The stimulus plan signed by President Obama included some good news for commuters who use public transportation. Effective March 1, the IRS monthly pre-tax transit limit for commuter benefits will increase from the current $120 per month to $230 per month.
The new pre-tax transit limit applies to fares for riding buses, trains, subways, ferries and other types of mass transit — including vanpools — and it is available nationwide.
WageWorks, which administers the USPS program, has updated its systems so postal employees who want to participate can take advantage of the additional savings on the next available benefit month.
Elections, changes, or cancellations must be made by the 10th of the month, two months prior to the commuting month. For example, employees who begin or change their enrollments by March 10th will apply for the benefit month of May.
To make changes or to enroll in the Commuter Program, click here to go to WageWorks or call 877-924-3967, Monday through Friday, 8 a.m. to 8 p.m. Eastern Time (ET). Employees who are deaf or hard of hearing may use TTY at 866-361-8017.
(Note: The IRS monthly parking limit remains at $230 per month.)
source: USPS News Link