|Transportation Reimbursement Incentive Program (TRIP)
The Transportation Reimbursement Incentive Program (TRIP) is an easy to use employee benefit program that helps to reduce the burden of qualified transportation and parking expenses. Employees can realize substantial tax savings by paying less in income taxes. This tax-advantaged program allows you to save money on the cost of qualified transportation expenses to and from work.
There are two categories of eligible transportation expenses:
The maximum contribution per month is $245 for public transit or vanpooling expenses and $245 per month for parking expenses. The maximum contribution per year is $2,940 for public transit or vanpooling expenses and $2,940 for parking expenses.
Only expenses for services that you incur during a calendar month while you are an active participant are eligible for reimbursement from your TRIP Accounts. This means that for each month you participate in a TRIP account, you can use the TRIP to pay for services incurred only during that month provided you were enrolled in the plan at the time the expense was incurred.
Year-end unused contributions will NOT roll over to the new plan year.