WageWorksGross annual pay (estimate) $45,000.00 Gross annual pay (estimate) $45,000.00

Estimated tax rate - 40% $18,000.00Estimated annual commuting expenses ($121 x 12) $1,452.00

Net annual pay $27,000.00 Adjusted gross pay $43,548.00

Estimated annual commuting expenses ($121 x 12) $1,452.00 Estimated tax rate - 40% $17,442.00

Final take-home pay $25,548.00 Final take-home pay $26,106.00

Take home this much more: $558.00

PresenterPresentation Notes*Estimate based on the maximum pre-tax contribution of $255/month for a transit benefit and $255/month for a parking benefit over the course of 12 months. Individual savings may vary based on contribution amounts, income, individual tax rates, state of residence, and other factors. Terms and conditions apply. Based on a marginal federal income tax of 23%, FICA (Social Security) tax of 8%, and state income tax of 7%. Except in MS, NJ, and PA

What does this mean for employees?


New York City Transit

NY

NJ

CT

• Employees can save up to 40% on publictransit and parking as part of their dailycommute to work

• Bus, train, subway or ferry

• Parking at or near public transportation

• Expanded Coverage - More employeescan fully leverage the program

• Metro-North and LIRR

• NJ Transit and PATH

• Buses

• Ferries

• Access-A-Ride

How much can you save on Transit & Parking?


Without WageWorks With WageWorks

Gross annual pay (estimate) $45,000.00 Gross annual pay (estimate) $45,000.00

Estimated tax rate - 40% $18,000.00 Estimated annual commuting expenses ($510 x 12) $6,120.00

Net annual pay $27,000.00 Adjusted gross pay $38,880.00

Estimated annual commuting expenses ($510 x 12) $6,120.00 Estimated tax rate - 40% $15,552.00

Final take-home pay $20,880.00 Final take-home pay $23,328.00

Take home this much more: $2,448.00

PresenterPresentation Notes*Estimate based on the maximum pre-tax contribution of $255/month for a transit benefit and $255/month for a parking benefit over the course of 12 months. Individual savings may vary based on contribution amounts, income, individual tax rates, state of residence, and other factors. Terms and conditions apply. Based on a marginal federal income tax of 23%, FICA (Social Security) tax of 8%, and state income tax of 7%. Except in MS, NJ, and PA


Commuting Options

Premium TransitChek® MetroCard®

WageWorks® Commuter Card

Transit Passes

Access-A-Ride Park-N-Ride

Commuting Options


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Commuter Card


• The Commuter Card Plan enables you tobuy your transit passes and ticketsacross the Tri-State area at almost 90operators.

• Card is funded with payroll deductionson each pay date.

• A Personal Identification Number (PIN)is not required to use this card.

• When using the Commuter Card at avending machine that accepts bothcredit and debit cards, be sure to choose“Credit”.

Premium TransitChek® MetroCard®


• The Premium TransitChek MetroCardprovides employees unlimited, localtransit rides 365 days a year.

• Use the card for travel via the MTA NYCTransit subway, MTA NYC Transit localbus, MTA Staten Island Railway, NICEbus, or the Westchester Bee-Line localbus.

• Delivered directly to your home andready to use—no waiting in line at theMetroCard® vending machine eachmonth.

Transit Pass


• Transit Pass Plan - have your transitpasses mailed to your home. Pickfrom a catalog of transit providersand pass and ticket options.• Participants can buy multiple passes

from different operators.• Metro-North and LIRR• NJ Transit and PATH• Buses• Ferries• Access-A-Ride

Access-A-Ride/Paratransit


• The Access-A-Ride program covers otherparatransit services in other transitagencies.

• These offerings are available under theTransit Pass plan and participants willhave a Transit Account just like otherparticipants enrolled in the Transit PassPlan.

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Park-N-Ride


• Park-N-Ride plan - if you pay to parkat a transit station as part of yourcommute to work, you can savemoney on parking.

• You must be enrolled in a Transitbenefit plan to enroll in the Park-N-Ride plan.

• With a variety of reimbursementoptions you can easily pay for youreligible parking expenses.

• Pay My Parking• Pay Me Back• WageWorks Parking Card


Account Funding

How Commuter Funding Works


• Pre-tax payroll elections will be deducted twice a month (fourtimes if paid weekly).

• These funds will either go into your account or directly to yourWageWorks Commuter Card based on your enrollment in theplan. Funds that go into your account will be used to pay foryour transit and/or Park-N-Ride order for the following month.• For example, deductions in July will be used to pay for your August 10

order for the September benefit month.

• If there are not sufficient funds in your account by the 10th ofthe month, your order will not be processed. You will need tore-elect your pass again for the next month’s order deadline.

