(Monday, April 28, 2014)
SAN MATEO, Calif.--(BUSINESS WIRE)--WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits, supports the efforts of City Council Member Daniel Garodnick in calling for New York City to enact the proposed Affordable Transit Act which aims to make transit benefits available through companies with 20 or more employees.
“The cost of commuting continues to rise. Transit benefits represent one of the few ways employees can reduce the effective cost of their commute, while at the same time saving their company money, decreasing road congestion and improving air quality,” said Dan Neuburger, President of WageWorks Commuter Services. “We think this is a very important goal for New York City that would help employees, employers and the local economy.”
According to findings from the Riders Alliance, the proposed Affordable Transit Act would provide an additional 605,000 New York City residents with potential savings of $443 in transit costs per year. Furthermore, the proposed legislation could keep an estimated $85 million in the local economy each year.
“WageWorks believes the savings associated with such an ordinance are even larger than those quoted by the Riders Alliance, as City Council actions could also benefit commuters from Long Island, New Jersey and Connecticut, who may be employees of the companies impacted by such legislation. This would provide even greater savings for these commuters and their employers, as well as put even more dollars back into the local economy. We think enacting this legislation is vital in providing more people an option for a less expensive commute to work while being beneficial to the economy and the environment,” said Neuburger.
A similar ordinance has been in place in San Francisco since 2009. Based on its success, this ordinance was recently expanded to include nine Bay Area counties.
Pre-tax commuter accounts provide personal and corporate tax advantages, and help companies recruit and retain happy, healthy, and productive employees. To find out how much employees and your company can save, visit WageWorks Commuter Benefits.
WageWorks (NYSE: WAGE) is a leader in administering Consumer-Directed Benefits (CDBs), which empower employees to save money on taxes while also providing corporate tax advantages for employers. WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for 58,000 employers and approximately 4.5 million people. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.