1 / 9

Bicycle Commuting Reimbursement Program

Bicycle Commuting Reimbursement Program. Introduction. WageWorks is excited to announce that we are adding the Bicycle Reimbursement Benefit to our Commuter Benefits program!

ilori
Download Presentation

Bicycle Commuting Reimbursement Program

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Bicycle Commuting Reimbursement Program

  2. Introduction • WageWorks is excited to announce that we are adding the Bicycle Reimbursement Benefit to our Commuter Benefits program! • The Bicycle Reimbursement Benefit enables employers to reimburse their employees up to $20 a month tax-free for the following expenses: • Bicycle Purchase • Bicycle Improvements • Bicycle Maintenance/Tune-Ups • Bicycle Storage

  3. Benefit Requirements • The Bicycle Benefit is a tax-free subsidy program paid by the employer. • It is important to note that this program does not allow an employee to take pre-tax deductions to fund the benefit as is allowed for transit, vanpool and parking expenses. • Employees can receive the Bicycle Benefit or another commuter benefit (such as transit, vanpool or parking) but not bothfor the same month. • The Bicycle Benefit must be implemented as part of the IRC Section 132 program.

  4. How It Works • Employee commutes to work by bike and incurs valid bicycle expense. • Employee submits a claim to WageWorks with receipt(s) that display date, product and/or service and cost. • Claims are processed/paid once a month via check. • Claims submitted by the 20th of the month will be paid by the 1st of the following month. • e.g. a claim submitted on 7/10 will be paid by 8/1 Note: If an employee has a transit, vanpool and/or parking election for the same benefit month, the claim will be denied.

  5. Basic Claims Rules • Only eligible Bicycle expenses for employees who have a qualified bicycle month and claims accompanied by a receipt will be paid. Requests without a receipt will be denied. • Only allow a reimbursement equal to the number of qualified Bicycle months multiplied by the employer’s monthly subsidy. • A qualified bicycle month includes a month in which: • The employee does not receive any other commuter benefit such as transit, vanpool or parking, during months in which they receive the bicycle benefit. • The employee commutes their workplace a “substantial” portion of travel between their residence and place of employment. WageWorks considers 20% to be the minimum amount to be considered “substantial”.

  6. Commuter / Select Benefit Page

  7. Commuter / Bicycle Benefit Page

  8. Eligible Expenses & Claim Form Eligible Expenses Claim Form

  9. Invoicing • Employers will be billed for claims and service fees after claims have been processed and paid. • Claims submitted by the 20th and paid by the 1st will be included on the next commuter invoice generated after the 1st of the month. • These fees will appear on the commuter invoice under the following line items: • Bicycle Program Monthly Service Fees • Bicycle Program Claims Reimbursements • A report will be generated by WageWorks for the detail for the service fees and claims reimbursements. (Currently not available on the ER site.) • Bicycle participants are considered additional participants – your commuter service fee will apply.

More Related