SAN MATEO, Calif.--(BUSINESS WIRE)--WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits, is helping Bay Area businesses understand the cost-savings and environmental advantages of commuter benefits following the adoption of the Bay Area Commuter Benefits Program.
As part of this program, businesses 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) will be required to implement a commuter benefits plan for their employees by September 30, 2014. Bay Area employers may choose from any of the following four options:
- A pre-tax transit benefit
- An employer provided subsidy
- Employer-provided transit
- An alternative commuter benefit
This is a pilot program that will run through December 31, 2016.
Employers who offer commuter benefits encourage more people to use public transportation, thereby reducing road congestion and lessening carbon emissions. Pre-tax commuter accounts also provide personal and corporate tax advantages, and help companies recruit and retain happy, healthy, and productive employees. To find out how much employees can save, visit the WageWorks Commuter Savings Calculator.
“We believe this is smart public policy that saves money for employers and employees, while improving our air quality and reducing road congestion,” said Dan Neuburger, President of WageWorks Commuter Services. This program is following similar legislation passed by the City and County of San Francisco in 2009, which was welcomed by commuting employees and the business community alike.
The Air District and the Metropolitan Transportation Commission will be sending letters to 10,000 employers advising them on the new legislation. 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.