(August 26, 2014)
San Mateo, CA (August 26, 2014) - WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits, reminds Bay Area businesses that they have until September 30, 2014 to decide which commuter option to provide their employees under the new the Bay Area Commuter Benefits Program.
This program was announced in March, following the approval of the regulation by the Metropolitan Transportation Commission. It requires companies with more than 50 full-time employees within the 9 Bay Area counties (Alameda, Contra Costa, Napa, Solano, Sonoma, Marin, Santa Clara, San Mateo and San Francisco) to implement a commuter benefits plan for their employees. Employers can choose from any of the following four options:
“San Francisco passed a similar program in 2009 that has been a success. This new program is smart public policy that saves money for both employers and their employees, and also helps improve air quality by reducing road congestion,” said Dan Neuburger, President of WageWorks Commuter Services.
Currently, an employee with a $130 monthly transit payment can save an average of $39 per month if they are enrolled in a Commuter Benefits program, assuming a 30% marginal tax rate. Employers also save since they are no longer paying payroll taxes on the $39 per month the employee is saving. Over the course of year and if an employer has multiple employees enrolled in the program the savings can really add up.
Employees can visit the WageWorks Commuter Savings Calculator to see how much they can save.
To find the best program for your company, visit https://www.wageworks.com/bay-area-commuter-benefits.aspx.
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 and dependent care Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for more than 29,000 employers and more than 3.2 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.
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