The Internal Revenue Service (IRS) announced that the cost of living adjustments for transit and parking benefits have changed effective January 1, 2014.  The following are the changes: 

For taxable years beginning in 2014, the monthly maximum under § 132(f)(2)(A) regarding the aggregate fringe benefit exclusion amount for transportation in a commuter highway vehicle and any transit (bus) pass is $130.00. The monthly maximum under § 132(f)(2)(B) regarding the fringe benefit exclusion amount for qualified parking is $250.00. 

Current employees with the Parking Benefit below the $250.00 maximum per month are able to increase their contributions at any time.  If interested, please complete the RCUH Pretax Transportation Expense Reimbursement Account Enrollment Change (B-12) Form and submit it to RCUH, via scan/email to [email protected], a month (30 days) prior to the effective date of coverage.

For more information, please visit the IRS website at www.irs.gov.  If you have any questions regarding the enrollment process, please contact our Benefits Department at [email protected].

Related Policy/Form:

Policy I. Addendum to the 3.530 RCUH Flexible Spending Plan

RCUH Pretax Transportation Expense Reimbursement Account Enrollment/Change (B-12) Form