In most cases, you can sign up any time—the benefit will be effective for the first month possible after you make your election.
You’ve got questions, we’ve got answers.Unsure of the difference between a grace period and the carryover? Wondering what happens to your HSA if you switch employers or retire? Not sure which plan documents you need to ensure your group plan is compliant?
NueSynergy wants to make sure you understand the ins and outs of your benefit account, so we have put together a comprehensive list of the most common questions we receive about employee benefits.
Did we not answer your question? Contact our team to get the answers you need and help us improve our list.
Commuter benefits help you to pay for the public transportation, vanpool, or parking that you need to get to and from work with pre-tax money – money you deduct from your paycheck before you pay taxes. Vanpool applies to transit with more than five passengers and parking benefits must be used for parking at or near work, or at or near a place where you take public transportation to work (such as at a Park and Ride).
When you participate in a payroll deduction program through your employer, deductions can be taken from your payroll before calculating your taxable federal income, FICA (Social Security and Medicare) tax and for most states, taxable state income. By taking deductions pre-tax, you reduce the dollars on which you are taxed and, as a result, reduce your total tax bill.
If a participant terminates employment, participation in the plan will also terminate.
- Business trip costs
- Airport parking fees
- Parking fees at your home
Eligible expenses are parking, mass transit and/or vanpooling expenses incurred by a participant for the purpose of commuting to and from a place of work. Spouse and/or dependent commuter expenses are not eligible. Expenses submitted through this benefit cannot be resubmitted through an income tax return.
Parking must be on or near the premises of the participant's employer or on or near a location from which the participant commutes. Parking on or near property used by the participant for residential purposes is not permitted. Metered parking is permitted.
Mass transit/vanpooling expenses must be incurred through public transportation or by a carpool or vanpool service.
• Change in legal marital status (marriage, death of spouse, divorce, legal separation, annulment)
• Change in number of tax dependents (birth, death of dependent, adoption or placement for adoption)
• Change in dependent’s eligibility
• Change in employment status of employee, spouse or dependents
• Other changes that may permit an election change under the Dependent Care FSA are:
○ Change of dependent care provider
○ Change of rate charged by unrelated dependent care provider
○ Child attaining age 13
Election changes must be consistent with the event. If you experience a Change in Status, please review your Summary Plan Description, as it will provide you with important information on the deadline for reporting this event.
You will receive an email indicating the reason for the denial along with instructions for submitting the requested documentation.
Participants can fax, email or mail claims and supporting documentation for their parking expenses directly to NueSynergy. You may also submit claims online through the participant online portal. Supporting documentation can be a receipt, a bill, and/or a signed affidavit validating the submitted expense. After the claim has been reviewed and the expense approved, payment is then issued to the participant via direct deposit or a check. Claims are processed daily and payments are issued at least once per week. Mass transit expenses must be paid for using the NueSynergy benefits card.
Participants may pay for certain parking, mass transit and/or vanpooling expenses with pre-tax dollars. Each dollar that goes into the plan is free from federal, state and (in most cases) Social Security taxes.
Eligible employees complete and return an enrollment form prior to the beginning of the plan period. This "election" is divided into equal installments that are payroll deducted on a pre-tax basis each pay period. Participants then use the prepaid benefits card or submit requests and receive reimbursements for approved expenses incurred throughout the plan period, as needed.
Eligible employees elect how much they want to contribute on a pre-tax basis to one or both of the plans and then use the NueSynergy benefits card for approved expenses as they are incurred. You may also submit claims for reimbursement of expenses if you are unable to use your card.
Yes, if you can change your contribution amount monthly if you need to, depending on if you’ll be traveling or if you’ll use other ways to get to work.