In October 2014, the New York City (NYC) Transit Ordinance, also known as the New York City Local Law 2014/053, was signed into law. The ordinance mandates that NYC companies with 20 or more full-time employees (working an average of 30 hours or more per week) must offer pre-tax transit benefits by January 1, 2016.
WageWorks can help you comply – easily and quickly. With our full range of pre-tax commuter benefit solutions, including our popular TransitChek program, we have a solution that meets your needs. So, if you have employees in the Tri-State Area who take public transit (rail, subway, bus or ferry), let us help them – and you – save money, all while complying with this new ordinance.
WageWorks Makes It Easy!
- Easy to save: Commuter benefit solutions can save you up to approximately $235* per year in payroll taxes for every enrolled employee. Plus, enrolled employees can save up to $918** per year – with some saving as much as $1,225 per year** – so it’s a win-win!
- Easy to manage: You’re busy! We make it quick and easy to set up, order and manage your Commuter Benefit Program.
- Easy to comply: We’re the experts in the Consumer-Directed Benefits industry and are here to support you every step of the way. Find out more about WageWorks here.
- Easy to get started: Why wait? Get a head start on the new ordinance with a commuter benefit that pays for itself and saves your employees money.
* Calculations assume annual earnings of each participating employee is below the Social Security Wage Base of $118,500 and are based on payroll taxes of 7.65%.
** Savings of $918 is based on an employee making the maximum pre-tax contribution of $255/month for a transit benefit over the course of 12 months with a marginal tax rate of 30%. Savings of $1,225 assumes a marginal tax rate of 40%.