Commuter Card Timing


Electing a Commuter Order

Funding the benefit

Access Your Funds

• Elect/ChangeDeduction Plan with the City by the end of June

• Payroll Deductionscommence on thenext available paydate

• Receive yourWageWorksCommuter Cardwithin two weeks ofmaking the election.

• Payroll Deductions inJuly are loaded toyour commuter cardon your pay day. • Funds are available

on your pay day.

PresenterPresentation NotesAdjust to the dates of the time we are meeting

Transit Pass / Park-n-Ride Timing


Electing a Commuter Order

Funding the benefit

First benefit month

• Elect/ChangeDeduction Plan with the City by the end of June

• Payroll Deductionscommence on thenext available paydate

• Payroll Deductions inJuly will be used topay for yourSeptember pass

• Go to WageWorkssite to register andorder by August 10th

• September 2017 – passeswill be received in timefor September 1st


Key Calendar Dates for Passes


2016 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

July

Aug Order Dead-

line

Sept First Benefit Month

July 1Pay Date

July 15Pay Date

August 10Order Deadline

August 22-26 Receive Pass

August 4Order Deadline

MNRR / LIRR

July 29No

Deduction


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Replacing a PMC


• Online 24/7• www.getwageworks.com/nyc

• Phone• 877.924.3967

• 8:00 AM – 8:00 PM | Mon - Fri

• Walk-in• 1460 Broadway, 5th Floor, New York, NY 10036

The entrance is on the north side of 41st Street between Broadway and 6th Avenue.

• 9:00 AM – 5:00 PM | Mon - Fri

• Key Points• No fee for a replacement card

• No reimbursement for out of pocket expenses

• Photo ID required to access the Replacement Center

• A replacement card will be received at home in 3-4 days

• If you don’t receive your initial card by the 26th of the month, please contact WageWorks

http://www.getwageworks.com/nyc

Monthly Admin Fees


• No Administrative Fee (fringe benefit)• WageWorks Commuter Card – No Admin Fee Plan

• Premium TransitChek® MetroCard® (PMC)

• Access-A-Ride (for City, DoE and NYCHA employees only)

• $1.77 Administrative Fee• WageWorks Commuter Card – Unrestricted Plan

• $3.05 Administrative Fee• Transit Pass

• Park-N-Ride

• Access-A-Ride (for CUNY employees only)

• Fees are deducted from your pay once per month

Online portals, tools and multi-featured mobile app available 24/7


Highly Innovative Tech

Employee Microsite

23

www.getwageworks.com/nyc

http://getwageworks.com/nyc

Online Portal


• Self-Service Capabilities

• Commuter Card & PMC Replacements

• Commuter Card Balances

• Easy to download commuter order history

• Real time alerts: Incomplete Commuter enrollments

Registering on the WageWorks Site

25

PresenterPresentation NotesRefer to media gallery to show the steps.

Benefits On the Go


• Updated user experience

• Parking claims supported on the app Pay My Provider

Pay Me Back

Frequently Asked Questions



Helping to Spread the Word

Updated Materials


Media Gallery for Coordinators


www.wageworks.com/nyc/media-gallery.aspx

PresenterPresentation NotesOne stop shop for all supportive communications materials

https://www.wageworks.com/nyc/media-gallery.aspxhttps://www.wageworks.com/nyc/media-gallery.aspxhttps://www.wageworks.com/nyc/media-gallery.aspx

Help Spread the Word

32

• Encourage your employees to enroll and begin saving money

• Send email to your employees

• Hang posters in common areas

• Hand out flyers and include in new hire kits

• Use banners on any existing agency intranets

• Include cut & paste copy on agency newsletters,emails, etc.

There’s No Reason NOT to Sign Up!


• Save on taxes• Get passes at home• Pay for parking easily• Enroll online• Sign up, change, or cancel anytime

Questions?


Contact NYC OPA at [email protected]

mailto:[email protected]

Please Complete the Survey


Thank you.


Slide Number 1AgendaCommuter ParityCommuter ParityHow much can you save on Transit?What does this mean for employees?How much can you save on �Transit & Parking?Commuting OptionsCommuting OptionsCommuter CardPremium TransitChek® MetroCard®Transit PassAccess-A-Ride/ParatransitPark-N-RideAccount FundingHow Commuter Funding WorksCommuter Card TimingTransit Pass / Park-n-Ride TimingKey Calendar Dates for PassesReplacing a PMCMonthly Admin FeesHighly Innovative TechEmployee MicrositeOnline PortalRegistering on the WageWorks SiteBenefits On the GoFrequently Asked QuestionsHelping to Spread the WordUpdated MaterialsUpdated MaterialsMedia Gallery for CoordinatorsHelp Spread the WordThere’s No Reason NOT to Sign Up!Slide Number 34Please Complete the SurveySlide Number 36

city of new york · 2017. 6. 5. · *estimate based on the maximum pre-tax contribution of...

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