How it works and why you want to participate
TCWGlobal is pleased to offer our employees this pre-tax benefit for the purchase of various public transportation and commuter products. Employees nationwide are taking advantage of a federal law designed to encourage the use of public transportation. This law allows employees to reduce their commuting costs by using tax-free dollars from your paycheck (subject to monthly limits) to pay for Mass Transit and Parking fees. Taking public transportation, using vanpools, or bicycling can not only save you money, but it also dramatically reduces your environmental impact. Commuter benefits can help you do your part in an easy and low-cost manner!
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How the Plan Works
- You determine the monthly contribution amount to a plan. When you have eligible expenses, you pay them from your account(s) through your Benefits Mastercard or pay out-of-pocket and submit a claim for reimbursement.
- When you enroll for transit or parking benefits, TCWGlobal will deduct the total amount pre-tax from your first or second paycheck of the month after enrollment. Deductions will always be made one month in advance so it’s like pre-paying for the benefit.
- Our Commuter program is also compliant with specific city ordinances like Seattle and San Francisco. Click on the city name for more information.
Commuter Benefits Program Highlights
- The IRS max pre-tax limits per month for 2023 are $280 for transit and $280 for parking.
- You can elect both transit and parking benefits up to $280 by filling out a separate enrollment form for each one.
PlanSource Benefit Card
- Within 10-14 days after enrollment, you will receive a debit card from PlanSource to the address listed on your Commuter Benefits Program Enrollment Form. Funds will be loaded onto this card for both transit and parking expenses. If your transit provider or parking facility does not accept debit card payments, you may pay out of pocket and submit a reimbursement request online or by using their free, mobile app on your phone, My Benefits Accounts!
- If you also have a Flexible Spending Account with TCWGlobal, your funds will be placed on the same debit card for easy access.
Need To Cancel or Change Your Contribution?
If you need to make changes to your monthly contribution or to cancel your enrollment, please contact firstname.lastname@example.org to make those changes for you.
What Happens After My Engagement Ends?
Any unused funds reported to PlanSource and/ or any remaining balances in your account will be forfeited by the employee per Section 1.132-9(b) Q&A 14(d) of the IRS regulations.
Commuter Benefits Program Resources & Information
TCWGlobal's Commuter Benefits Plan is administered by PlanSource. All materials are available on PlanSource’s website such as how to contact PlanSource, how to file a claim online or where to mail or fax a claim, etc.
PlanSource also offers a FREE, mobile app available on your Apple or Android devices, My Benefits Accounts!