Commuter Benefits

Transportation Savings Accounts

If you reside in Philadelphia, PA; Chicago, IL; or New Jersey you are eligible to open a Transportation Savings Account. Sila offers commuter benefits through Wex. Commuter accounts are pretax benefit accounts used to pay for public transit — including train, subway, bus, ferry or vanpool — as part of your daily commute to and from work. It’s a great way to put extra money in your pocket each month and make your commute more convenient and affordable.

A commuter expense reimbursement account allows you to use pretax dollars to pay parking and commuter costs to and from your place of work. You can deduct up to $340* per month on a pre-tax basis. 

*Annual contribution limit subject to change per IRS ruling.

Eligible Expenses — Transit

A Transit Account enables you to set aside funds on a pretax basis to pay for eligible workplace mass transit expenses such as the price of tickets, vouchers, and passes to ride a subway, train or city bus, or the costs of transportation in a commuter highway vehicle (e.g., vanpool), if such transportation is for purposes of travel between a residence and place of employment.

Eligible Expenses — Parking

A Parking Account enables you to set aside funds on a tax-free basis to pay for eligible workspace parking expenses, parking costs at or near your primary work site as well as parking costs at the place to access transportation to work, such as a train station or vanpool stop. Parking on or near property used for residential purposes does not qualify.

Resources

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