(Friday, August 15, 2014)
San Mateo, CA (August 15, 2014) - WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits, applauds the efforts of Washington, DC Mayor Vincent Gray and the Council of the District of Columbia for amending the city’s Clean and Affordable Energy Act of 2008 to allow for greater expansion of transit benefits.
The move by the city government makes transit benefits available to those working at companies with 20 or more employees. The mayor and council hope this legislation will encourage more people to use mass transit and help relieve congested roads and highways in and around the nation’s capital.
“We have seen the success of similar ordinances, such as the San Francisco Commuter Benefits ordinance, and believe this is smart public policy that saves money for employers and employees,” said Dan Neuburger, President of WageWorks Commuter Services. “Local elected officials such as Mayor Gray are doing their part to help working Americans and their employers.”
The new law would take effect after Congressional review and states that by January 1, 2016, covered employers with 20 or more employees need to provide one of three transit benefits programs to its employees:
Employers who offer commuter benefits encourage more people to use public transportation, thereby reducing road congestion and lessening carbon emissions while lowering an employer’s payroll taxes. Pre-tax commuter accounts also help companies recruit and retain happy, healthy, and productive employees. To find out how much employees can save, visit the WageWorks Commuter Savings Calculator.
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.