PRINCETON UNIVERSITY Parking & Transit Reimbursement Account Change/Termination Form
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Name:________________________________________________________________
Last First MI
Employee ID Number:__________________________________________________ Extension: __________ Department:____________________________________________________________ Department Address:_____________________________________________________ I authorize the University to reduce my taxable income beginning ______________ 1, 20___ for the amount of my eligible parking and transportation expenses. I hereby certify that the amount of this deduction does not exceed my actual expenses.
PARKING REIMBURSEMENT ACCOUNT I wish to terminate my participation in the Parking Reimbursement Account Program (This means that your account will be terminated). I wish to change my Parking Reimbursement Account Election New Election Amount $___________/Per Month ($220 per month maximum) • “Qualified Parking” means parking provided to an employee at or near the business premises of the employer. It can also mean parking provided at or near a location from which the employee commutes to work. It does not include parking at or near an employee’s residence. Dependents are not eligible for this program, and expenses incurred by dependents are not eligible for reimbursement.
TRANSIT REIMBURSEMENT ACCOUNT I wish to terminate my participation in the Transit Reimbursement Account Program (This means that your account will be terminated). I wish to change my Transit Reimbursement Account Election New Election Amount $___________/Per Month ($115 per month maximum) • “Qualified Transit” expenses include mass transit expenses for commuting to and from work including rail, bus, subway and ferry. Van Pooling expenses may qualify as long as the van has a seating capacity of at least 6 adults not including the driver, and is reasonably expected to be used for at least 80% of its mileage in commuter trips in which the vehicle is half full. Dependents are not eligible for this program, and expenses incurred by dependents are not eligible for reimbursement.
By signing this Enrollment/Change Form, I authorize Princeton to reduce my salary on a pre-tax basis for the Parking and/or Transit Reimbursement Account(s). I understand that expenses incurred after I terminate the plan are not reimbursable. I understand that the money will be reduced from my paycheck in equal installments each pay period. _______________________________________________
(Employee Signature)
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(Date)
PARKING AND TRANSIT REIMBURSEMENT ACCOUNT PLANS: GENERAL RULES AND PROCEDURES
The Parking Reimbursement Account and the Transit Reimbursement Account allows faculty and staff members to pay for their commutation costs on a pre-tax deduction from their paycheck. These programs are for faculty and staff members only. Dependents are not eligible to participate in these programs. A description of each program is below. Parking Reimbursement Account Parking expenses will be reimbursed for “qualified parking” as defined in Internal Revenue Code (“Code”) Section 132(f)(5)(C). Under this definition, the parking must be located on or near an employer’s business premises or on or near a location from which the employee commutes to work either by mass transit, commercial commuter highway vehicle, qualifying non-commercial commuter highway vehicle, or car pool. Single occupancy vehicles, such as bikes and motorcycles, qualify for reimbursement. Expenses for parking on or near an employee’s own residence or at temporary work locations are not eligible for reimbursement. The maximum allowable reimbursement is $220 per month ($2,640 per calendar year). Transit Reimbursement Account Transit expenses will be reimbursed for “qualified transit” as defined? An expense for “Transit Passes” (the cost of purchasing any pass, token, fare card, etc…) entitles an employee to transportation that either is: On mass transit facilities or provided by a person in the business of transporting passengers for hire and in a vehicle with a seating capacity of at least six adults plus driver. (Limos and taxis are not eligible for this program). Expenses may also include transportation in a “Commuter Highway Vehicle” (the cost of transportation between an employee’s residence and place of employment) provided the vehicle: Has a seating capacity of at least six adults plus driver and is reasonably expected to be used for at least 80% of its mileage in commuter trips in which the vehicle is at least half full (not including the driver). (Limos and taxis are not eligible for this program). The maximum allowable reimbursement is $120 per month ($1,380 per calendar year). Additional Information Under both the Parking and Transit Reimbursement Programs, excess expenses can be carried over and reimbursed in any other month during the same calendar year. Any unused funds remaining in your account at the end of the plan year will be rolled over to the next plan year. If you terminate employment with unclaimed contributions, that money will be forfeited. Service dates for reimbursable expenses must fall within the plan year. Participants who leave the plan during the plan year will only be reimbursed for expenses incurred while they were participating in the plan. Expenses incurred before participation began or after participation has terminated will not be reimbursed. Reimbursement requests not submitted during the plan year must be received and approved prior to the end of the run out period (March 31 following the end of the plan year). Expenses are to be submitted to Crosby Benefit Systems, using the Parking or Transit Reimbursement Request Form.
Reimbursement forms for both plans are available on the HR website, www.princeton.edu/hr/forms, along with the enrollment form.
If you have any questions, please contact the Human Resources at 609-258-3302, or via email to benefits@princeton.edu. Web site: www.princeton.edu/hr/ben